8383 Craig St Indianapolis, IN 46250

This exceptional investment opportunity presents a 79,890 square foot, multi-tenant office building located at 8383 Craig Street in Indianapolis, Indiana. The property, built in 1989, is a single-story, Class C building situated on 8.9 acres and features 17 units with a current occupancy rate of 90%. The property is zoned for commercial office use and offers 345 parking spaces. The building boasts a variety of office subtypes, including creative, medical, and traditional office spaces, making it suitable for a diverse range of tenants. Recent improvements include a brand new roof, new AC units, and new LED lighting throughout. The property offers significant value-add potential, with the possibility of adding up to two more units, increasing the total to 19. A recent appraisal (late 2023) valued the property at $5.4 million. Lease options are available, and rent bumps are in place. The property benefits from easy access to major roadways, retail amenities, a post office, and upscale residential areas. Each suite is equipped with its own HVAC and electric meters. This is an ideal property for a 1031 exchange, offering strong income generation and significant upside potential. The sellers, longtime owner-operators, are retiring and are considering offers.