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

    7720 Michigan Rd Indianapolis, IN 46268-2324

    • Medical offices
    • 4,800 SF
    • 1.19 lot acres
    OFF-MARKET
    Value Estimations
    $195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1201334
    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

    • Gustin Leann DVM / Veterinarian
    • Michigan Road Animal Hospital at Crooked Creek / Veterinarian
    • Briarwood Animal Clinic / Animal Hospital

    Property Details for 7720 Michigan Rd

    Year built
    1958
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.19 lot acres
    Property size
    4,800 SF
    Zone code
    ZO01
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    49-03-29-114-013.000-600
    APU
    490329114013000600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $154,000
      Market price range: $102k - $284k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $190,000
      Current use
      OFFICE BUILDING
      $235,000
      Change: +25% Conversion: Easy
      RETAIL STORES
      $185,000
      Change: -3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $155,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.2138
    Latitude
    39.8917
    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
    $7,647
    $147,900
    $179,900
    $327,800
    -
    $147,900
    $179,900
    $327,800

    Comparable in this City

    • Value Estimation
      $335,000
      6,681 SF

      3845 96th St

      MEDICAL BUILDING • 6,681 SF
      3845 96th St, Indianapolis, IN 46268-3180
      View Details
    • Value Estimation
      $350,000
      12,928 SF

      7911 Michigan Rd

      MEDICAL BUILDING • 12,928 SF
      7911 Michigan Rd, Indianapolis, IN 46268-1915
      View Details
    • Value Estimation
      $185,000
      1,894 SF

      4840 71st St

      MEDICAL BUILDING • 1,894 SF
      4840 71st St, Indianapolis, IN 46268-2101
      View Details
    • Value Estimation
      $200,000
      1,804 SF

      4803 71st St

      MEDICAL BUILDING • 1,804 SF
      4803 71st St, Indianapolis, IN 46268-2149
      View Details
    • Value Estimation
      $260,000
      4,476 SF

      8280 Michigan Rd

      MEDICAL BUILDING • 4,476 SF
      8280 Michigan Rd, Indianapolis, IN 46268-3826
      View Details
    • Value Estimation
      $190,000
      2,090 SF

      7409 Michigan Rd

      MEDICAL BUILDING • 2,090 SF
      7409 Michigan Rd, Indianapolis, IN 46268-2317
      View Details

    Similar Nearby for Sale

    • $2,500,000
      18,000 SF

      Indianapolis Office Building: 18,000 SF

      Prime Indy Office, Owner-User Opportunity
      3333 Founders Rd, Indianapolis, IN 46268
      View Details
    • $1,650,000
      10,790 SF

      Well-Maintained Office Space Available

      10,790 SF office building in College Park area.
      3334 Founders Rd, Indianapolis, IN 46268
      View Details
    • $1,100,000
      1.27 Acres

      Carmel Commercial Land - $1.1M

      1.27-acre development site, ideal for medical.
      3916 96Th St, Indianapolis, IN 46268
      View Details
    • $100,000
      0.06 Acres

      Indianapolis Residential Land Package

      Land package with 21 parcels totaling 2.05 acres.
      2913 Crooked Creek Pkwy W, Indianapolis, IN 46268
      View Details
    • Contact for pricing

      Carmel Land for Retail

      2.67 acres in Carmel, Indiana, ideal for neighborhood retail.
      2711 E 96Th St, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in Prime Location

      0.12 acre residential lot for custom build in Indianapolis.
      3115 Sapphire Blvd, Indianapolis, IN 46268
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      18,000 SF

      Founders Road Office Space

      Indianapolis Office Suites, 9,000-11,000 SF
      3333 Founders Rd, Indianapolis, IN 46268
      View Details
    • $4 SF/Yr
      4,629 SF

      Indianapolis Office Space for Lease

      Flexible Workspaces, Multiple Options
      3901 86Th St, Indianapolis, IN 46268
      View Details
    • $11 SF/Yr
      35,700 SF

      Park 100: Premier Indy Office Space

      Large Office Suites Available, Indianapolis, IN
      5273-5307 Lakeview Pkwy Dr, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      1,407 SF

      Remodeled Office Space Available

      Four buildings with tenant fitness and conference centers.
      9001 Wesleyan Rd, Indianapolis, IN 46268
      View Details
    • $9 SF/Yr
      9,458 SF

      Flex Space with Office

      9,458 SF flex space featuring office and warehouse components.
      8435 Georgetown Rd, Indianapolis, IN 46268
      View Details
    • Contact for pricing
      7,554 SF

      Class A Office Space Available

      Class A office building with modern collaboration spaces for rent.
      6100 W 96Th St, Indianapolis, IN 46268
      View Details
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    7720 Michigan Rd
    Indianapolis, IN 46268-2324
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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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