Remodeled Two-Tenant
For Sale
$990,000
1121 Troy Avenue, Indianapolis, IN 46203
C-5 zoning supports retail, office, and auto-related operations.
Property Size3,828 SF
Price / SF$258.62
Days on Market300
Property Features for 1121 Troy Avenue
General Information
Standard status
Active
Size
3,828 SF
Property subtype
Retail
Amenities
3
Building Details
Year Built
1948
Listing Agency:
Keller Williams Indy South
(317) 882-5900
Listed By:
Keller Williams Indy Metro Partners · License #RB14043056
Source:
Xome
Added: Nov 4, 2025
Changed: Aug 31
Last Checked: Aug 30 at 2:16PM
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 Keller Williams Indy South
Investment Insights
Based on property information with market context.
The storefront at 1121 E Troy Ave is configured as a 2-tenant commercial building and underwent remodeling in 2025. C-5 zoning supports retail, office, and auto-related operations, providing flexibility for the property’s next use.
Located at the hard corner of Troy Avenue and Shelby Street near Garfield Park, the property offers access to established neighborhood corridors. Its Indianapolis south-side setting is minutes from I-465 and close to Shelby Street, connecting the site with surrounding commercial and residential areas.
Located at the hard corner of Troy Avenue and Shelby Street near Garfield Park, the property offers access to established neighborhood corridors. Its Indianapolis south-side setting is minutes from I-465 and close to Shelby Street, connecting the site with surrounding commercial and residential areas.
Key Highlights
- 2‑tenant storefront building remodeled in 2025
- C‑5 zoning allows retail, office, and auto‑related operations
- Hard corner at Troy Avenue and Shelby Street
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
$41,191
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
4.16%
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%
$823,820
$823.8K
Cap Rate 7%
$588,443
$588.4K
Cap Rate 9%
$457,678
$457.7K
Market Conditions
NOI Build-Up for 3,828 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
$64.3K $16.80/SF
− Vacancy
−$5.5K −$1.43/SF
EGI
$58.8K $15.37/SF
− OpEx
−$17.7K −$4.61/SF
NOI
$41.2K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$823,820
Cap Rate 7%
$588,443
Cap Rate 9%
$457,678
Alternative Uses
Best Use
Retail
$588.4K
$514.9K – $686.5K
NOI $41,191 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$952.8K
$833.7K – $1.11M
NOI $66,699 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
470
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 Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C-5 zoning supports retail, office, and auto-related operations.
Where is this storefront property located?
The property is located at 1121 Troy Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 2‑tenant storefront building remodeled in 2025; C‑5 zoning allows retail, office, and auto‑related operations; Hard corner at Troy Avenue and Shelby Street
