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Office

Park 31 South

5214-5226 S East St, Indianapolis, IN 46227

Listing Price: $4,490,000

Cap Rate
8.17%
Gross SF
39,989
Rentable SF
39,989
Price/Gross SF
$112.28
Lot Size
3.99 acres
Year Built
1986

Investment Overview

Marcus & Millichap is pleased to present the Park 31 South Office Complex in Indianapolis, Indiana. The subject property is a five-building 41,000+- square-foot multi-tenant office park that was built in multiple segments starting in 1987. Park 31 is approximately 98 percent occupied and has strong historical occupancy over the past years. Many of the tenants are currently operating on modified gross leases, that the owner is not fully recapturing expenses on. There is additional upside in replacing tenants/rents that are currently below market. Current ownership has taken on most of the major capital items over their hold, replacing all of the roofs, most of the HVAC units, doing extensive asphalt work, and repainting the property. Park 31 sits just a half mile south of Interstate 465 on US Highway 31/South East Street. US 31 is one of the most heavily traveled corridors in Indianapolis and Greenwood, seeing traffic counts in excess of 38,034 vehicles per day in front of the Subject Property. Park 31 is ideally located just 12 minutes from Downtown Indianapolis and 15 minutes from the Indianapolis International Airport. Southern Indianapolis and the Greenwood area are the two fastest growing submarkets in the Indianapolis MSA. The Southside boasts cheaper housing prices than most of the city does, driving a large amount of first home buyers to the market. The local growth has fueled the expansion and placement of many hotels along US 31 along with a multitude of new businesses and retailers within immediate proximity to the property.

Investment Highlights

  • Five Building Multi-Tenant Office Park with High Historical Occupancy
  • Upside for New Ownership in Replacing Below Market Rents and Recapturing Expenses
  • Over 203,710 People within a Five-Mile Radius of the Subject Property
  • The Southside of Indianapolis is One of the Fastest Growing Suburb's in the MSA
  • Located just off I-465 and US 31, Two of Indiana's Major Highway/Interstate systems
  • Just 12 Minutes from Downtown Indianapolis and 15 Minutes from Indianapolis International Airport

Exclusively Listed By

Listing Price: $4,490,000

Cap Rate
8.17%
Gross SF
39,989
Rentable SF
39,989
Price/Gross SF
$112.28
Lot Size
3.99 acres
Year Built
1986

Investment Highlights

  • Five Building Multi-Tenant Office Park with High Historical Occupancy
  • Upside for New Ownership in Replacing Below Market Rents and Recapturing Expenses
  • Over 203,710 People within a Five-Mile Radius of the Subject Property
  • The Southside of Indianapolis is One of the Fastest Growing Suburb's in the MSA
  • Located just off I-465 and US 31, Two of Indiana's Major Highway/Interstate systems
  • Just 12 Minutes from Downtown Indianapolis and 15 Minutes from Indianapolis International Airport

Investment Overview

Marcus & Millichap is pleased to present the Park 31 South Office Complex in Indianapolis, Indiana. The subject property is a five-building 41,000+- square-foot multi-tenant office park that was built in multiple segments starting in 1987. Park 31 is approximately 98 percent occupied and has strong historical occupancy over the past years. Many of the tenants are currently operating on modified gross leases, that the owner is not fully recapturing expenses on. There is additional upside in replacing tenants/rents that are currently below market. Current ownership has taken on most of the major capital items over their hold, replacing all of the roofs, most of the HVAC units, doing extensive asphalt work, and repainting the property. Park 31 sits just a half mile south of Interstate 465 on US Highway 31/South East Street. US 31 is one of the most heavily traveled corridors in Indianapolis and Greenwood, seeing traffic counts in excess of 38,034 vehicles per day in front of the Subject Property. Park 31 is ideally located just 12 minutes from Downtown Indianapolis and 15 minutes from the Indianapolis International Airport. Southern Indianapolis and the Greenwood area are the two fastest growing submarkets in the Indianapolis MSA. The Southside boasts cheaper housing prices than most of the city does, driving a large amount of first home buyers to the market. The local growth has fueled the expansion and placement of many hotels along US 31 along with a multitude of new businesses and retailers within immediate proximity to the property.

Exclusively Listed By

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