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Office

Cedar Place

8515 Cedar Pl Dr, Indianapolis, IN 46240

Listing Price: $3,200,000

Cap Rate
8.01%
Gross SF
29,253
Rentable SF
29,253
Price/Gross SF
$109.39
Lot Size
1.79 acres
Year Built
1986

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present for sale the Cedar Place Office Portfolio, located in Indianapolis, Indiana. Indianapolis is the largest city in Indiana, with the Indianapolis MSA being home to over 2,075,000 residents. The Subject Property is well-located off of the 86 street corridor within the Nora District, which is anchored by national credit retailers such as Kroger, Target, Whole Foods, Marshalls, and Goodwill, amongst others while producing daily traffic counts in excess of 17,500 vehicles per day. The Subject Property is less than a mile from the 86th Street and Meridian Street intersection, with Meridian Street servicing as the primary inner-loop corridor of Indianapolis. The Cedar Place Office Portfolio is comprised of three garden-style professional offices featuring private entrances and totaling 29,253 square-feet on the 1.79 Acre parcel. The Subject Property is operating at 95% Occupancy with below market rents across the 19 in-place tenants, which feature a diverse tenant-mix and low-risk profile without a single tenant occupying more than 10% of the net leasable area in the portfolio. Additionally, the subject property boasts excellent real estate fundamentals with a population of 295,858 residents within a 5-mile radius. The Cedar Place Office Portfolio presents as an investment opportunity yielding strong, stabilized returns, amidst excellent real estate fundamentals, and considerable upside in the increasing of rents over any investors hold period. The Subject Property is positioned to market at $3.2M, reflecting an 8.01% CAP Rate on actual financials, and with our current debt quotes, potential for cash-on-cash returns above 12% annually.

Investment Highlights

  • 29,253 Square Foot Class B Garden Style Office Portfolio | Indianapolis MSA
  • Stabilized at 95% Occupancy Across 19 In Place Tenants | Below Market Rents
  • 2021 Improvements New Roof | Skylight Replacements | Full Exterior Painting | Full Sign Remodel
  • Well Located with Frontage to 86th Street Corridor in Nora | 17,500+ Vehicles Per Day
  • Submarket Features Several Accredited Retail Tenants | Kroger, Target, & Whole Foods
  • Excellent Real Estate Fundamentals | 295,858 Residents within a 5 mile Radius

Exclusively Listed By

Listing Price: $3,200,000

Cap Rate
8.01%
Gross SF
29,253
Rentable SF
29,253
Price/Gross SF
$109.39
Lot Size
1.79 acres
Year Built
1986

Investment Highlights

  • 29,253 Square Foot Class B Garden Style Office Portfolio | Indianapolis MSA
  • Stabilized at 95% Occupancy Across 19 In Place Tenants | Below Market Rents
  • 2021 Improvements New Roof | Skylight Replacements | Full Exterior Painting | Full Sign Remodel
  • Well Located with Frontage to 86th Street Corridor in Nora | 17,500+ Vehicles Per Day
  • Submarket Features Several Accredited Retail Tenants | Kroger, Target, & Whole Foods
  • Excellent Real Estate Fundamentals | 295,858 Residents within a 5 mile Radius

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present for sale the Cedar Place Office Portfolio, located in Indianapolis, Indiana. Indianapolis is the largest city in Indiana, with the Indianapolis MSA being home to over 2,075,000 residents. The Subject Property is well-located off of the 86 street corridor within the Nora District, which is anchored by national credit retailers such as Kroger, Target, Whole Foods, Marshalls, and Goodwill, amongst others while producing daily traffic counts in excess of 17,500 vehicles per day. The Subject Property is less than a mile from the 86th Street and Meridian Street intersection, with Meridian Street servicing as the primary inner-loop corridor of Indianapolis. The Cedar Place Office Portfolio is comprised of three garden-style professional offices featuring private entrances and totaling 29,253 square-feet on the 1.79 Acre parcel. The Subject Property is operating at 95% Occupancy with below market rents across the 19 in-place tenants, which feature a diverse tenant-mix and low-risk profile without a single tenant occupying more than 10% of the net leasable area in the portfolio. Additionally, the subject property boasts excellent real estate fundamentals with a population of 295,858 residents within a 5-mile radius. The Cedar Place Office Portfolio presents as an investment opportunity yielding strong, stabilized returns, amidst excellent real estate fundamentals, and considerable upside in the increasing of rents over any investors hold period. The Subject Property is positioned to market at $3.2M, reflecting an 8.01% CAP Rate on actual financials, and with our current debt quotes, potential for cash-on-cash returns above 12% annually.

Exclusively Listed By

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