Waterplace Park 8935 N Meridian St 23,292 SF 88% Leased Office Building Indianapolis, IN 46260 $5,085,504 CAD ($218.34 CAD/SF) 7.77% Cap Rate

Positioned along one of Indianapolis' most recognizable business corridors, 8935 North Meridian Street presents a rare opportunity for investors and owner-users alike. This two-story, 26,960-square-foot office building combines stable in-place income, immediate occupancy, significant value-add potential, and future development opportunities on a highly visible Meridian Street address. Currently generating approximately $280,000 in annual Net Operating Income, the property is offered at a 7.78% capitalization rate while maintaining approximately 30% vacancy. Owner-users will appreciate the ability to occupy approximately 7,000 square feet immediately, allowing a business to establish a prominent corporate presence while benefiting from rental income generated by existing tenants.
Situated on 3.47 acres with approximately 572 feet of frontage along North Meridian Street, prominent building signage, and a pylon sign visible to passing traffic, the property enjoys exceptional exposure and brand visibility. The site is further enhanced by an outstanding 5.4:1,000 parking ratio, with 125 on-site parking spaces providing ample capacity for tenants, employees, and visitors.
Investors will find multiple avenues for value creation. Existing vacancy provides near-term leasing upside, while future lease expirations create opportunities to renovate interior suites, modernize common areas, and increase rental rates as space turns over. The property is anchored by a strong and stable income stream from BrooksPlace, providing dependable cash flow while ownership executes its value-add strategy. The expansive site also offers long-term flexibility, with excess land that may support future building expansion or additional development, subject to applicable approvals.
Located just minutes from Interstate 465, the Nora and Keystone retail districts, St. Vincent Hospital, downtown Carmel, and Indianapolis' affluent north side, the property benefits from exceptional accessibility and a highly desirable central location. Whether pursuing a headquarters location, an income-producing investment, or a strategic value-add opportunity with future expansion potential, 8935 North Meridian Street offers a compelling combination of current cash flow, immediate occupancy, premier visibility, and long-term upside in one of Indianapolis' most established office corridors.