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    Property profile & analytics

    8490 Castleton Cor Dr Indianapolis, IN 46250-3579

    • Strip malls
    • 76,498 SF
    • 24.61 lot acres
    OFF-MARKET
    Value Estimations
    $1,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1183849
    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

    • REI / (Bike/Boat/Book/etc) Store
    • REI Bike Shop / (Bike/Boat/Book/etc) Store

    Property Details for 8490 Castleton Cor Dr

    Year built
    1983
    Construction
    TYPE NOT SPECIFIED
    Lot size
    24.61 lot acres
    Property size
    76,498 SF
    Zone code
    ZO01
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    49-02-21-120-003.000-800
    APU
    490221120003000800

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,370,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.0731
    Latitude
    39.9093
    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
    $425,853
    $8,825,200
    $7,953,200
    $16,778,400
    -
    $8,825,200
    $7,953,200
    $16,778,400

    Comparable in this City

    • Value Estimation
      $620,000
      52,948 SF

      8475 Castleton Cor Dr

      SHOPPING CENTER, STRIP CENTER • 52,948 SF
      8475 Castleton Cor Dr, Indianapolis, IN 46250-3580
      View Details
    • Value Estimation by Request
      24,790 SF

      7381 Shadeland Ave

      SHOPPING CENTER, STRIP CENTER • 24,790 SF
      7381 Shadeland Ave, Indianapolis, IN 46250-2052
      View Details
    • Value Estimation by Request
      13,430 SF

      4335 82nd St

      SHOPPING CENTER, STRIP CENTER • 13,430 SF
      4335 82nd St, Indianapolis, IN 46250-1698
      View Details
    • Value Estimation
      $735,000
      49,162 SF

      4603 82nd St

      SHOPPING CENTER, STRIP CENTER • 49,162 SF
      4603 82nd St, Indianapolis, IN 46250
      View Details
    • Value Estimation by Request
      13,500 SF

      6024 82nd St

      SHOPPING CENTER, STRIP CENTER • 13,500 SF
      6024 82nd St, Indianapolis, IN 46250-1530
      View Details
    • Value Estimation
      $4,125,000
      33,266 SF

      9642 Allisonville Rd

      SHOPPING CENTER, STRIP CENTER • 33,266 SF
      9642 Allisonville Rd, Indianapolis, IN 46250-2910
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      31,124 SF

      Indianapolis Retail Investment Opportunity

      31,124 SF retail building in Indianapolis for sale.
      6302 E 82Nd St, Indianapolis, IN 46250
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    • $980,000

      Retail Property in Keystone Crossing

      Retail property in a commercially active and accessible location.
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    • $849,900
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      High-Visibility Retail Space, Indy

      Prime Retail Location, Recent Upgrades, High Traffic
      8530 Ctr Run Rd, Indianapolis, IN 46250
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    • Contact for pricing

      Restaurant Opportunity Near Castleton Mall

      Former restaurant with FF&E included, near I-69 & I-465.
      8651 Castle Creek Parkway East Dr, Indianapolis, IN 46250
      View Details
    • $2,100,000

      Freestanding Retail/Flex Building on 82nd

      18,500 SF retail/flex building with visibility on 82nd Street.
      6609 E 82Nd St, Indianapolis, IN 46250
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    • Contact for pricing
      3,500 SF

      Retail Space Near High-Traffic Area

      Retail space with high visibility near major roads and landmarks.
      6421 E 82Nd St, Indianapolis, IN 46250
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Retail Space in Castleton Shoppes

      Retail space for lease in Indianapolis's strongest regional area.
      6024-6066 E 82Nd St, Indianapolis, IN 46250
      View Details
    • Contact for pricing
      165,454 SF

      Castleton Commons Retail Space

      Indianapolis Shopping Center, prime location.
      8310 Castleton Corner Dr, Indianapolis, IN 46250
      View Details
    • Contact for pricing
      46,746 SF

      Retail Space Near Castleton Mall

      Retail space in Indianapolis near premier regional mall.
      8310-8410 Castleton Corner Dr, Indianapolis, IN 46250
      View Details
    • Contact for pricing
      17,055 SF

      Retail Space Near Castleton Mall

      Retail space available in Indianapolis near Castleton Square Mall.
      8440 Castleton Corner Dr, Indianapolis, IN 46250
      View Details
    • Contact for pricing
      4,832 SF

      Retail Space in Castleton Village

      Retail spaces available in Castleton Village on E. 82nd Street.
      6621-6697 E 82Nd St, Indianapolis, IN 46250
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space Near Castleton Mall

      Retail space in a high-traffic shopping center near I-465.
      8418-8430 Castleton Corner Dr, Indianapolis, IN 46250
      View Details
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    8490 Castleton Cor Dr
    Indianapolis, IN 46250-3579
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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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