Park 31 South 5214-5226 S East St

The DiSalvo Bender Nulf Group of Marcus & Millichap is pleased to present the Park 31 South Office Complex in Indianapolis, Indiana. The subject property is a five-building 39,812 square foot multi-tenant office park that was built in multiple segments starting in 1987. Park 31 is approximately 95% 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.
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 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.
Location: Southern Indianapolis and the Greenwood area are two of the 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.
Park 31 South boasts extremely strong fundamentals with a very accessible and visible location just south of Interstate 465 on the City of Indianapolis’ south side surrounded by numerous amenities that has and will sustain constant demand for the location. The physical layout of the park features direct-entry to the Tenant’s suites from the exteriors, a wooded campus, ample parking, and various suite sizes to accommodate most small businesses’ needs as they grow or contract their companies. These extremely strong fundamentals coupled with well below-market rents that create fantastic stability and upside for the Investor makes Park 31 South a phenomenal investment for the savvy Investor.