Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    706 Lexington Ave Indianapolis, IN 46203-1045

    • Retail space
    • 2,812 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3494587
    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

    • Retail space

    Property Details for 706 Lexington Ave

    Year built
    1950
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.11 lot acres
    Property size
    2,812 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    49-11-12-236-171.000-101
    APU
    491112236171000101

    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
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1456
    Latitude
    39.7599
    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
    $2,383
    $42,200
    $43,700
    $85,900
    -
    $42,200
    $43,700
    $85,900

    Comparable in this City

    • Value Estimation by Request
      3,272 SF

      626 Fletcher Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,272 SF
      626 Fletcher Ave, Indianapolis, IN 46203
      View Details
    • Value Estimation by Request
      1,302 SF

      2616 Shelby St

      RETAIL STORES (PERSONAL SERVICES) • 1,302 SF
      2616 Shelby St, Indianapolis, IN 46203-5229
      View Details
    • Value Estimation by Request
      1,953 SF

      2620 Shelby St

      RETAIL STORES (PERSONAL SERVICES) • 1,953 SF
      2620 Shelby St, Indianapolis, IN 46203-5229
      View Details
    • Value Estimation by Request
      0.29 Acres

      5701 Elmwood Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.29 Acres
      5701 Elmwood Ave, Indianapolis, IN 46203-6013
      View Details
    • Value Estimation
      $2,280,000
      22,105 SF

      5302 Victory Dr

      RETAIL STORES (PERSONAL SERVICES) • 22,105 SF
      5302 Victory Dr, Indianapolis, IN 46203-5951
      View Details
    • Value Estimation by Request
      4,664 SF

      1102 Fletcher Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,664 SF
      1102 Fletcher Ave, Indianapolis, IN 46203-1135
      View Details

    Similar Nearby for Sale

    • $419,000

      Renovated Mixed-Use Property Near Garfield Park

      Turnkey investment property with residential and commercial possibilities.
      2329 Shelby St, Indianapolis, IN 46203
      View Details
    • $2,900,000
      32,036 SF

      Indianapolis Office and Retail Building

      East Indianapolis building with office and retail space for sale.
      1213 N Arlington Ave, Indianapolis, IN 46203
      View Details
    • $2,250,000
      9,872 SF

      Fountain Square Commercial Building

      Freestanding building in active commercial area with high visibility.
      860 Virginia Ave, Indianapolis, IN 46203
      View Details
    • $1,000,000
      3,828 SF

      Indianapolis Retail Corner Location

      Remodeled two-tenant retail building in Garfield Park neighborhood.
      1121 E Troy Ave, Indianapolis, IN 46203
      View Details
    • $355,000
      Pending

      Versatile Indianapolis Property For Sale

      High-visibility property with office, shop, and storage improvements on 0.7 acres.
      4700-4702 Southeastern Ave, Indianapolis, IN 46203
      View Details
    • $279,000
      20,423 SF

      Prime Indy Auto Shop Opportunity

      Vacant 20,423 SF Auto Shop - $279K
      5990 Raymond St, Indianapolis, IN 46203
      View Details

    Similar Nearby for Lease

    • $2,380 /Mo
      360 SF

      Fountain Square Retail/Office Space

      Retail or office space in the heart of Fountain Square.
      1135 Shelby St, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      5,580 SF

      Prospect St. Executive Suites

      Indianapolis Retail & Office Space. Prime Location.
      1441 Prospect St, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      1,300 SF

      Retail Space Near Kroger Marketplace

      Retail space available near major retailers with high traffic.
      4911-4983 S Emerson Ave, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      754 SF

      Retail Space in Fountain Square

      Retail space in a popular cultural district with high foot traffic.
      1218 Prospect St, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      7,500 SF

      Retail Space with Ample Parking

      Retail space with large parking and outdoor dining opportunity.
      3115 Southeastern Ave, Indianapolis, IN 46203
      View Details
    • Contact for pricing
      9,200 SF

      Freestanding Retail Building For Lease

      9,200 SF freestanding retail building in densely populated area.
      2002 N Arlington Ave, Indianapolis, IN 46203
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    706 Lexington Ave
    Indianapolis, IN 46203-1045
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.