6612 E 75th St
Indianapolis, IN 46250
Heritage Park I · Office Property For Sale

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present to market for sale the Heritage Park I, located at 6612 East 75th Street, Indianapolis, Indiana. Indianapolis, the Crossroads of America, is the State Capital of Indiana and the 3rd most populous Midwest City with an estimated 863,002 residents. Constructed in 1980, the 87,165 square-foot multi-tenant professional offices centrally anchor the three-building Heritage Office Park that services the Indianapolis Northeast side as a prominent landmark within the Castleton Submarket of Indianapolis. The Castleton Submarket is a highly commercialized neighborhood on to the Northeast Side of Indianapolis concentrated around the highly-trafficked I-69 and I-465 interchange and anchored by the Castleton Mall, the largest mall in Indiana. The Heritage Park I is strategically positioned with excellent visibility and access to overlook the I-69 and I-465 interchange, a heavily trafficked Indianapolis corridor with nearly 150,000 passing vehicles per day. In addition to excellent market positioning, the Subject Property has been extremely well maintained with routine capital improvements over the recent years, such as the complete parking lot resurfacing in 2017, a new roof in 2018, and a new HVAC system in 2019. The Heritage Park I are currently operating at 87% occupancy, with a current 6.2 Year Weighted Average Lease Term Remaining effective December 31st, 2019, with all office Tenants featuring annualized rent bumps throughout their Base Years Leases. Heritage Park I presents a unique, stabilized investment opportunity for all investors following substantial interior and exterior capital improvements, a long-term stabilized rent roll moving forward with over 50% of the NLA leased into or beyond 2025, and additional value-add upside still remaining in a single, 9,961 square-foot vacancy representing 11.43% of the Net Leasable Area. The Subject Property is offered to market asking $9,300,000, which reflects an 8.25% CAP Rate on actual financials, and a 12.55% Cash-on-Cash Return with available financing from the Marcus & Millichap Capital Corporation.