QSR Drive-Through Restaurant
For Sale
$1,695,000
3832 Eagle View Dr, Indianapolis, IN 46254
Built in 1998, this 3,895-sf QSR building includes a drive-through and surface parking.
Property Size3,859 SF
Price / SF$435.17
Days on Market121
Property Features for 3832 Eagle View Dr
General Information
Standard status
Active
Size
3,859 SF
Class
C
Property subtype
Retail - Restaurant
Site & Location
Traffic Count
96,000 vehicles/day
Highway Access
Yes
Amenities
drive through
excellent signage
Building Details
Building Size
3,859 SF
Year Built
1998
Listing Agency:
Shook Commercial Real Estate
Listed By:
Dustin Zufall
(765) 742-5096
Source:
Commercialcafe
Added: May 14
Changed: Aug 14
Last Checked: Sep 11 at 4:53AM
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 Shook Commercial Real Estate
Investment Insights
Based on property information with market context.
The property is a QSR drive-through restaurant building built in 1998. The site includes ample surface parking and is configured to support vehicle access through a dedicated drive-through.
Located just off Interstate 465 and West 38th Street, the property is positioned near a high-volume exit with traffic counts exceeding 96,000 vehicles per day. The surrounding area includes national retailers such as McDonald’s, Starbucks, Cracker Barrel, Target, IHOP, Home Depot, and other branded businesses, offering strong retail draw.
The building provides excellent signage and is situated near the Indianapolis Motor Speedway, a major destination for the Indianapolis 500 and Brickyard 400.
Located just off Interstate 465 and West 38th Street, the property is positioned near a high-volume exit with traffic counts exceeding 96,000 vehicles per day. The surrounding area includes national retailers such as McDonald’s, Starbucks, Cracker Barrel, Target, IHOP, Home Depot, and other branded businesses, offering strong retail draw.
The building provides excellent signage and is situated near the Indianapolis Motor Speedway, a major destination for the Indianapolis 500 and Brickyard 400.
Key Highlights
- 3,895‑sf QSR building built in 1998 with a drive‑through
- Located just off Interstate 465 and West 38th Street
- Exit traffic counts exceed 96,000 vehicles per day
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
$58,493
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
3.45%
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%
$1,169,860
$1.2M
Cap Rate 7%
$835,614
$835.6K
Cap Rate 9%
$649,922
$649.9K
Market Conditions
NOI Build-Up for 3,895 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
$84.1K $21.60/SF
− Vacancy
−$6.1K −$1.58/SF
EGI
$78.0K $20.02/SF
− OpEx
−$19.5K −$5.01/SF
NOI
$58.5K $15.02/SF
Area
ZIP 46254
Vacancy
7.30%
Lease Rate
$21.60 /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%
$1,169,860
Cap Rate 7%
$835,614
Cap Rate 9%
$649,922
Alternative Uses
Best Use
Specialty Retail
$835.6K
$731.2K – $974.9K
NOI $58,493 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$936.7K – $1.25M
NOI $74,937 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
96,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 46254, IN
40,162
Population
17,955
Households
2.2
Avg Household Size
33
Median Age
32%
College-Educated
89%
High-School Grad
12.6 sq mi
ZIP Area
3,187
Density / Sq Mi
$57,825
Median Household Income
$36,883
Median Earnings
$1,021
Median Rent
$175,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Built in 1998, this 3,895-sf QSR building includes a drive-through and surface parking.
Where is this drive through restaurant located?
The property is located at 3832 Eagle View Dr Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 3,895‑sf QSR building built in 1998 with a drive‑through; Located just off Interstate 465 and West 38th Street; Exit traffic counts exceed 96,000 vehicles per day
