5172 65Th StIndianapolis, IN 46220

Property Details for 5172 65Th St

Year built

1972

Construction

TYPE NOT SPECIFIED

Lot size

1.01 AC

Property size (Sq ft)

16,560 SF

Zone code

ZO01

Property type

Office properties

APN

49-02-33-115-096.000-800

APU

490233115096000800

Description

This exceptional value-add investment opportunity presents two buildings totaling 26,400 square feet of creative office space situated on a 1.68-acre lot in Indianapolis, Indiana. The property, located at 5172 E 65th St, zip code 46220, boasts 23 units within a multi-tenant setting, offering significant upside potential. Built between 1972 and 1973, the buildings feature new roofs installed in 2016 and 2020, showcasing a commitment to well-maintained structures. Currently operating under a modified lease type, the property offers ample parking with 82 free surface spaces. The strategic location in a highly sought-after northeast Indianapolis neighborhood provides easy access to Binford Boulevard, I-465, downtown Indianapolis, and the Indianapolis International Airport. Its proximity to the Nickel Plate Trail adds to its appeal. The property is zoned I-1 and is offered fee simple. The asking price is $1,898,795, translating to $71.92 per square foot. Existing vacancy presents a compelling opportunity to increase rental income and recapture expenses, maximizing the return on investment. This property is ideal for owner-occupants seeking to expand their operations or investors looking for a strong value-add opportunity with significant redevelopment potential. The current income stream, exceeding $20,000 annually, further enhances the investment's attractiveness.

• CAP approach

  CAP return

  Valuation

  6%

  $2,445,518

  6.5%

  $2,257,401

  7%

  $2,096,158

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,056,586

  Geo Method

  $2,056,586

• Alternative Use

  Use

  Valuation

  Residential

  $2,799,177

  Hospitality

  $2,564,031

  Educational

  $2,133,244

  Medical

  $2,206,609

  Retail

  $3,318,379

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.8764

Longitude

-86.0812

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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