Fountain Square Multi-Tenant Commercial
1415 Shelby St, Indianapolis, IN 46203
Renovated 6,590 SF property with income and occupancy potential.
Type:Office
Property size:
6,590 SFPrice / SF:
$197/SF- Added:
- Feb 27, 2026
- Days on Market:
- 77
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 1415 Shelby St
General Information
- Standard status
- Active
- Size
- 6,590 SF
- Property subtype
- Office
Listing agent Kendrick Davis License #RB15000562
Listing office Compass Chicago
Listing date Feb 27, 2026
Source Crexi
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 Compass Chicago
HighLights
- Largest suite offering 3,640 SF is vacant and ready for immediate owner occupancy.
- Income‑producing property with two existing tenants and leases.
- Located in the heart of historic Fountain Square, a highly desirable urban area.
- Two separate parking lots provide ample parking.
- Newly renovated, move‑in ready condition.
- Excellent accessibility with direct access from Shelby Street and alley access to parking.
Overview
Located in historic Fountain Square, this newly renovated 6,590 SF multi-tenant commercial property presents an owner-occupant opportunity. The building is positioned along Shelby Street in an active mixed-use corridor. The property includes three suites: 1417 Shelby Street, totaling 3,640 SF and currently vacant; 1415A Shelby Street, totaling 1,250 SF and leased through July 31, 2028; and 1415B Shelby Street, totaling 1,700 SF and leased through June 30, 2027. The layout combines owner-user space and stabilized tenancy. The site includes two separate parking lots, providing flexibility for tenant and customer use. Direct access from Shelby Street, along with alley access to both parking areas, allows for convenient ingress and egress, service access, and efficient traffic flow. Recent renovations enhance the functionality and appearance of the building. The 3,640 SF suite is suited for retail, office, or service-oriented users seeking a presence in Fountain Square, with the flexibility to expand in the future as leases expire. The property offers immediate occupancy, established tenancy, dedicated parking, and accessibility in an urban submarket.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$966.8K
NOI $87,008 @ 9.00% cap · cautious / downside scenario
Moderate
$1.24M
NOI $87,008 @ 7.00% cap · market / base-case scenario
Aggressive
$1.74M
NOI $87,008 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $142.3k | $21.60 |
| − Vacancy | −$26.3k | −$4.00 |
| EGI | $116.0k | $17.60 |
| − OpEx | −$29.0k | −$4.40 |
| NOI | $87.0k | $13.20 |
6,590 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $87,008 @ 7.0% cap · market cap 6.69%
Second Best
Retail
$1.01M
$886.4K – $1.18M
NOI $70,911 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$1.64M
$1.44M – $1.91M
NOI $114,824 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Indiana State Police ...
Charitable Organization
VOICES Corp.
Family Recreation Center
Alliance Security Inc
Security Service
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.13942
- Latitude
- 39.748028
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Renovated 6,590 SF property with income and occupancy potential.
Where is this office building located?
The property is located at 1415 Shelby St Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Largest suite offering 3,640 SF is vacant and ready for immediate owner occupancy.; Income‑producing property with two existing tenants and leases.; Located in the heart of historic Fountain Square, a highly desirable urban area.
