Overview
The KeyBank building, located at 930 North Meridian, with on-site parking, is a two-story, 14,038 square foot building in excellent condition which is 81% occupied by KeyBank and MSKTD & Associates on NNN leases with the remaining 19% of the 1st floor retail space available for lease. The building was originally built in 1980 with extensive renovations in 1996 and 2018. KeyBank recently renewed its lease for an additional five years through 2/25/2030 and the MSKTD lease is pending renewal through 6/30/2031. The building offers significant upside potential in the lease up of attractive first floor space which has historically been used for storage. This highly desirable property has a rare two-lane drive-through in the CBD and offers an opportunity to add an additional drive-through on the outparcel. The Property contains a total of 14,038 rentable square feet situated on a 0.38+/- acre parcel and an adjacent 0.50+/- acre parcel which is a buildable corner site.
Investment Highlights
PRIME LOCATION IN DOWNTOWN INDIANAPOLIS:
The KeyBank building is strategically positioned on North MeridianSteet, which is a major commercial corridor in Indianapolis. The Property is located just blocks north of Monument Circle, providing easy access to corporate offices, government institutions, residential areas and city landmarks.
INFLATION-PROOF NNN LEASES AND STABLE CASH FLOW:
This highly successful and long-standing branch has been established since 2010. Anchored by KeyBank and MSKTD on long-term triple net leases, the Property cash flow is not only stable but protects the owner from inflation of operating expenses. The building offers a reliable cash flow, making it an attractive option for investors seeking a well-established asset. The building`s professional design, combined with ample on-site parking and flexible floor plans enhance its marketability for businesses looking for a premium environment in a desirable downtown location.
MARKET DYNAMICS AND RENTAL GROWTH POTENTIAL:
With rental rates increasing and vacancy rates remaining stable, this Property is well positioned for rent rate growth supported by Indianapolis` strong economic fundamentals. Indianapolis has experienced sustained rental growth in recent years. Between 2019 and 2023, submarket retail rents grew by approximately 4.5% per year on average, outpacing the national rent growth rate during the same period. As of 2024, rental growth in Indianapolis continues to rise, making this mixed-use office an d re tail as set located in the CBD a prime investment opportunity.
FUTURE VALUE-ADD LEASING + OUTLOT DEVELOPMENT:
The surrounding area of North Meridian Street is undergoing significant redevelopment, with nearby mixed-use projects and urban revitalization efforts enhancing the overall attractiveness of the neighborhood. Value-add potential exists in the lease-up of the available first floor retail space along with the development potential of the 0.50+/- acre outlot.
THRIVING ECONOMY AND GROWING CORPORATE PRESENCE:
As one of the fastest growing cities in the Midwest, Indianapolis boasts a diversified economy with major sectors in healthcare, finance, technology, and logistics. The city`s affordable business environment and expanding corporate presence drive demand for office space, providing 930-940 N Meridian a prime location.
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