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    6111 West Hanna Ave Indianapolis, IN 46241
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    Property profile & analytics

    6111 West Hanna Ave, Indianapolis, IN 46241

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    • Office Spaces
    • 18,126 SF
    • 22.69 lot acres
    For Lease
    $1,750,000
    View Listing →
    Industrial Warehouse Space Available For Lease
    $1,750,000

    Industrial Warehouse Space Available

    Industrial warehouse space for rent in Indianapolis, Indiana.

    6111 West Hanna Avenue, Indianapolis, IN 46241
    View Listing
    Property ID
    US31-0958994
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pride Truck Sales Indianapolis I-465 & I-70 / Car Dealership
    • Safe and Secure Parking / Parking Lot & Garage

    Property Details for 6111 West Hanna Ave

    Year built
    1974
    Construction
    WOOD
    Lot size
    22.69 lot acres
    Zone code
    ZO01
    Property type
    Office Spaces
    APN
    49-12-36-118-013.000-200
    APU
    491236118013000200

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 5, 2026 — Gtv Indianapolis LLC — Deed · related $22M · Wintrust Bank
    Jan 24, 2025 — Gtv Indianapolis LLC Terminal Road Holding Corp Special Warranty Deed —
    Oct 29, 2021 — Terminal Road Holding Corp 6111 LLC Warranty Deed $30M · Roynat INC
    May 1, 2020 — 6111 LLC Harding Ohab Realty LLC Warranty Deed $2.1M · Community First Bank
    Oct 24, 2018 — Harding Realty LLC — Grant Deed · related $69.6M · First Merchants Bk
    Jun 3, 2015 — Harding Realty LLC Boxcar Railway LLC Trustees Deed $1.2M · Salin Bk&tr

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,878,000
      Market price range: $540k - $2.17M
      AI Estimate
      $1,373,000
      Market price range: $366k - $1.85M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,360,000
      Current use
      AUTO REPAIR, GARAGE
      $1,445,000
      Change: +6% Conversion: Difficult
      RETAIL STORES
      $1,355,000
      Change: -0% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,130,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.2642
    Latitude
    39.703
    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
    $45,801
    $1,130,300
    $369,800
    $1,500,100
    -
    $1,130,300
    $369,800
    $1,500,100

    Comparable in this City

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      5726 Professional Cir

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    • Value Estimation
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      6,506 SF

      2406 Lynhurst Dr

      OFFICE (GENERAL)
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      View Details

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      Indianapolis Industrial Property with Office

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      214,200 SF

      Directors Row Business Center

      Eight-building office and flex-industrial campus near Indianapolis International Airport.
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      Office Space in Indianapolis

      Office building with 68,611 square feet available for lease.
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    Similar Nearby for Lease

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      Office space for lease in Indianapolis, Indiana.
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    • $5 SF/Yr

      Indianapolis Industrial/Flex Space Available

      64,806 SF industrial/flex space with recent upgrades and convenient location.
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      5,462 SF

      Class A Office Suites Available

      Class A office building with lab and R&D space.
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      25,648 SF

      Indianapolis Flex Space Available

      Flex space with great visibility and access to major interstates.
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      View Details
    • Contact for pricing
      40,144 SF

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      View Details
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    Indianapolis, IN 46241
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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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