Two-Building Commercial
1915 Southeastern Avenue Indianapolis, IN 46201
For Sale
$750,000
SINGLE_FAMILY - Indianapolis, IN
Property Size7,200 SF
Lot Size0.45 Acres
Price / SF$104.17
Days on Market245
Property Features for 1915 Southeastern Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
c-3
Standard status
Active
APN
491007205199000101
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
State Square Add L115 Thru L117 & 3' W Side L118 Also 63.85' S End L114
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1905
Floors in Building
1
Roof type
Shingle
Listing Agency:
Doc Real Estate, Inc
(317) 888-7333
Listed By:
Heather Bottorff Harmon · License #RB14029195
(317) 908-0531
Added: Nov 24, 2025
Changed: Jul 9
Last Checked: Jul 27 at 5:06PM
MLS# 22074689
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two commercial buildings on one parcel, with a survey in place that allows the buildings to be sold separately. The restaurant building is currently leased at $3,500 per month, and the tenant pays utilities. The lease expires July 2026, and the tenant has expressed interest in renewing.
The larger approximately 7,200 square foot “blue” building includes multiple suites, with a floor plan available. Improvements described include former daycare space, professional offices with a reception area, a conference room and breakroom, as well as warehouse/retail/service space. The property has previously supported a range of uses, including restaurant, church, daycare, professional offices, auto repair, convenience store, and clothing store.
Zoned C-3, the property is located near Fountain Square, the new Community Justice Campus, downtown Indianapolis, and less than one mile from I-65, with surrounding redevelopment noted in the remarks. Future uses are subject to zoning and governmental approvals.
The larger approximately 7,200 square foot “blue” building includes multiple suites, with a floor plan available. Improvements described include former daycare space, professional offices with a reception area, a conference room and breakroom, as well as warehouse/retail/service space. The property has previously supported a range of uses, including restaurant, church, daycare, professional offices, auto repair, convenience store, and clothing store.
Zoned C-3, the property is located near Fountain Square, the new Community Justice Campus, downtown Indianapolis, and less than one mile from I-65, with surrounding redevelopment noted in the remarks. Future uses are subject to zoning and governmental approvals.
Key Highlights
- Two commercial buildings on one parcel in downtown Indianapolis, less than 1 mile from I‑65 and near Fountain Square and the new Community Justice Campus.
- Seller survey allows the buildings to be sold separately; pricing listed at $550,000 for ~7,200 SF blue building and $275,000 for ~2,500 SF restaurant building.
- Purchase both for a package price of $750,000; restaurant building is leased for $3,500/month with tenant paying utilities.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.2k | $7.80 |
| − Vacancy | −$4.9k | −$0.68 |
| EGI | $51.3k | $7.12 |
| − OpEx | −$15.4k | −$2.14 |
| NOI | $35.9k | $4.98 |
7,200 SF · lease $7.80/SF/yr · vacancy 8.70% · expense 30.00%
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.58M
NOI $95,062 @ 7.0% cap · market cap 12.67%
Second Best
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,910 @ 7.0% cap · market cap 11.99%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,453 @ 7.0% cap · market cap 16.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Casa Boricua — 1317 Lexington Ave, Indianapolis, IN 46203
- Universal Catering — 1201 E New York St, Indianapolis, IN 46202
- Quick bite — 730 S State Ave, Indianapolis, IN 46203
Frequently Asked Questions
What type of property is this?
Flex space - Two commercial buildings on one parcel, with a leased restaurant and a larger multi-suite building that can be separated.
Where is this flex space located?
The property is located at 1915 Southeastern Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two commercial buildings on one parcel in downtown Indianapolis, less than 1 mile from I‑65 and near Fountain Square and the new Community Justice Campus.; Seller survey allows the buildings to be sold separately; pricing listed at $550,000 for ~7,200 SF blue building and $275,000 for ~2,500 SF restaurant building.; Purchase both for a package price of $750,000; restaurant building is leased for $3,500/month with tenant paying utilities.
