Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7115 Michigan Rd Indianapolis, IN 46268

    Property Lookup

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

    7115 Michigan Rd Indianapolis, IN 46268

    View on Map
    • Strip malls
    • 71,534 SF
    • 7.53 lot acres
    Off-Market
    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.
    Value Estimations
    $760,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Amazon Hub Locker - Vanguard / Postal Service / Courier 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
    Shopping 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 estimation — 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
      $675,000
      7,704 SF

      4004 96th St

      SHOPPING CENTER, STRIP CENTER • 7,704 SF
      4004 96th St, Indianapolis, IN 46268-2909
      View Details
    • Value Estimation
      $690,000
      55,000 SF

      7804 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 55,000 SF
      7804 Michigan Rd, Indianapolis, IN 46268
      View Details
    • Value Estimation by Request
      703 SF

      3427 86th St

      SHOPPING CENTER, STRIP CENTER • 703 SF
      3427 86th St, Indianapolis, IN 46268-1948
      View Details
    • Value Estimation
      $575,000
      24,344 SF

      8840 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 24,344 SF
      8840 Michigan Rd, Indianapolis, IN 46268-1440
      View Details
    • Value Estimation by Request
      8,400 SF

      8760 Michigan Rd

      SHOPPING CENTER, STRIP CENTER • 8,400 SF
      8760 Michigan Rd, Indianapolis, IN 46268-1441
      View Details
    • Value Estimation by Request
      14,492 SF

      2989 Westlane Rd

      SHOPPING CENTER, STRIP CENTER • 14,492 SF
      2989 Westlane Rd, Indianapolis, IN 46268-6700
      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
    • $329,500
      Pending

      Stand-Alone Retail/Office Building For Sale

      Well-maintained commercial building with flexible layout and high visibility.
      4803 W 71St St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      6,681 SF

      Freestanding Single-Tenant Animal Hospital

      Single-tenant animal hospital with lease term remaining and rent increases.
      3845 W 96Th St, Indianapolis, IN 46268
      View Details
    • $329,500
      1,804 SF

      Free-Standing Brick Office/Retail Building

      High-visibility commercial building with flexible layout and expansion potential.
      4803 W 71St St, Indianapolis, IN 46268
      View Details
    • $2,500,000

      Retail and Industrial Value-Add Opportunity

      3.05-acre property with retail and industrial components for sale.
      5450 W 86Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing

      Retail Property For Sale

      Retail property available for purchase in Indianapolis, Indiana.
      3647 W 86Th St, Indianapolis, IN 46268
      View Details

    Similar Nearby for Lease

    • 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
      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

      Indianapolis Retail Space For Rent

      Retail space available in Indianapolis shopping center.
      3905 W 96Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      20,000 SF

      Mixed-Use Development in Keystone Submarket

      Office and retail spaces in a high-traffic, amenity-rich location.
      2730 E 86Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      4,825 SF

      Retail Space Available For Rent

      Retail space available for lease in Indianapolis, Indiana.
      8320 Michigan Rd, Indianapolis, IN 46268
      View Details
    • $2,250 /Mo

      Renovated Commercial Space on 96th

      Newly renovated commercial space in high-traffic Indianapolis location.
      3802 W 96Th St, Indianapolis, IN 46268
      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.
    7115 Michigan Rd
    Indianapolis, IN 46268
    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.
    Sign Up Successful!
    You now have access to more from Realmo!