Population
889,000
Growth (5Y)
+5.2%
Median Income
$59,000
Metro GDP
$168B
Market Overview
Indianapolis is the Midwest's most compelling NNN investment market, offering above-average cap rates (5.75–7.25%) with a stable, diversified economy anchored by Eli Lilly's massive pharmaceutical operations. The city's designation as the 'Crossroads of America' makes it a critical logistics hub, and its combination of affordable land and business-friendly regulations attracts consistent corporate investment. NNN investors find Indianapolis attractive for its combination of strong tenant credit, above-average cap rates, and low entry prices compared to coastal markets.
Key Highlights
Pharmaceutical capital of the world — Eli Lilly's $27B domestic investment drives job growth
Geographic crossroads of the US with I-65, I-70, I-74, and I-69 all intersecting here
Nation's largest single-site pharmaceutical manufacturing base (Eli Lilly)
Strong convention and sports economy anchors hotel-adjacent retail NNN demand
Why Invest in Indianapolis
- 1Eli Lilly's $27B Indiana investment anchors a high-income pharmaceutical employment base
- 2Above-average cap rates (5.75–7.25%) among the highest in any major Midwestern metro
- 3Geographic crossroads position drives logistics, distribution, and corporate facility growth
- 4Low entry price points allow portfolio diversification across multiple NNN assets
Recent NNN Activity
"Indianapolis NNN market posted $310M in transactions in 2024. Dollar General and AutoZone assets in suburban Hamilton and Hendricks counties commanded strong demand from 1031 exchange buyers. Eli Lilly's surrounding retail market in Lebanon and Boone County saw new QSR development."
NNN Snapshot
Cap Rate Range
5.75% - 7.25%
Price Range
$1.1M - $3.5M
Avg Lease Term
12 Years
Unemployment Rate
3.5%
Active NNN Tenants
McDonald'sDollar GeneralAutoZoneWalgreensO'Reilly Auto PartsTaco BellCircle K
Major Employers
Eli LillySalesforceRoche DiagnosticsAnthem (Elevance)Simon Property GroupIU Health
Find NNN Properties in Indianapolis
Our advisors have exclusive, off-market NNN inventory in the Indianapolis market right now. Contact us to see what's available before it hits the public market.