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Office

Corporate Square West

5610 Crawfordsville Rd, Indianapolis, IN 46224

Listing Price: $7,723,000

Cap Rate
8.32%
Gross SF
102,512
Rentable SF
102,512
Price/Gross SF
$75.34
Lot Size
9.50 acres
Year Built
1967

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to bring to the market Corporate Square West, a 98,983 square foot, single-story office complex located in the northwest neighborhood of Indianapolis called Speedway, which is the home of the world-famous Indianapolis Motor Speedway. The Subject Property is situated at 5610 Crawfordsville Road, which is the main commercial corridor that leads northwest from the Indianapolis Motor Speedway (“IMS”), which is less than 1 mile to the east, to Interstate 465, which is just over 1 mile to the northwest. That interchange of Interstate 465 and Crawfordsville Road was expanded and reconfigured just a few years ago and features new developments of fast food and quick serve restaurants, retail, hotels, and other amenities that are just one mile from the Subject Property, including Chipotle, Starbucks, and a GetGo gas station. The opportunity for the Investor with Corporate Square West it to acquire a well-maintained but under-utilized, multi-tenant business park that is situated in the historic neighborhood of Speedway in Indianapolis, which is and has been undergoing some major redevelopment, expansion, and improvement plans from the Indianapolis Motor Speedway to the new interchange. The Subject Property is not listed online for lease on any of the primary platforms, does not have any visible signage available along Crawfordsville Road, and has not had a leasing agent working this property for the past few years. Despite that lack of exposure, the Property is nearly 90 percent physically occupied due to the demand and lack of competitive supply in the immediate area coupled with word-of-mouth lease-up caused by the high quality of the existing on-site management team that is included in the underwriting. This solid foundation of occupancy and lease-up activity coupled with the opportunity to expand the exposure of the Property to the market via online resources, signage, and/or the brokerage community should prove tremendous upside potential in the rental rates as the market average, according to CoStar, is $17.29 per square foot and the Subject Property is currently averaging $13.36 per square foot.

Investment Highlights

  • 102,512 Square Foot, Single-Story Office Building Located in the Heart of Speedway | Indianapolis MSA
  • Tremendous Stability in Diverse Rent Roll and Well-Below Market Rents
  • Well-Maintained with Recent Upgrades Including Parking Lot Repairs, Roof Replacements, Exterior Paint, and New Windows and Doors
  • Windows and Doors Very Strong Upside Potential in 20 Percent below Market Rents by Expanding Exposure
  • Situated One Mile West of the Indianapolis Motor Speedway and One Mile East from Interstate 465

Exclusively Listed By

Office

Corporate Square West

Listing Price: $7,723,000

Cap Rate
8.32%
Gross SF
102,512
Rentable SF
102,512
Price/Gross SF
$75.34
Lot Size
9.50 acres
Year Built
1967

Investment Highlights

  • 102,512 Square Foot, Single-Story Office Building Located in the Heart of Speedway | Indianapolis MSA
  • Tremendous Stability in Diverse Rent Roll and Well-Below Market Rents
  • Well-Maintained with Recent Upgrades Including Parking Lot Repairs, Roof Replacements, Exterior Paint, and New Windows and Doors
  • Windows and Doors Very Strong Upside Potential in 20 Percent below Market Rents by Expanding Exposure
  • Situated One Mile West of the Indianapolis Motor Speedway and One Mile East from Interstate 465

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to bring to the market Corporate Square West, a 98,983 square foot, single-story office complex located in the northwest neighborhood of Indianapolis called Speedway, which is the home of the world-famous Indianapolis Motor Speedway. The Subject Property is situated at 5610 Crawfordsville Road, which is the main commercial corridor that leads northwest from the Indianapolis Motor Speedway (“IMS”), which is less than 1 mile to the east, to Interstate 465, which is just over 1 mile to the northwest. That interchange of Interstate 465 and Crawfordsville Road was expanded and reconfigured just a few years ago and features new developments of fast food and quick serve restaurants, retail, hotels, and other amenities that are just one mile from the Subject Property, including Chipotle, Starbucks, and a GetGo gas station. The opportunity for the Investor with Corporate Square West it to acquire a well-maintained but under-utilized, multi-tenant business park that is situated in the historic neighborhood of Speedway in Indianapolis, which is and has been undergoing some major redevelopment, expansion, and improvement plans from the Indianapolis Motor Speedway to the new interchange. The Subject Property is not listed online for lease on any of the primary platforms, does not have any visible signage available along Crawfordsville Road, and has not had a leasing agent working this property for the past few years. Despite that lack of exposure, the Property is nearly 90 percent physically occupied due to the demand and lack of competitive supply in the immediate area coupled with word-of-mouth lease-up caused by the high quality of the existing on-site management team that is included in the underwriting. This solid foundation of occupancy and lease-up activity coupled with the opportunity to expand the exposure of the Property to the market via online resources, signage, and/or the brokerage community should prove tremendous upside potential in the rental rates as the market average, according to CoStar, is $17.29 per square foot and the Subject Property is currently averaging $13.36 per square foot.

Exclusively Listed By

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