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    6845 Massachusetts Ave Indianapolis, IN 46226-5651
    Property profile & analytics

    6845 Massachusetts Ave, Indianapolis, IN 46226-5651

    View on Map
    • Grocery and convenience stores
    • 14,860 SF
    • 4.19 lot acres
    Off-Market
    Property ID
    US31-0499968
    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
    $1,425,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Roka Farms / Food Processing Plant
    • Roka Hemp / Food Processing Plant

    Property Details for 6845 Massachusetts Ave

    Year built
    1996
    Construction
    TYPE NOT SPECIFIED
    Lot size
    4.19 lot acres
    Zone code
    ZO01
    Property type
    Grocery and convenience stores
    APN
    49-07-23-122-002.000-700
    APU
    490723122002000700

    Description

    This exceptional 15,100-square-foot commercial property, located at 6845 Massachusetts Avenue in Indianapolis, Indiana, presents a compelling owner-user opportunity. The building, constructed in 1996, boasts a versatile design suitable for retail, office, or light industrial uses, reflecting its C-4 and C-5 zoning. The property features a spacious layout with a 14-foot clear ceiling height and ample parking for 115 vehicles, providing a 7.7:1,000 square foot ratio. Significant recent upgrades include a new 1,600-amp, three-phase electrical system and two recently installed 7.5-ton HVAC systems. The former Aldi grocery store layout includes existing refrigerators and coolers. The 4.188-acre lot offers excellent visibility due to its location near the busy 38th Street/Pendleton Pike intersection, just one mile from I-465 and two miles from I-70. A large backlit pylon sign enhances visibility. The property benefits from its proximity to numerous amenities and established businesses, including EquipmentShare, Hindel Bowling Lanes, U-Haul, Advanced Auto Parts, and CVS. Further enhancing its appeal is a convenient IndyGo bus stop at the corner and the planned Purple Line improvements along 38th Street. A Hydroponic Farm variance is also in place under the C-5 zoning. The asking price for this turnkey property is $1,649,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,484,000
      Market price range: $487k - $1.77M
      AI Estimate
      $1,089,000
      Market price range: $430k - $1.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,110,000
      Current use
      AUTO REPAIR, GARAGE
      $1,185,000
      Change: +7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,115,000
      Change: +0% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $930,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.0499
    Latitude
    39.8245
    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
    $33,005
    $299,600
    $849,400
    $1,149,000
    -
    $299,600
    $849,400
    $1,149,000

    Comparable in this City

    • Value Estimation by Request
      4,857 SF

      7020 Pendleton Pike

      CONVENIENCE STORE
      7020 Pendleton Pike, Indianapolis, IN 46226-5128
      View Details
    • Value Estimation
      $1,300,000
      56,137 SF

      8939 38th St

      GROCERY, SUPERMARKET
      8939 38th St, Indianapolis, IN 46226-6032
      View Details
    • Value Estimation by Request
      8,000 SF

      4540 Shadeland Ave

      CONVENIENCE STORE (W/FUEL PUMP)
      4540 Shadeland Ave, Indianapolis, IN 46226-3835
      View Details
    • Value Estimation by Request
      3,525 SF

      4208 Post Rd

      CONVENIENCE STORE
      4208 Post Rd, Indianapolis, IN 46226-4217
      View Details
    • Value Estimation by Request
      3,354 SF

      7339 Pendleton Pike

      CONVENIENCE STORE
      7339 Pendleton Pike, Indianapolis, IN 46226-5133
      View Details
    • Value Estimation by Request
      3,000 SF

      4201 Franklin Rd

      CONVENIENCE STORE
      4201 Franklin Rd, Indianapolis, IN 46226-4003
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Commercial Land For Sale

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      Prime Commercial Land for Development

      2.41 acres at a busy Indianapolis intersection.
      3815 N Shadeland Ave, Indianapolis, IN 46226
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      8,481 SF

      Retail Property on 38th Street

      Retail property with high visibility and ample parking.
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      2,024 SF

      Auto Facility on High Traffic

      Auto-related facility at a high-traffic intersection in Lawrence, IN.
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      Retail Development Opportunity on Pendleton

      Retail development opportunity with high traffic and commercial zoning.
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      4,000 SF

      Pizza Hut Investment Opportunity

      NNN leased Pizza Hut with franchisee guarantee for sale.
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    Similar Nearby for Lease

    • $4,000 /Mo
      10,800 SF

      Pendleton Pike Retail Space Available

      Versatile retail space in high-traffic area with flexible layout.
      7027 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • $2,250 /Mo
      10,800 SF

      High-Visibility Retail Space Available

      Prime commercial space in a high-traffic Indianapolis location.
      7017 Pendleton Pike, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      1,953 SF

      Retail Space on Pendleton Pike

      Retail spaces with high visibility and easy access.
      4060-4086 Pendleton Way, Indianapolis, IN 46226
      View Details
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      10,400 SF

      Retail Space in Shopping Center

      Neighborhood shopping center with retail space for lease.
      6880 Pendleton Pike, Lawrence, IN 46226
      View Details
    • Contact for pricing
      13,000 SF

      Retail Space on Shadeland Avenue

      13,000 SF retail space with high visibility and parking.
      4555 N Shadeland Ave, Indianapolis, IN 46226
      View Details
    • Contact for pricing
      1,640 SF

      Remodeled Retail Center on Pendleton

      Remodeled retail center with high visibility and traffic counts.
      8375 Pendleton Pike, Lawrence, IN 46226
      View Details
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    Indianapolis, IN 46226-5651
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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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