Mixed-Use Building with Gym
1628 Bates Street, Indianapolis, IN 46201
For Sale
$1,190,000
Includes a two-bedroom residence, flexible commercial area, and fenced outdoor spaces.
Property Size7,198 SF
Price / SF$165.32
Days on Market86
Property Features for 1628 Bates Street
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Mixed-Use Components
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
F.C. Tucker Company
(317) 843-7766
Listed By:
Annie Scott · License IN RB15000739
(317) 902-8622
Source:
Johnsonrealtysource
Added: Aug 20
Changed: Nov 11
Last Checked: Nov 13 at 11:04AM
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 F.C. Tucker Company
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Investment Insights
Based on property information with market context.
This 7,198-square-foot mixed-use property combines a commercial gym area with a separate two-bedroom residence. The commercial portion has an open layout and an additional room suited to office, retail, or other functional space. The residence includes an open kitchen and living area, a garage door that opens to the outdoors, and a private fenced balcony. The property is securely fenced and is zoned I-3.
Built in 1908, the former industrial building has a new roof backed by a 15-year warranty, fresh exterior paint, and completed tuckpointing. It will be delivered vacant at closing.
Built in 1908, the former industrial building has a new roof backed by a 15-year warranty, fresh exterior paint, and completed tuckpointing. It will be delivered vacant at closing.
Key Highlights
- 7,198‑square‑foot mixed‑use property
- Commercial gym area with an open layout and separate functional room
- Two‑bedroom residence with open kitchen and living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,456
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,749,120
$1.7M
Cap Rate 7%
$1,249,371
$1.2M
Cap Rate 9%
$971,733
$971.7K
Market Conditions
NOI Build-Up for 7,198 SF
Gross rent
$155.5K $21.60/SF
− Vacancy
−$15.5K −$2.16/SF
EGI
$139.9K $19.44/SF
− OpEx
−$52.5K −$7.29/SF
NOI
$87.5K $12.15/SF
Area
Indianapolis, IN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,749,120
Cap Rate 7%
$1,249,371
Cap Rate 9%
$971,733
Alternative Uses
Best Use
Mixed Use
$1.25M
$1.09M – $1.46M
NOI $87,456 @ 7.0% cap · market cap 7.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,418 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
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Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
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Market
Properties on Market for Mixed-use properties in Indianapolis
Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a two-bedroom residence, flexible commercial area, and fenced outdoor spaces.
Where is this mixed-use property located?
The property is located at 1628 Bates Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 7,198‑square‑foot mixed‑use property; Commercial gym area with an open layout and separate functional room; Two‑bedroom residence with open kitchen and living area
