Airport Business Centre 6352 Airway Dr 51,589 SF Vacant Flex Building Indianapolis, IN 46241 For Sale

6352 Airway Drive | Indianapolis, IN 46241
Investment Overview
6352 Airway Drive presents a rare opportunity to acquire a value-add light industrial facility in the heart of the Indianapolis Airport Submarket, one of the Midwest’s most dynamic and logistics-driven industrial corridors. The asset offers a flexible configuration, a strong in-place tenant, and significant upside through lease-up or repositioning of the remaining vacant space.
With a total of 51,589 SF situated on 3.42 acres, the property combines warehouse functionality, heavy power, and high office finish—making it well-suited for manufacturing, flex, or aerospace-related operations. Its proximity to I-465, I-70, and Indianapolis International Airport provides unmatched access to the region’s transportation network.
Property Highlights
Building Size: ±51,589 RSF / 49,813 USF
Land Area: ±3.42 Acres
Zoning: I-3 (Medium Industrial District – Allows for Outdoor Storage)
Construction: CMU Block / Precast Concrete / Steel Frame
Clear Heights: 13.5’ to 24’
Loading: 4 Dock-High Doors (3 with levelers) + 1 Drive-In (16’ H × 14’ W)
Power: 400-amp 277/480V, stepped down to 200A 120/208V
Sprinkler: Wet System
Parking: ±50 Spaces (1/1,000 SF ratio) with gated outdoor storage
Year Built: 1992 (with later warehouse addition)
Tenancy & Income
Current Tenant: Aquatic Arts
Leased Area: ±32,205 SF (62.4% of total building)
Lease Term Remaining: ±3.5 years (through March 2029, NNN)
Vacant Space: ±19,384 SF
Includes 14,400 SF warehouse (14’ clear) and 4,984 SF warehouse (26’ clear)
This balanced occupancy allows investors to benefit from in-place income while pursuing upside through re-tenanting, subdividing utilities, or building out speculative office suites for smaller industrial users.
Repositioning Potential
The building’s layout and mechanical systems provide multiple paths for value creation:
Gate and pave side driveway for outdoor storage or trailer parking (20’ × 148’).
Utilize crane bay or remove mezzanine to optimize warehouse usability.
Strong demand in the 10,000–25,000 SF range across the Airport submarket supports achievable lease-up within 6–12 months.
Strategic Location
Positioned less than 5 minutes from Indianapolis International Airport and the FedEx Express World Hub—the second-largest in the U.S.—6352 Airway Drive lies at the intersection of industrial efficiency and logistics infrastructure. The site offers direct access to I-70 and I-465, connecting seamlessly to downtown Indianapolis (10 miles), Louisville (119 miles), and Chicago (183 miles).
This submarket is home to national occupiers including FedEx, Amazon, UPS, XPO Logistics, Caterpillar, and Expeditors, driven by ongoing e-commerce, aerospace, and advanced manufacturing growth. Over 8.4 million SF of new industrial product was delivered from 2016–2021, with another 5 million SF planned or under construction as of 2025.
Market Context
The Indianapolis industrial market continues to outperform national peers due to its central location, multimodal connectivity, and lower occupancy costs. As of Q2 2025:
Metro-wide vacancy averages 10–11%, with tight conditions in small-bay assets (50,000 SF).
Quarterly leasing activity exceeds 5.5M SF, supported by strong absorption.
Speculative construction has dropped from 39M SF in 2022 to under 5M SF in 2025, improving fundamentals for infill product like Airway Drive.
Industrial users in Plainfield, AmeriPlex, and the Airport Business Centre continue to expand, pushing rents upward for smaller second-generation assets.
Investment Highlights
Value-Add Opportunity: Lease-up ±19,384 SF of functional vacancy.
In-Place Cash Flow: Long-term NNN tenant covers the majority of expenses.
Owner-User Flexibility: Option to occupy ±19,000 SF while collecting rent from existing tenant.
Functional Design: Mix of warehouse, flex, and two-story office space with modern mechanical systems.
Prime Location: Immediate airport access and proximity to I-70/I-465 interchanges.
Strong Industrial Fundamentals: Limited small-bay supply, robust user demand, and steady rent growth.
Summary
6352 Airway Drive is a well-located, flexible light industrial facility offering immediate upside for both investors and users. Its existing tenant provides stable income while the remaining space enables future value creation through lease-up or conversion. Positioned within Indianapolis’ most active logistics corridor and surrounded by institutional-grade developments, this asset stands out as one of the most functional mid-size industrial offerings available in the Airport submarket.