The Ardmore Garage - Lower Parking Unit
100% Leased | 8.4% Cap | 170 Parking Spaces
Marketing description
Cushman & Wakefield is pleased to exclusively offer for sale the 170-space Lower Garage Unit of the Ardmore Parking Garage, a premier, strategically located asset in the heart of downtown Indianapolis. The parcel is subject to a long-term double-net lease, which features rent increases at lease renewal options every five years. The operating lease, which is flat during the term, is well below-market, which creates significant upside opportunity should the tenant ever terminate. This 170-space public garage is integrated with the newly developed Ardmore Apartments and benefits from its proximity to the vibrant Mass Ave and Market East districts. The facility generates the majority of its revenue from stable monthly parking contracts with employees of the adjacent Regions Tower, while also offering public parking access to a broader base of downtown users and visitors
Investment highlights
Prime Downtown Location: The garage is embedded in Indianapolis’s central business district, offering direct access to major office towers and cultural landmarks with strong pedestrian traffic.
Stable Lease in Place Through 2029 + (3) 5-Yr Options: Interstate Parking is leasing the entire unit from NG Ardmore on a NN lease basis + increases in real estate taxes, providing predictable income and no vacancy risk in a rapidly growing, high-demand corridor of downtown Indianapolis.
Modern, Durable Asset: Built in 2020, the below-grade, two-level garage is protected from weather, well-lit and designed for long-term operational efficiency with minimal capital expenditures needed.
Revenue Potential and Flexibility: Dynamic income stream and scalable returns with projected NOI growth over five years, multiple rent structures available, and upside from transient pricing and operational optimization.
Strong Parking Demand Drivers: Demand is fueled by Massachusetts Avenue residents, shoppers, and visitors with over 350k SF of retail & 38 restaurants, in addition to the 50+ office buildings located within a two-block radius of the garage. The area is undergoing significant redevelopment, with 1,423 hotel rooms expected by the end of 2027 and approximately 450 new residential units added in the past three years.
Neighboring Synergies: Integration with adjacent apartments, office buildings, and retail reinforces a dynamic live-work-play lifestyle, supporting high foot traffic, tenant convenience, and sustained demand from both residential and commercial users.
Walk Score of 97 out of 100: Designated a “Walker’s Paradise” due to its prime location, offering immediate access to a wide variety of restaurants, shops, parks, and entertainment.
Residential Density: Over 1,600 residential units within a quarter mile of the parking garage, including 131 units overhead.
New Parking Demand: Increasing demand driven by the Bottleworks District Phase II expansion, as well as a surge in nearby residential and office developments along Mass Avenue, including the Jungclaus-Campbell redevelopment and North Mass’s District’s Ingram Apartments and Penn Electric Switch projects.
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