Park 31 South 5 Office Properties Offered at $5,040,533 CAD in Indianapolis, IN

Marcus & Millichap is pleased to present the Park 31 South Office Complex, a five-building, ±41,000 square foot multi-tenant office park located on the south side of Indianapolis. Developed in phases beginning in 1987, the property is currently approximately 97% occupied and has consistently demonstrated strong historical tenancy due to the location, access, and suite sizes.
The investment opportunity with Park 31 South to acquire stable in-place cash flow with clear value-add potential in bumping rents and implementing modified gross / expense-stop leases presenting opportunity for expense recapture. The property is currently averaging $14.42/SF in gross rental income while the market rents are $17.03/SF and typically have expense stops that are currently not in effect. Additionally, Park 31 South offers the rare ability to sell the individual buildings to owner/users in the market for well above the per-square foot asking price for the portfolio.
Market: Park 31 South 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 more than 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.
Park 31 South is positioned within the South Indianapolis / Greenwood corridor, one of the metro’s most active and steadily expanding submarkets. The area continues to benefit from strong residential growth driven by housing affordability, supporting consistent demand for office, medical, and service-oriented tenants.
The property also offers proximity to several key economic nodes, including being just 12 minutes from Downtown Indianapolis, 10 minutes from the rapidly redeveloping Fountain Square district, and down the road from the Greenwood retail corridor, one of the strongest suburban commercial hubs in the region.
Greenwood and South Indianapolis serve as a key suburban extension of the Indianapolis MSA, supported by strong population growth, expanding commercial corridors, and a diverse local economy. The area benefits from its strategic location along major transportation routes including US-31, I-65, and I-465, providing direct access to Downtown Indianapolis and regional markets.
This position supports a wide range of office, medical, retail, and service-oriented users. The local economy continues to expand alongside residential development, with increasing demand driven by affordability, accessibility, and proximity to major employment and logistics hubs.
Industrial Market & Development Activity
Greenwood and the surrounding Southern Indianapolis region continue to attract industrial and residential investment through:
- Population growth and residential expansion supporting local business demand
- Growth in medical office, professional services, and small business users
- Expansion of retail and service corridors along US-31
- Strategic access to I-65 and I-465 providing regional connectivity
Office parks and commercial corridors throughout the submarket continue to experience stable tenant demand, with ongoing reinvestment and repositioning of existing assets. Recent activity reflects confidence in the area’s demographics, transportation access, and long-term suburban growth trends.
Major Industrial & Economic Drivers
- Proximity to Downtown Indianapolis supporting access to a diverse employment base
- Regional retail and commercial concentration along the US-31 corridor
- Strong healthcare presence driving medical office and service demand
- Growth in small business, professional services, and local operators
- Expanding suburban population supporting sustained demand for office and service-oriented space
Competitive Advantages
- Transportation Access: Immediate connectivity to US-31, I-65, and I-465, providing efficient access to Downtown Indianapolis and regional markets
- Labor Base: Access to a growing suburban workforce with proximity to the broader Indianapolis labor pool
- Cost Structure: Competitive occupancy and operating costs relative to downtown and higher-cost submarkets
- Pro-Business Environment: Ongoing reinvestment and local support for commercial development along key corridors