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. 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 f rom 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 lo cated 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
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