Two-Tenant Retail
For Sale
$990,000
1121 E Troy Avenue, Indianapolis, IN 46203
C-5 zoning supports retail and several other commercial use categories.
Property Size3,828 SF
Price / SF$258.62
Days on Market318
Property Features for 1121 E Troy Avenue
General Information
Standard status
Active
Size
3,828 SF
Property subtype
Commercial
Zoning
C-5
Site & Location
Neighborhood
University Heights
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
3,828 SF
Year Built
1948
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Batts Real Estate Group
Listed By:
Lisa Batts
(765) 894-0575
Source:
Battsrealestategroup
Added: Dec 9, 2025
Changed: Oct 22
Last Checked: Oct 22 at 2:30PM
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 Batts Real Estate Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 3,828-square-foot retail property contains a two-tenant building remodeled in 2025. Its C-5 zoning allows gas stations, retail, office, and auto-related operations.
At the corner of Shelby Street and Troy Avenue in Garfield Park, the property is minutes from I-465.
At the corner of Shelby Street and Troy Avenue in Garfield Park, the property is minutes from I-465.
Key Highlights
- 3,828‑square‑foot retail property
- Two‑tenant building remodeled in 2025
- C‑5 zoning permits gas stations, retail, office, and auto‑related operations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,191
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Retail space - C-5 zoning supports retail and several other commercial use categories.
Where is this retail space located?
The property is located at 1121 E 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: 3,828‑square‑foot retail property; Two‑tenant building remodeled in 2025; C‑5 zoning permits gas stations, retail, office, and auto‑related operations
