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    5635 Progress Rd Indianapolis, IN 46241-4332
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    5635 Progress Rd Indianapolis, IN 46241-4332

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    • Industrial properties
    • 9,000 SF
    • 1.97 lot acres
    Off-Market
    Property ID
    US31-1262028
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • BrightView Landscape / Landscaping / General Contractor
    • Brickman Group / Landscaping / General Contractor

    Property Details for 5635 Progress Rd

    Year built
    2002
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.97 lot acres
    Property size
    9,000 SF
    Zone code
    ZO01
    Property type
    Industrial properties
    APN
    49-12-13-113-018.000-900
    APU
    491213113018000900

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $750,000
      6.5%
      $690,000
      7%
      $640,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $560,000
      Current use
      AUTO REPAIR, GARAGE
      $715,000
      Change: +28% Conversion: Easy
      COMMERCIAL (GENERAL)
      $675,000
      Change: +20% Conversion: Difficult
      RETAIL STORES
      $675,000
      Change: +20% Conversion: Moderate

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.2582
    Latitude
    39.7407
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $20,092
    $177,000
    $422,800
    $599,800
    -
    $177,000
    $422,800
    $599,800

    Comparable in this City

    • Value Estimation by Request
      17.04 Acres

      Raymond St

      INDUSTRIAL (GENERAL) • 17.04 Acres
      Raymond St, Indianapolis, IN 46241
      View Details
    • Value Estimation
      $4,750,000
      89,931 SF

      5757 Decatur Blvd

      INDUSTRIAL (GENERAL) • 89,931 SF
      5757 Decatur Blvd, Indianapolis, IN 46241-9534
      View Details
    • Value Estimation
      $525,000
      9,768 SF

      3702 Minnesota St

      INDUSTRIAL (GENERAL) • 9,768 SF
      3702 Minnesota St, Indianapolis, IN 46241-4554
      View Details
    • Value Estimation
      $715,000
      11,736 SF

      1502 Tibbs Ave

      INDUSTRIAL (GENERAL) • 11,736 SF
      1502 Tibbs Ave, Indianapolis, IN 46241
      View Details
    • Value Estimation by Request

      1820 Stout Fld Dr

      Distribution properties
      1820 Stout Fld Dr, Indianapolis, IN 46241
      View Details
    • Value Estimation by Request
      10,224 SF

      2364 Production Dr

      Distribution properties • 10,224 SF
      2364 Production Dr, Indianapolis, IN 46241
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      48,896 SF

      Industrial Building Near I-465

      48,896 SF industrial building on 3.65 acres for sale.
      2334 Production Dr, Indianapolis, IN 46241
      View Details
    • Contact for pricing

      Industrial Facility For Sale

      11,600 SF facility available on Indianapolis' southwest side.
      2450 Production Dr, Indianapolis, IN 46241
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    • Contact for pricing
      18,916 SF

      Office and Warehouse Flex Space

      Office and warehouse space available for sale.
      5850 Fortune Cir W, Indianapolis, IN 46241
      View Details
    • Contact for pricing
      6,600 SF

      Industrial Warehouse Space For Rent

      6,600 SF warehouse space available for lease.
      2495 Directors Row, Indianapolis, IN 46241
      View Details
    • $2,000,000
      11,415 SF

      Leased Industrial Building For Sale

      11,415 SF industrial building, fully leased, with expansion potential.
      5770 W Minnesota St, Indianapolis, IN 46241
      View Details
    • $4,000,000

      Indianapolis Industrial Property with Office

      64,806 SF industrial property with 15,700 SF office space.
      5739 Professional Cir, Indianapolis, IN 46241
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      44,300 SF

      Industrial Space Available For Lease

      44,300 SF industrial property available for lease.
      5252 Decatur Blvd, Indianapolis, IN 46241
      View Details
    • Contact for pricing
      281,580 SF

      Industrial Space Available For Lease

      281,580 square feet of industrial space for lease.
      7452 Tempelhof Dr, Indianapolis, IN 46241
      View Details
    • Contact for pricing

      Park Fletcher Flex Space Available

      Flex spaces suitable for a variety of businesses.
      5545 W Raymond St, Indianapolis, IN 46241
      View Details
    • Contact for pricing

      Indianapolis Flex Space For Rent

      Flex spaces available with docks and drive-in doors.
      2040 S Lynhurst Dr, Indianapolis, IN 46241
      View Details
    • Contact for pricing
      382,664 SF

      Indianapolis Warehouse with Ample Parking

      382,664 SF warehouse with 35 dock doors and parking.
      6161 Decatur Blvd, Indianapolis, IN 46241
      View Details
    • Contact for pricing
      14,400 SF

      Cross-Dock Truck Terminal for Lease

      14,400 SF truck terminal with 42 dock doors.
      1850 Production Dr, Indianapolis, IN 46241
      View Details
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    5635 Progress Rd
    Indianapolis, IN 46241-4332
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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