Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3131 Shelby St Indianapolis, IN 46227

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $395,000

    Well-known location with kitchen equipment, furnishings, and large parking.

    Lot size:
    0.37 Acres

    Property Features for 3131 Shelby St

    General Information

    Standard status
    Active
    Lot size
    0.37 Acres

    We can help!

    Listing Contact
    Joseph Sullivan
    Joseph Sullivan
    Source: Exprealty

    Listing Agency: Sullivan Realty Group, LLC Listing Agent: Joseph Sullivan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Restaurant/Retail Space with Equipment

    This commercial real estate is for sale in a well-known location on the south side of Indianapolis. The property includes kitchen equipment and furnishings. It features a large parking lot, an enclosed smoking area, and a patio area. Zoned C3, the property is suitable for a restaurant, business, or retail use. The building also has a full basement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    31 Bar & Grill Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Poured to Perfection- Mobile Bartenders

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.139178
    Latitude
    39.71991

    Nearby Similar for Sale

    • New
      $475,000
      6,644 SF

      East 10th Street Redevelopment Opportunity

      Commercial property in thriving corridor, ideal for redevelopment.
      2828 E 10Th St, Indianapolis, IN 46201
      View Details
    • $875,000
      5,200 SF

      High Visibility Retail Building

      Commercial building in prime Indianapolis location with retail zoning.
      1309 S High School Rd, Indianapolis, IN 46241
      View Details
    • $355,000
      5,265 SF

      Versatile Indianapolis Property For Sale

      High-visibility property with office, shop, and storage improvements on 0.7 acres.
      4700-4702 Southeastern Ave, Indianapolis, IN 46203
      View Details
    • $790,000
      7,800 SF

      Madison Avenue Commercial Site

      High-visibility commercial site with warehouse and office/storage structures.
      3604 Madison Ave, Indianapolis, IN 46227
      View Details
    • $899,900
      9,720 SF

      Two-Building Investment Opportunity

      Two income-producing buildings on one parcel in high-traffic area.
      1915 Southeastern Ave, Indianapolis, IN 46201
      View Details
    • $350,000
      1,872 SF

      Indianapolis Office Space For Sale

      Highly visible office property in Indianapolis' Near Northside neighborhood.
      2421 Central Ave, Indianapolis, IN 46205
      View Details
    • $549,000
      3,008 SF

      Indianapolis Office Space For Sale

      Office space with great visibility, minutes from downtown Indianapolis.
      2226 W Michigan St, Indianapolis, IN 46222
      View Details
    • $329,500
      1,755 SF

      Stand-Alone Retail/Office Building For Sale

      Well-maintained commercial building with flexible layout and high visibility.
      4803 W 71St St, Indianapolis, IN 46268
      View Details
    • $520,000
      2,506 SF

      Turn-Key Restaurant in Indianapolis

      Renovated restaurant with liquor license and real estate for sale.
      2023 Southeastern Ave, Indianapolis, IN 46201
      View Details
    • $399,000
      2,274 SF

      Freestanding Office Building on Shadeland

      Single-story office building with excellent visibility and accessibility.
      1101 N Shadeland Ave, Indianapolis, IN 46219
      View Details
    • $550,000
      1,680 SF

      Versatile Commercial Building on High-Traffic Corridor

      Freestanding 1,680 SF building on 0.49 acres in Indianapolis.
      6004 S East St, Indianapolis, IN 46227
      View Details
    • $489,000
      1,752 SF

      Updated Office Space in Indianapolis

      Updated office space in Broad Ripple with parking.
      6408 Carrollton Ave, Indianapolis, IN 46220
      View Details

    FAQs

    What type of property is this?
    Restaurant - Well-known location with kitchen equipment, furnishings, and large parking.
    Where is this restaurant located?
    The property is located at 3131 Shelby St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: - Well-known location on the south side of Indy.; - Zoned C3, suitable for restaurant, business, or retail.; - Kitchen equipment and furnishings included.
    (317) 670-5979
    Request Owner's contact information
    3131 Shelby St Indianapolis, IN 46227
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3131 Shelby St
    Indianapolis, IN 46227
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3131 Shelby St Indianapolis, IN 46227
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Joseph Sullivan
    Joseph Sullivan
    (317) 670-5979 (317) 251-5316
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!