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

    890 116th St Carmel, IN 46032-3475

    • Strip malls
    • 22,510 SF
    • 2.27 lot acres
    OFF-MARKET
    Last Sale
    Apr 29, 2025
    $12,050,000
    Value Estimations
    $11,550,000
    Show details
    Cap Rate Potential
    3.1%
    Strip malls
    Location Intelligence
    Property ID
    US31-2044817
    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

    • H. Ward Miles / Artist
    • Benjamin Butwin / Chiropractor / Practitioner Service Location
    • Ewa Salon and Spa Suites / Beauty Salon
    • IMPERIAL DAY SPA OF CARMEL / Massage Spa / Facial Spa
    • T-Mobile Authorized Retailer / Internet Service Provider / Cell Phone Accessory Store

    Property Details for 890 116th St

    Year built
    2006
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.27 lot acres
    Property size
    22,510 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    29-09-36-301-012.000-018
    APU
    290936301012000018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,915,000
      ML approach
      $7,615,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,176,000
      Market price range: $3.92M - $13.2M

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

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1417
    Latitude
    39.9574
    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
    $100,871
    $681,000
    $4,318,800
    $4,999,800
    -
    $681,000
    $4,318,800
    $4,999,800

    Comparable in this City

    • Value Estimation
      $1,900,000
      15,089 SF

      13610 Meridian St

      SHOPPING CENTER, STRIP CENTER • 15,089 SF
      13610 Meridian St, Carmel, IN 46032-1358
      View Details
    • Value Estimation
      $2,500,000
      18,412 SF

      12450 Meridian St

      SHOPPING CENTER, STRIP CENTER • 18,412 SF
      12450 Meridian St, Carmel, IN 46032
      View Details
    • Value Estimation
      $2,635,000
      11,200 SF

      2271 Pointe Pkwy

      SHOPPING CENTER, STRIP CENTER • 11,200 SF
      2271 Pointe Pkwy, Carmel, IN 46032-3284
      View Details
    • Value Estimation
      $765,000
      5,355 SF

      11529 Springmill Rd

      SHOPPING CENTER, STRIP CENTER • 5,355 SF
      11529 Springmill Rd, Carmel, IN 46032-8874
      View Details
    • Value Estimation
      $1,320,000
      9,728 SF

      Redd Rd

      SHOPPING CENTER, STRIP CENTER • 9,728 SF
      Redd Rd, Carmel, IN 46032
      View Details
    • Value Estimation
      $1,440,000
      10,824 SF

      1430 Carmel Dr

      SHOPPING CENTER, STRIP CENTER • 10,824 SF
      1430 Carmel Dr, Carmel, IN 46032-8784
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,397 SF

      Carmel Retail Condominiums For Sale

      Three ground floor retail condominiums available in Carmel, Indiana.
      7015 E 146Th St, Carmel, IN 46032
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      Downtown Carmel Office/Retail Gem

      4,800 SF Class A Office & Retail Space
      30 1St St, Carmel, IN 46032
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    • Contact for pricing
      3.15 Acres

      Carmel, IN Commercial Land - 3.15 Acres

      Prime Redevelopment Site in Carmel, IN
      1037 Range Line Rd, Carmel, IN 46032
      View Details
    • $999,900
      1.00 Acre

      West Carmel Commercial Land

      Prime 1-acre retail lot, build-to-suit.
      0 Weston Pointe Dr, Zionsville, IN 46032
      View Details
    • $415,000
      2,432 SF

      Carmel Townhome with Pond Views

      Move-in ready townhome with pond views, close to amenities.
      11777 Harvard Ln, Carmel, IN 46032
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      Carmel Redevelopment Site For Sale

      Premier redevelopment site in Carmel, Indiana, totaling 3.15 acres.
      1037 South Range Line Rd, Carmel, IN 46032
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    Similar Nearby for Lease

    • Contact for pricing
      1,100 SF

      Retail Space in West Carmel

      Former ubreakifix endcap in Starbucks anchored strip center.
      10460 N Michigan Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      1,389 SF

      Carmel Retail Space For Rent

      Retail space in well-located community shopping center in Carmel.
      1412 S Range Line Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      1,728 SF

      Retail Space in Merchants’ Square

      Retail space in high-traffic area with diverse tenant mix.
      271 Merchants Square Dr, Carmel, IN 46032
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space in Kroger Center

      Retail space available in Kroger anchored shopping center.
      10725 N Michigan Rd, Carmel, IN 46032
      View Details
    • Contact for pricing
      2,277 SF

      Retail Space in High-Traffic Area

      Retail space in a high-traffic area with diverse tenants.
      2438 E 116Th St, Carmel, IN 46032
      View Details
    • Contact for pricing
      3,446 SF

      Retail Space in Merchants’ Square

      Retail space available in high-traffic shopping center.
      2140-2208 E 116Th St, Carmel, IN 46032
      View Details

    Property Visit Statistics

    • Visits by month
      4.3k
    • Visitors by month
      3.7k
    • Avg Time on site
      14 min
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    Carmel, IN 46032-3475
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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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