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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    606 Sta Dr Carmel, IN 46032-5503

    • Strip malls
    • 21,248 SF
    • 1.59 lot acres
    OFF-MARKET
    Value Estimations
    $2,625,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0646611
    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.

    Current Use by Public Records

    • Carmel Kitchen Specialists Inc / Kitchen Remodeler / Bathroom Remodeler

    Property Details for 606 Sta Dr

    Year built
    1986
    Construction
    WOOD
    Lot size
    1.59 lot acres
    Property size
    21,248 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    29-10-31-000-016.017-018
    APU
    291031000016017018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1166
    Latitude
    39.9609
    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
    $29,909
    $795,000
    $688,300
    $1,483,300
    -
    $795,000
    $688,300
    $1,483,300

    Comparable in this City

    • Value Estimation
      $2,065,000
      16,400 SF

      4400 Weston Pointe Dr

      SHOPPING CENTER, STRIP CENTER • 16,400 SF
      4400 Weston Pointe Dr, Carmel, IN 46032
      View Details
    • Value Estimation
      $980,000
      7,795 SF

      1732 116th St

      SHOPPING CENTER, STRIP CENTER • 7,795 SF
      1732 116th St, Carmel, IN 46032-3506
      View Details
    • Value Estimation
      $2,135,000
      14,308 SF

      452 Carmel Dr

      SHOPPING CENTER, STRIP CENTER • 14,308 SF
      452 Carmel Dr, Carmel, IN 46032-2812
      View Details
    • Value Estimation
      $1,660,000
      9,600 SF

      736 Hanover Pl

      SHOPPING CENTER, STRIP CENTER • 9,600 SF
      736 Hanover Pl, Carmel, IN 46032-3080
      View Details
    • Value Estimation
      $14,625,000
      127,767 SF

      2160 Keystone Way

      SHOPPING CENTER, STRIP CENTER • 127,767 SF
      2160 Keystone Way, Carmel, IN 46032
      View Details
    • Value Estimation
      $5,185,000
      26,302 SF

      12955 Old Meridian St

      SHOPPING CENTER, STRIP CENTER • 26,302 SF
      12955 Old Meridian St, Carmel, IN 46032-7100
      View Details

    Similar Nearby for Sale

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      Downtown Carmel Office/Retail Gem

      4,800 SF Class A Office & Retail Space
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      Carmel Retail Condominiums For Sale

      Three ground floor retail condominiums available in Carmel, Indiana.
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      3.15 Acres

      Carmel, IN Commercial Land - 3.15 Acres

      Prime Redevelopment Site in Carmel, IN
      1037 Range Line Rd, Carmel, IN 46032
      View Details
    • $999,900
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      West Carmel Commercial Land

      Prime 1-acre retail lot, build-to-suit.
      0 Weston Pointe Dr, Zionsville, IN 46032
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      Carmel Townhome with Pond Views

      Move-in ready townhome with pond views, close to amenities.
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      Premier redevelopment site in Carmel, Indiana, totaling 3.15 acres.
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    Similar Nearby for Lease

    • Contact for pricing
      1,100 SF

      Retail Space in West Carmel

      Former ubreakifix endcap in Starbucks anchored strip center.
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      1,389 SF

      Carmel Retail Space For Rent

      Retail space in well-located community shopping center in Carmel.
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      1,728 SF

      Retail Space in Merchants’ Square

      Retail space in high-traffic area with diverse tenant mix.
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      2,277 SF

      Retail Space in High-Traffic Area

      Retail space in a high-traffic area with diverse tenants.
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    • Contact for pricing
      4,000 SF

      Retail Space in Kroger Center

      Retail space available in Kroger anchored shopping center.
      10725 N Michigan Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      3,446 SF

      Retail Space in Merchants’ Square

      Retail space available in high-traffic shopping center.
      2140-2208 E 116Th St, Carmel, IN 46032
      View Details

    Property Visit Statistics

    • Visits by month
      27.1k
    • Visitors by month
      18.0k
    • Avg Time on site
      15 min
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    Carmel, IN 46032-5503
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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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