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

    7115 Michigan Rd Indianapolis, IN 46268

    • Strip malls
    • 71,534 SF
    • 7.53 lot acres
    OFF-MARKET
    Value Estimations
    $760,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0657026
    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

    • Amazon Hub Locker - Vanguard / Mailing Service / E-Commerce Service

    Property Details for 7115 Michigan Rd

    Year built
    1959
    Construction
    TYPE NOT SPECIFIED
    Lot size
    7.53 lot acres
    Property size
    71,534 SF
    Zone code
    ZO01
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    49-03-29-118-003.000-600
    APU
    490329118003000600

    Description

    Westlane Shopping Center, located at 7115 Michigan Road in Indianapolis, Indiana, presents a prime retail opportunity. This neighborhood center boasts a total of 17,900 square feet of retail space, situated at the busy intersection of Westlane Road and Michigan Road in Marion County. Currently, there are multiple spaces available, ranging from a minimum of 900 square feet to a maximum contiguous space of 17,000 square feet. A significant 19,500 square feet is currently vacant, offering substantial potential for expansion or multiple tenant occupancy. The property's "foot anchor" subtype suggests a strong foundation for attracting a diverse range of businesses. The convenient location and high visibility make this an ideal space for retailers seeking to establish or expand their presence in a thriving Indianapolis neighborhood. The zip code is 46268. This property offers a unique chance to secure a prominent retail space in a busy commercial area. The flexibility in space size allows for customization to suit various business needs. Interested parties are encouraged to inquire about available space and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $605,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $914,000
      Market price range: $914k - $1.84M

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.2085
    Latitude
    39.8841
    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
    $61,399
    $987,400
    $1,644,700
    $2,632,100
    -
    $987,400
    $1,644,700
    $2,632,100

    Comparable in this City

    • Value Estimation
      $750,000
      69,912 SF

      3459 86th St

      SHOPPING CENTER, STRIP CENTER • 69,912 SF
      3459 86th St, Indianapolis, IN 46268-1948
      View Details
    • Value Estimation
      $205,000
      15,000 SF

      5450 86th St

      SHOPPING CENTER, STRIP CENTER • 15,000 SF
      5450 86th St, Indianapolis, IN 46268-1502
      View Details
    • Value Estimation
      $530,000
      25,260 SF

      7940 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 25,260 SF
      7940 Michigan Rd, Indianapolis, IN 46268-2393
      View Details
    • Value Estimation
      $270,000
      3,600 SF

      8330 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 3,600 SF
      8330 Michigan Rd, Indianapolis, IN 46268-2390
      View Details
    • Value Estimation
      $335,000
      16,400 SF

      8327 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 16,400 SF
      8327 Michigan Rd, Indianapolis, IN 46268-3635
      View Details
    • Value Estimation
      $225,000
      5,600 SF

      7480 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 5,600 SF
      7480 Michigan Rd, Indianapolis, IN 46268-2391
      View Details

    Similar Nearby for Sale

    • $2,500,000
      21,300 SF

      Versatile Retail and Industrial Opportunity

      3.05-acre property with retail and industrial components in Indianapolis, IN.
      5450 W 86Th St, Indianapolis, IN 46268
      View Details
    • $4,025,000

      Retail Property For Sale

      Retail property available for purchase in Indianapolis, Indiana.
      3647 W 86Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      0.15 Acres

      Residential Lot in Augusta Heights

      0.12-acre lot in convenient Indianapolis location, build your dream home.
      2890 Emerald St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      0.13 Acres

      Residential Lot in Augusta Heights

      0.13-acre lot in convenient Indianapolis location, build your dream home.
      2954 Sapphire Blvd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lots in Indianapolis, IN

      Residential lots available for sale in Indianapolis, Indiana.
      2894 Emerald St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in Augusta Heights

      Residential lot in a convenient Indianapolis location, ready for development.
      3021 Sapphire Blvd, Indianapolis, IN 46268
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      85,923 SF

      Willow Lake East Retail Center

      Indianapolis retail space, multiple suites available.
      2402 Lake Circle Dr, 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

      Retail Space in Westlane Center

      Former Family Dollar sublease opportunity in Westlane Shopping Center.
      7153 North Michigan Rd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      8,772 SF

      Retail Space in Westlane Center

      Retail space with high visibility and loading door.
      7123-7177 N Michigan 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
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    7115 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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