This exceptional four-story, 118,047 square foot mixed-use property in Indianapolis, Indiana, presents a compelling investment opportunity. Currently boasting 100% occupancy across 27 units ranging from 100 to 6,000 square feet, the property generates a substantial net operating income (NOI) of $344,854, yielding a pro-forma cap rate of 10.14%. The building, constructed in 1980, benefits from recent significant capital improvements, including a new roof installed in June 2024 with a 20-year warranty ($75,000 investment) and a completely replaced elevator in late 2023 ($90,000 investment). The property features a diverse tenant mix within its traditional, medical, and creative office spaces, all under gross lease agreements. Situated on a 118,047 square foot lot (APN: 49-07-09-105-021.000-800) in a high-traffic area, the property enjoys convenient access to major freeways, is only 15 minutes from downtown Indianapolis and 30 minutes from the airport. Its strategic location near a new $25 million Walmart, Starbucks, CVS, various restaurants, and schools ensures high visibility and strong tenant demand. Enhanced security features include 25 security cameras and 24/7 mobile surveillance. The asking price is $3,400,000, representing a price per square foot of $28.80 and a price per unit of $125,926. This property offers a rare blend of strong current performance and significant future growth potential in a rapidly developing area. The permitted zoning is ZO01.
Highlights
$3,400,000 asking price.
10.14% cap rate.
$344,854 net operating income (NOI).
100% occupancy across 27 units.
Recent capital improvements: new roof (June 2024, $75,000) and elevator replacement (late 2023, $90,000).
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Contacts
Sean Kumar
Yuzu Takagi
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5435 Emerson Way, Indianapolis, Indiana, 46226
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
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5435 Emerson Way
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