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

    8501 56th St Indianapolis, IN 46216-2117

    • Medical offices
    • 17,952 SF
    • 2.12 lot acres
    OFF-MARKET
    Value Estimations
    $400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0691757
    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

    • Community Physician Network, Family Medicine and Pediatric Care / Medical Clinic / Family Practice Physician
    • Robin Girdhar, MD / Endocrinologist / Internist
    • Pollom Robyn K / Nurse Practitioner
    • Community Health Pavilion Fort Benjamin Harrison / Medical Clinic / Medical Center
    • Heuck Carrie J / Registered General Nurse

    Property Details for 8501 56th St

    Year built
    1997
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.12 lot acres
    Property size
    17,952 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    49-08-07-118-001.000-407
    APU
    490807118001000407

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.0185
    Latitude
    39.8545
    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
    $42,067
    $811,500
    $821,900
    $1,633,400
    -
    $811,500
    $821,900
    $1,633,400

    Comparable in this City

    • Value Estimation
      $345,000
      6,634 SF

      9560 59th St

      MEDICAL BUILDING • 6,634 SF
      9560 59th St, Indianapolis, IN 46216-1010
      View Details
    • Value Estimation
      $375,000
      7,220 SF

      9140 Harrison Park Ct

      MEDICAL BUILDING • 7,220 SF
      9140 Harrison Park Ct, Indianapolis, IN 46216-2107
      View Details
    • Value Estimation
      $285,000
      5,134 SF

      9620 59th St

      MEDICAL BUILDING • 5,134 SF
      9620 59th St, Indianapolis, IN 46216-1020
      View Details
    • Value Estimation
      $365,000
      16,056 SF

      5665 Post Rd

      MEDICAL BUILDING • 16,056 SF
      5665 Post Rd, Indianapolis, IN 46216-2221
      View Details
    • Value Estimation
      $310,000
      5,776 SF

      9505 59th St

      MEDICAL BUILDING • 5,776 SF
      9505 59th St, Indianapolis, IN 46216-2253
      View Details
    • Value Estimation
      $450,000
      9,237 SF

      5629 Lee Rd

      MEDICAL BUILDING • 9,237 SF
      5629 Lee Rd, Indianapolis, IN 46216-2003
      View Details

    Similar Nearby for Sale

    • $1,100,000

      Historic Brick Building Near Park

      Two-story office building in historic Fort Benjamin Harrison.
      5835 Lawton Loop East Dr, Indianapolis, IN 46216
      View Details
    • Contact for pricing
      62,162 SF

      Fort Harrison Office Building: Prime Indy Location

      62,162 SF Executive Office, Owner/User Opportunity
      8901 Otis Ave, Indianapolis, IN 46216
      View Details
    • $2,745,000
      15 SF

      Single-Story Office Building For Sale

      15,271 SF office building on 2-acre parcel in Indianapolis.
      8415 E 56Th St, Indianapolis, IN 46216
      View Details
    • $6,950,000
      62,162 SF

      Historical Barracks Building For Sale

      1939 barracks building with income-producing tenants, ready for occupancy.
      8901 Otis Ave, Indianapolis, IN 46216
      View Details
    • Contact for pricing
      0.60 Acres

      Fort Harrison Commercial Land

      Prime location, high traffic, development potential.
      9140 Harrison Park Dr, Indianapolis, IN 46216
      View Details
    • Contact for pricing

      Land Parcels Near Federal Center

      Two land parcels for sale near the Major General Center.
      9140 Harrison Park Ln, Indianapolis, IN 46216
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr

      Lawrence Village Flex Space

      Multi-tenant industrial/office/flex space in Lawrence Village at Fort Harrison.
      9130 Otis Ave, Indianapolis, IN 46216
      View Details
    • Contact for pricing
      19,096 SF

      Sublease Office with Fitness Room

      Office space with fitness room, walking trails, and parking.
      5724 Birtz Rd, Indianapolis, IN 46216
      View Details
    • $18 SF/Yr
      16,840 SF

      Renovated Flex Space in Indianapolis

      Multi-tenant industrial/office/flex space near Fort Harrison State Park.
      9130 Otis Ave, Indianapolis, IN 46216
      View Details
    • $17 SF/Yr
      5,600 SF

      Indianapolis Creative Office Suites

      Two 1,400 SF Suites Available Now
      5805-5811 Post Rd, Indianapolis, IN 46216
      View Details
    • Contact for pricing
      6,500 SF

      Historical Office Space Sublease

      Furnished office space with modern amenities in a historic building.
      9120 Otis Ave, Indianapolis, IN 46216
      View Details
    • $18 SF/Yr
      16,840 SF

      Fort Harrison Flex Space Available

      Indianapolis flex space, 10,282 SF available.
      9130 Otis Ave, Indianapolis, IN 46216
      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.
    8501 56th St
    Indianapolis, IN 46216-2117
    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.