Fountain Square Multi-Tenant Commercial
For Sale
Contact for pricing
1415 Shelby St, Indianapolis, IN 46203
Renovated 6,590 SF property with income and occupancy potential.
Property Size6,590 SF
Price / SF$197.27
Days on Market178
Property Features for 1415 Shelby St
General Information
Standard status
Active
Size
6,590 SF
Class
B
Property subtype
Office
Zoning
MU1
Occupancy
45%
Investment Type
Owner/User
Building Details
Year Renovated
2023
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Compass Chicago
Listed By:
Kendrick Davis · License #RB15000562
Source:
Crexi
Added: Feb 27
Changed: Aug 23
Last Checked: Aug 23 at 8:29PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$87,008
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
6.69%
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%
$1,740,160
$1.7M
Cap Rate 7%
$1,242,971
$1.2M
Cap Rate 9%
$966,756
$966.8K
Market Conditions
NOI Build-Up for 6,590 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
$142.3K $21.60/SF
− Vacancy
−$26.3K −$4.00/SF
EGI
$116.0K $17.60/SF
− OpEx
−$29.0K −$4.40/SF
NOI
$87.0K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
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%
$1,740,160
Cap Rate 7%
$1,242,971
Cap Rate 9%
$966,756
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $87,008 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Market
Vacancy Rate% for Office 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?
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.
