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

    6845 Michigan Rd Indianapolis, IN 46268

    • Grocery and convenience stores
    • 392 SF
    • 0.95 lot acres
    OFF-MARKET
    Value Estimations
    $160,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0781357
    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

    • Grocery and convenience stores

    Property Details for 6845 Michigan Rd

    Year built
    1965
    Lot size
    0.95 lot acres
    Property size
    392 SF
    Zone code
    ZO01
    Property type
    Grocery and convenience stores
    APN
    49-03-32-125-038.000-600
    APU
    490332125038000600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $200,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $125,000
      Market price range: $9,000 - $125k

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.2071
    Latitude
    39.8802
    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
    $3,158
    $107,900
    $27,500
    $135,400
    -
    $107,900
    $27,500
    $135,400

    Comparable in this City

    • Value Estimation
      $305,000
      2,940 SF

      8602 Michigan Rd

      CONVENIENCE STORE • 2,940 SF
      8602 Michigan Rd, Indianapolis, IN 46268-1121
      View Details
    • Value Estimation
      $625,000
      64,471 SF

      5025 71st St

      GROCERY, SUPERMARKET • 64,471 SF
      5025 71st St, Indianapolis, IN 46268-2102
      View Details
    • Value Estimation
      $550,000
      64,069 SF

      2550 Lk Cir Dr

      GROCERY, SUPERMARKET • 64,069 SF
      2550 Lk Cir Dr, Indianapolis, IN 46268-4220
      View Details
    • Value Estimation
      $250,000
      2,640 SF

      4921 71st St

      CONVENIENCE STORE • 2,640 SF
      4921 71st St, Indianapolis, IN 46268-5118
      View Details
    • Value Estimation
      $370,000
      3,767 SF

      5555 86th St

      CONVENIENCE STORE • 3,767 SF
      5555 86th St, Indianapolis, IN 46268-1506
      View Details
    • Value Estimation
      $225,000
      1,050 SF

      8598 Michigan Rd

      CONVENIENCE STORE • 1,050 SF
      8598 Michigan Rd, Indianapolis, IN 46268-1940
      View Details

    Similar Nearby for Sale

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      Versatile Retail and Industrial Opportunity

      3.05-acre property with retail and industrial components in Indianapolis, IN.
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      Retail Property For Sale

      Retail property available for purchase in Indianapolis, Indiana.
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    • $610,000
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      Prime Indianapolis Commercial Land

      0.78-Acre Lot, B7 Zoning
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    • $1,950,000
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      Industrial Building with Office Space

      16,155 SF industrial building with office and parking.
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    • Contact for pricing
      0.12 Acres

      Residential Lot in Augusta Heights

      0.12-acre lot in Indianapolis's convenient Augusta Heights neighborhood.
      2884 Emerald St, Indianapolis, IN 46268
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,610 SF

      Retail Space on Michigan Road

      Retail space available in a busy Michigan Road area.
      6851 Michigan Rd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      1,698 SF

      Prime Retail Space Indianapolis MSA

      Retail space in top Indianapolis corridor near Keystone at Crossing.
      3309-3449 E 86Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      13,800 SF

      Bethany Road Retail Endcap Space

      13,800 SF endcap in highly visible shopping center.
      3620-3622 Bethany Rd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      7,800 SF

      Retail Space on Michigan Road

      Retail space available in a busy Indianapolis location.
      6999-7067 N Michigan Rd, Indianapolis, IN 46268
      View Details
    • $3,000 /Mo
      1,708 SF

      Refurbished Commercial Space on Main

      Renovated commercial space suitable for office, retail, or studio.
      7601 Michigan Rd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space on 86th Street

      Retail space in high-traffic area near St. Vincent Hospital.
      3502-3548 W 86Th St, Indianapolis, IN 46268
      View Details
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    6845 Michigan Rd
    Indianapolis, IN 46268
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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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