Downtown Indianapolis Commercial
For Sale
Contact for pricing
Pending
1058 S Ewing St, Indianapolis, IN 46203
1.13-acre site with building, garage, and parking.
Property Size2,400 SF
Lot Size1.13 Acres
Days on Market184
Property Features for 1058 S Ewing St
General Information
Standard status
Pending
Size
2,400 SF
Class
C
Lot size
1.13 Acres
Property subtype
Industrial
Zoning
D-5
Building Details
Year Built
1962
Buildings
1
Stories
1
Units
1
Listing Agency:
KW Commercial / Keller Williams Indy Metro NE
(317) 607-0884
Listed By:
Sharon Thompson · License #IN #RB14044406
Source:
Crexi
Added: Feb 26
Changed: Aug 28
Last Checked: Aug 14 at 7:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial / Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This commercial and industrial property is located in downtown Indianapolis' near southeast side. The 1.13-acre (49,267 SF) site includes a 2,400 SF single-story commercial building that features a drive-in door, a reception/office area, an updated full restroom with shower, and a shop half bathroom. A separate two-car garage with 572 square feet is located in the back, along with over 3,000 square feet of paved parking. The property is currently zoned D-5 or C-7 in Marion County Browser, with a comprehensive plan indicating potential for rezoning to Light Industrial. This property supports a variety of commercial, contractor, storage, and light industrial uses. Ample yard space, strong flexibility, and convenient access to downtown and major corridors make this a compelling value-add opportunity. It is suitable as an owner occupant offering or an expansion parcel for nearby businesses. Citizens is currently working on water services in this area and on this site. Zoning confirmation is needed for intended use.
Key Highlights
- 1.13‑acre (49,267 SF) site in downtown Indianapolis' near southeast side.
- Zoned D‑5 or C‑7 with comprehensive plan potential for rezoning to Light Industrial.
- 2,400 SF single‑story commercial building with drive‑in door, reception/office area, and updated restrooms.**
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,587
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$471,740
$471.7K
Cap Rate 7%
$336,957
$337.0K
Cap Rate 9%
$262,078
$262.1K
Market Conditions
NOI Build-Up for 2,400 SF
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.
Gross rent
$40.3K $16.80/SF
− Vacancy
−$4.0K −$1.68/SF
EGI
$36.3K $15.12/SF
− OpEx
−$12.7K −$5.29/SF
NOI
$23.6K $9.83/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$471,740
Cap Rate 7%
$336,957
Cap Rate 9%
$262,078
Alternative Uses
Best Use
Flex RnD
$337.0K
$294.8K – $393.1K
NOI $23,587 @ 7.0% cap · market cap 8.58%
Second Best
Industrial
$170.9K
$149.6K – $199.4K
NOI $11,964 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
539
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Market
Vacancy Rate% for Industrial in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Terri's Corner Kitchen — 2805 E Michigan St, Indianapolis, IN 46201
- Samora Red Catering LLC. — 4604 E 10th St, Indianapolis, IN 46201
Frequently Asked Questions
What type of property is this?
Flex space - 1.13-acre site with building, garage, and parking.
Where is this flex space located?
The property is located at 1058 S Ewing St Indianapolis, IN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1.13‑acre (49,267 SF) site in downtown Indianapolis' near southeast side.; Zoned D‑5 or C‑7 with comprehensive plan potential for rezoning to Light Industrial.; 2,400 SF single‑story commercial building with drive‑in door, reception/office area, and updated restrooms.**
