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    5 American Legion Pl Greenfield, IN 46140

    For Sale
    $550,000

    Turn-key Italian eatery, prime downtown location

    Property size:
    5,200 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional opportunity encompasses a thriving Italian restaurant and its accompanying real estate in Greenfield, Indiana's rapidly expanding Hancock County. Located on a 0.08-acre lot at 5 American Legion Place, this 5,200 square foot building enjoys a highly visible position just off US 40 (Main Street/Old National Rd), one block east of State Street. The restaurant, "Tour Of Italy," has operated successfully for nine years, establishing itself as a downtown staple. Its prime location across from the county courthouse, 600 feet from the Pennsy Trail, and a quarter-mile from Depot Street Park (summer concert venue) ensures high foot traffic and visibility. The main floor comfortably seats 73 guests, with an additional 40+ seats available on the rear patio. An upper-floor overflow area presents significant expansion potential, accessible via both interior and exterior entrances. The building includes two main floor restrooms and one additional restroom upstairs. Ample parking is available on the street and in a nearby public lot with convenient restaurant access. The building is well-maintained and full of charm. This turnkey operation includes the real estate, established business, and owner training, offering a unique opportunity to capitalize on Greenfield's vibrant and growing downtown, further enhanced by events like the James Whitcomb Riley Festival and its proximity to Indianapolis (20 minutes away).

    Property Features for 5 American Legion Pl

    General Information

    Property type
    Retail properties
    Square Feet
    5,200 SF
    Lot Size
    3,485 SF

    Building Details

    Year Built
    1897
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail properties

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greenfield
    County
    Hancock
    State
    Indiana
    Longitude
    -85.76815
    Latitude
    39.78496

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    FAQs

    What type of property is this?
    Retail property - Turn-key Italian eatery, prime downtown location
    Where is this retail property located?
    The property is located at 5 American Legion Pl Greenfield, IN.
    What is the asking price?
    The asking price for this property is $550,000.
    (317) 462-8200
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    5 American Legion Pl Greenfield, IN 46140
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

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    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5 American Legion Pl Greenfield, IN 46140
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