Historic Restaurant with Studio
1144 Kentucky Avenue Indianapolis, IN 46221
1144 Kentucky Avenue, Indianapolis, IN, 46221
$605,000
For Sale
$605,000
First-floor restaurant plus eight leased studio apartments above, with parking lot for about 35 vehicles and basement storage.
Property Size4,864 SF
Price / SF$124.38
Days on Market94
Property Features for 1144 Kentucky Avenue
General Information
- Standard status
- Active
- Size
- 4,864 SF
- Property subtype
- Commercial Sale / Mixed Use
Listing agency
Homes & Homesites
(317) 435-0996
Listed by
Susan Webb · License #RB14030810
(317) 435-0996
Source
Compass
Added: Apr 19 Updated: Jul 21 at 5:59AM Checked: Jul 21 at 5:59AM
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 Homes & Homesites
Investment Insights
Based on property information with market context.
This iconic Johns Famous Stew building offers a combined income and operating layout. The first floor is 2,432 square feet and is currently operated as a restaurant with historic character. The second floor also totals 2,432 square feet and includes eight leased studio apartments.
The property includes an 11,000 square foot parking lot that accommodates approximately 35 vehicles, along with an additional 700 square foot basement that provides storage potential. Situated near downtown Indianapolis, the site is minutes from Lucas Oil Stadium, the Convention Center, and Eleven Park.
The improvements are configured to support both foodservice operations and residential leasing on separate floors, with on-site parking and supplemental basement space for storage.
The property includes an 11,000 square foot parking lot that accommodates approximately 35 vehicles, along with an additional 700 square foot basement that provides storage potential. Situated near downtown Indianapolis, the site is minutes from Lucas Oil Stadium, the Convention Center, and Eleven Park.
The improvements are configured to support both foodservice operations and residential leasing on separate floors, with on-site parking and supplemental basement space for storage.
Key Highlights
- Historic Johns Famous Stew building with 2,432 sq. ft. first‑floor restaurant operation
- Second floor includes 8 leased studio apartments (2,432 sq. ft.)
- On‑site parking lot of 11,000 sq. ft. for approximately 35 vehicles
Local Financial Insights For Apartment 5plus
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 | $87.6k | $18.00 |
| − Vacancy | −$6.4k | −$1.31 |
| EGI | $81.2k | $16.69 |
| − OpEx | −$36.5k | −$7.51 |
| NOI | $44.6k | $9.18 |
4,864 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$867.7K
$759.2K – $1.01M
NOI $60,739 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$637.7K
$558.0K – $744.0K
NOI $44,638 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,750 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
1144 Kentucky Ave ...
Parking Lot & Garage
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - First-floor restaurant plus eight leased studio apartments above, with parking lot for about 35 vehicles and basement storage.
Where is this conventional restaurant located?
The property is located at 1144 Kentucky Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Historic Johns Famous Stew building with 2,432 sq. ft. first‑floor restaurant operation; Second floor includes 8 leased studio apartments (2,432 sq. ft.); On‑site parking lot of 11,000 sq. ft. for approximately 35 vehicles
