Renovated Restaurant with Kitchen
For Sale
$520,000
2023 Southeastern Avenue, Indianapolis, IN 46201
Commercial Sale, Indianapolis, IN
Property Size2,500 SF
Lot Size0.26 Acres
Price / SF$208
Days on Market816
Property Features for 2023 Southeastern Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning
C1
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
From I65/I70, head south east on Southeastern Ave. Bar is at the SW corner of Southeastern and Harlan.
Subdivision
4910 - Marion - Center
Standard status
Active
APN
491007205204000101
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
State Square Add L176
Legal Description
State Square Add L176
Utilities
Utilities
Cable Available
Cooling system
Separate Meters
Building Details
Year built
1920
Floors in Building
1
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
Shelly Johnson · License #RB14043056
(317) 882-5900
Added: Jun 5, 2024
Changed: Aug 28
Last Checked: Aug 29 at 10:06AM
MLS# 21983422
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,500 SF restaurant property combines the real estate and operating business in one offering. Renovated in 2023, the facility includes a hood, fryers, walk-in cooler, prep station, grill, tables, and chairs, along with a 3 way liquor license. The building dates to 1920 and includes separate-meter cooling and cable availability.
The property is in downtown Indianapolis, less than 1 mile from the new Justice center. On-site parking accommodates 15+ vehicles, with additional street parking nearby. A pylon sign is also available, providing an additional identification feature for the restaurant.
The property is in downtown Indianapolis, less than 1 mile from the new Justice center. On-site parking accommodates 15+ vehicles, with additional street parking nearby. A pylon sign is also available, providing an additional identification feature for the restaurant.
Key Highlights
- 2,500 SF restaurant renovated in 2023
- Real estate and operating business offered together
- Kitchen equipment includes hood, fryers, walk‑in cooler, prep station, and grill
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
$31,219
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
6.00%
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%
$624,380
$624.4K
Cap Rate 7%
$445,986
$446.0K
Cap Rate 9%
$346,878
$346.9K
Market Conditions
NOI Build-Up for 2,500 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
$45.0K $18.00/SF
− Vacancy
−$3.4K −$1.35/SF
EGI
$41.6K $16.65/SF
− OpEx
−$10.4K −$4.16/SF
NOI
$31.2K $12.49/SF
Area
Indianapolis, IN
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$624,380
Cap Rate 7%
$445,986
Cap Rate 9%
$346,878
Alternative Uses
Best Use
Specialty Retail
$446.0K
$390.2K – $520.3K
NOI $31,219 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.3K
$544.5K – $726.0K
NOI $43,560 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C1-zoned restaurant includes installed food-service equipment, furnishings, and a 3 way liquor license.
Where is this conventional restaurant located?
The property is located at 2023 Southeastern Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 2,500 SF restaurant renovated in 2023; Real estate and operating business offered together; Kitchen equipment includes hood, fryers, walk‑in cooler, prep station, and grill
