Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    907 Michigan St Indianapolis, IN 46202-3625
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    907 Michigan St Indianapolis, IN 46202-3625

    View on Map
    • Retail space
    • 16,911 SF
    • 4.16 lot acres
    Off-Market
    Property ID
    US31-1231650
    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
    $2,185,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Midland Arts & Antiques Market / Home Decor Store / (Bike/Boat/Book/etc) Store
    • Vi Walker Silver / Home Decor Store / (Bike/Boat/Book/etc) Store
    • 907 E Michigan St Parking / Parking Lot & Garage
    • Kimberly Langdon / Physician
    • Cheryl Shields / Physician

    Property Details for 907 Michigan St

    Year built
    1925
    Construction
    WOOD
    Lot size
    4.16 lot acres
    Property size
    16,911 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    49-11-01-199-010.000-101
    APU
    491101199010000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,035,000
      6.5%
      $2,800,000
      7%
      $2,600,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,011,000
      Market price range: $554k - $2.01M
      AI Estimate
      $1,744,000
      Market price range: $455k - $1.74M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,525,000
      AUTO REPAIR, GARAGE
      $1,345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Marion
    State
    Indiana
    Longitude
    -86.1413
    Latitude
    39.773
    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
    $44,281
    $147,800
    $1,448,600
    $1,596,400
    -
    $147,800
    $1,448,600
    $1,596,400

    Comparable in this City

    • Value Estimation by Request
      1,152 SF

      1215 16th St

      RETAIL STORES (PERSONAL SERVICES) • 1,152 SF
      1215 16th St, Indianapolis, IN 46202-1945
      View Details
    • Value Estimation
      $1,000,000
      9,516 SF

      1730 Illinois St

      RETAIL STORES (PERSONAL SERVICES) • 9,516 SF
      1730 Illinois St, Indianapolis, IN 46202
      View Details
    • Value Estimation by Request
      533 SF

      2151 New Jersey St

      RETAIL STORES (PERSONAL SERVICES) • 533 SF
      2151 New Jersey St, Indianapolis, IN 46202-1638
      View Details
    • Value Estimation by Request
      2,847 SF

      122 13th St

      RETAIL STORES (PERSONAL SERVICES) • 2,847 SF
      122 13th St, Indianapolis, IN 46202-2390
      View Details
    • Value Estimation by Request
      875 SF

      1011 22nd St

      RETAIL STORES (PERSONAL SERVICES) • 875 SF
      1011 22nd St, Indianapolis, IN 46202-1845
      View Details
    • Value Estimation by Request
      800 SF

      1202 Bates St

      RETAIL STORES (PERSONAL SERVICES) • 800 SF
      1202 Bates St, Indianapolis, IN 46202-3919
      View Details

    Similar Nearby for Sale

    • $2,500,000
      9,400 SF

      Versatile Building in Chatham Arch

      Two-story building in Indianapolis' thriving Chatham Arch neighborhood.
      517 E Walnut St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      20,650 SF

      Prime Retail/Office Space Available

      High-visibility space near Monon Trail and residential units.
      1101 E 16Th St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      7,569 SF

      Restaurant/Bar Opportunity with Parking

      Restaurant/bar with parking, kitchen, and full-service bars.
      501 N College Ave, Indianapolis, IN 46202
      View Details
    • $6,900,000
      84,000 SF

      Office Buildings and Parking Assets

      Two office buildings, parking garage, and lot near IU Health.
      1800-1812 N Meridian St, Indianapolis, IN 46202
      View Details
    • $719,800
      0.26 Acres

      New Construction Duplex Near Monon

      New construction duplex near Monon offering urban living and investment potential.
      2051-2053 Columbia Ave, Indianapolis, IN 46202
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,495 SF

      Retail Space on Washington Street

      Retail space available for lease in Indianapolis, Indiana.
      1002 E Washington St, Indianapolis, IN 46202
      View Details
    • $25 SF/Yr
      2,453 SF

      Modern Mixed-Use Building Space

      Retail or office space in a modern mixed-use building.
      918 Fort Wayne Ave, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      1,605 SF

      Retail Space in Stella Apartments

      Retail space for lease in Stella apartment community.
      1827 N Meridian St, Indianapolis, IN 46202
      View Details
    • $27 SF/Yr

      Restaurant/Retail Space Near Hospitals

      Retail/restaurant space near 16Tech, hospitals, and universities with ample parking.
      930 W 10Th St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      1,495 SF

      Retail Space Available For Lease

      Retail space available for lease in Indianapolis, Indiana.
      1008 East Washington St, Indianapolis, IN 46202
      View Details
    • Contact for pricing
      1,169 SF

      Prime Retail Spaces in Indianapolis

      Two retail spaces for lease in vibrant downtown Indianapolis.
      747 N College Ave, Indianapolis, IN 46202
      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.
    907 Michigan St
    Indianapolis, IN 46202-3625
    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!