Storefront Building with Rear
For Sale
$875,000
1309 S High School Road, Indianapolis, IN 46241
Retail property with a divisible two-section interior, separate entrances, bathrooms, and updated building systems.
Property Size5,200 SF
Price / SF$168.27
Days on Market615
Property Features for 1309 S High School Road
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Retail
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Amenities
2 entrances
firewall
firewall door
2 bathrooms
12' ceilings
LED lighting
rear dock with loading area
overhead door
3
Building Details
Year Built
1984
Buildings
1
Tenancy
Single
Listing Agency:
RE/MAX Cornerstone
(765) 653-7070
Listed By:
Steven Custis · License #RB14034856
Source:
Xome
Added: Dec 23, 2024
Changed: Aug 29
Last Checked: Aug 29 at 3:30PM
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 RE/MAX Cornerstone
Investment Insights
Based on property information with market context.
This 5,200-square-foot retail building at 1309 S High School Road includes two interior sections separated by a firewall and firewall door. Each section is served by its own entrance, and the building includes two bathrooms, 12-foot ceilings, LED lighting, and HVAC updated in 2018. The property is currently used as a bicycle shop and is zoned for retail use.
Positioned at the northeast corner of US 40 and High School Road, the building sits one block west of the I-465 exit. A rear loading area includes a dock and overhead door for receiving and storage. The seller may also leave two 10'x40' shipping containers if desired.
Positioned at the northeast corner of US 40 and High School Road, the building sits one block west of the I-465 exit. A rear loading area includes a dock and overhead door for receiving and storage. The seller may also leave two 10'x40' shipping containers if desired.
Key Highlights
- 5,200‑square‑foot retail building at 1309 S High School Road
- Northeast corner of US 40 and High School Road, one block west of the I‑465 exit
- Two sections divided by a firewall and firewall door, with separate entrances
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
$55,954
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
6.39%
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%
$1,119,080
$1.1M
Cap Rate 7%
$799,343
$799.3K
Cap Rate 9%
$621,711
$621.7K
Market Conditions
NOI Build-Up for 5,200 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
$87.4K $16.80/SF
− Vacancy
−$7.4K −$1.43/SF
EGI
$79.9K $15.37/SF
− OpEx
−$24.0K −$4.61/SF
NOI
$56.0K $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%
$1,119,080
Cap Rate 7%
$799,343
Cap Rate 9%
$621,711
Alternative Uses
Best Use
Retail
$799.3K
$699.4K – $932.6K
NOI $55,954 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,605 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46241, IN
33,568
Population
12,414
Households
2.7
Avg Household Size
33
Median Age
15%
College-Educated
73%
High-School Grad
23.9 sq mi
ZIP Area
1,405
Density / Sq Mi
$51,598
Median Household Income
$33,477
Median Earnings
$1,118
Median Rent
$111,500
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail property with a divisible two-section interior, separate entrances, bathrooms, and updated building systems.
Where is this storefront property located?
The property is located at 1309 S High School Road Indianapolis, IN.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5,200‑square‑foot retail building at 1309 S High School Road; Northeast corner of US 40 and High School Road, one block west of the I‑465 exit; Two sections divided by a firewall and firewall door, with separate entrances
