Fountain Square Commercial
860 Virginia Avenue Indianapolis, IN 46203
For Sale
$2,250,000
Freestanding building in active commercial area with high visibility.
Property Size9,872 SF
Price / SF$227.92
Days on Market250
Property Features for 860 Virginia Avenue
General Information
Standard status
Active
Size
9,872 SF
Property subtype
Retail
Building Details
Year Built
1980
Listing Agency:
(317) 447-4403
Listed By:
Jess Lawhead, SIOR, CCIM, CBI · License #IN #RB14047741
(317) 447-4403
Source:
Svn
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Jul 29 at 6:00AM
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 Jess Lawhead, SIOR, CCIM, CBI
Investment Insights
Based on property information with market context.
This freestanding building, located in the Fountain Square neighborhood of Indianapolis, offers a flexible layout suitable for a variety of commercial uses, including retail, office, warehouse, or service purposes. The property features multiple entrances, a drive-in door measuring 11 feet, and on-site parking with 12 spaces for customers and staff. It has 173 feet of frontage on Virginia Avenue, ensuring high visibility and easy access. The property also has direct access from both Virginia Avenue and an alley. Situated in one of Indianapolis’ active commercial areas, the location provides immediate access to Interstate 70, offering convenient transportation for customers and employees. The building's size is 9,872 square feet.
Key Highlights
- High Visibility: Prominent frontage on Virginia Avenue.
- Convenient Access: Immediate access to Interstate 70.
- Flexible Space: Suitable for retail, office, warehouse, or service uses.
Financial Insights For Office B
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 | $213.2k | $21.60 |
| − Vacancy | −$39.4k | −$4.00 |
| EGI | $173.8k | $17.60 |
| − OpEx | −$43.4k | −$4.40 |
| NOI | $130.3k | $13.20 |
9,872 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.17M
NOI $130,340 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$1.52M
$1.33M – $1.77M
NOI $106,227 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,010 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding building in active commercial area with high visibility.
Where is this retail space located?
The property is located at 860 Virginia Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: High Visibility: Prominent frontage on Virginia Avenue.; Convenient Access: Immediate access to Interstate 70.; Flexible Space: Suitable for retail, office, warehouse, or service uses.
