Vacant Retail Redevelopment
For Sale
$550,000
4173 N Keystone Ave, Indianapolis, IN 46205
Vacant 3,479 SF retail building on a 0.89-acre parcel with excess outdoor land and C5 zoning for multiple commercial uses.
Property Size3,479 SF
Lot Size0.89 Acres
Price / SF$158.09
Days on Market119
Property Features for 4173 N Keystone Ave
General Information
Standard status
Active
Size
3,479 SF
Lot size
0.89 Acres
Property subtype
Commercial
Zoning
C5
Additional Details
Outdoor Storage
Yes
Building Details
Building Size
3,479 SF
Year Built
1971
Listing Agency:
Matthews
Listed By:
Marco Romero · License #SA718837000 (AZ)
(480) 674-8208
Source:
Matthews
Added: May 8
Changed: Sep 3
Last Checked: Sep 2 at 1:08PM
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 Matthews
Investment Insights
Based on property information with market context.
This property is a vacant retail building totaling 3,479 SF on a 0.89-acre parcel, offering an owner-user or redevelopment path. Existing improvements cover only a small portion of the site, leaving substantial excess land that may support outdoor storage, expansion, or site reconfiguration. The building size is positioned for service retail, automotive users, showroom concepts, or adaptive reuse.
Located at 4173 North Keystone Avenue along a highly trafficked corridor, the site provides visibility and convenient access to surrounding neighborhoods and businesses. The property is zoned C5 (Indianapolis), which supports a wide range of commercial uses, including automotive, retail, service, and redevelopment activity.
With low site coverage and a larger land area, the parcel is well suited to plans that rely on outdoor space such as storage and/or parking, while still accommodating future building renovations or repositioning.
Located at 4173 North Keystone Avenue along a highly trafficked corridor, the site provides visibility and convenient access to surrounding neighborhoods and businesses. The property is zoned C5 (Indianapolis), which supports a wide range of commercial uses, including automotive, retail, service, and redevelopment activity.
With low site coverage and a larger land area, the parcel is well suited to plans that rely on outdoor space such as storage and/or parking, while still accommodating future building renovations or repositioning.
Key Highlights
- Vacant 3,479 SF building on a 0.89‑acre parcel (Year Built: 1971)
- Zoned C5 (Indianapolis) with flexibility for commercial uses including automotive, retail, service, and redevelopment
- Low site coverage with existing improvements covering only a small portion of the site for excess outdoor land
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
$37,435
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
6.81%
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%
$748,700
$748.7K
Cap Rate 7%
$534,786
$534.8K
Cap Rate 9%
$415,944
$415.9K
Market Conditions
NOI Build-Up for 3,479 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
$58.4K $16.80/SF
− Vacancy
−$5.0K −$1.43/SF
EGI
$53.5K $15.37/SF
− OpEx
−$16.0K −$4.61/SF
NOI
$37.4K $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 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%
$748,700
Cap Rate 7%
$534,786
Cap Rate 9%
$415,944
Alternative Uses
Best Use
Retail
$534.8K
$467.9K – $623.9K
NOI $37,435 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.0K
$757.7K – $1.01M
NOI $60,618 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
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?
Retail space - Vacant 3,479 SF retail building on a 0.89-acre parcel with excess outdoor land and C5 zoning for multiple commercial uses.
Where is this retail space located?
The property is located at 4173 N Keystone Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Vacant 3,479 SF building on a 0.89‑acre parcel (Year Built: 1971); Zoned C5 (Indianapolis) with flexibility for commercial uses including automotive, retail, service, and redevelopment; Low site coverage with existing improvements covering only a small portion of the site for excess outdoor land
