Historic Victorian Bar
For Sale
$699,000
1640 Prospect Street, Indianapolis, IN 46203
Package includes a nationally registered historic bar room, metal barn, and a 2-bed/2-bath residence plus vacant C4 lots.
Property Size4,379 SF
Price / SF$159.63
Days on Market409
Property Features for 1640 Prospect Street
General Information
Standard status
Active
Size
4,379 SF
Property subtype
Retail
Zoning
C4
Amenities
Central Air
3
Building Details
Construction
Victorian
Listing Agency:
F.C. Tucker Company
(317) 686-0612
Listed By:
Stephen Bailey
Source:
Xome
Added: Jul 19, 2025
Changed: Aug 25
Last Checked: Aug 31 at 1:06PM
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
Investment Insights
Based on property information with market context.
This Victorian commercial property is offered as a package of five parcels, centered on an original bar room that is nationally registered as historic place. The main structure is in need of updating, with additional on-site improvements including a 60 by 40 metal barn and a 2-bedroom, 2-bath residence.
The offering also includes vacant C4-zoned lots within the overall land holding of just under one acre. The combination of historic space, supplemental structures, and additional C4-zoned land creates a flexible foundation for prospective buyers to plan their next use around the existing assets.
The offering also includes vacant C4-zoned lots within the overall land holding of just under one acre. The combination of historic space, supplemental structures, and additional C4-zoned land creates a flexible foundation for prospective buyers to plan their next use around the existing assets.
Key Highlights
- Package includes 5 parcels totaling just under 1 acre in Fountain Square, Indianapolis.
- Nationally registered historic bar room is included in the main structure package.
- Includes a 60x40 metal barn.
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
$54,683
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
7.82%
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%
$1,093,660
$1.1M
Cap Rate 7%
$781,186
$781.2K
Cap Rate 9%
$607,589
$607.6K
Market Conditions
NOI Build-Up for 4,379 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
$78.8K $18.00/SF
− Vacancy
−$5.9K −$1.35/SF
EGI
$72.9K $16.65/SF
− OpEx
−$18.2K −$4.16/SF
NOI
$54.7K $12.49/SF
Area
Indianapolis, IN
Vacancy
7.50%
Lease Rate
$18.00 /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%
$1,093,660
Cap Rate 7%
$781,186
Cap Rate 9%
$607,589
Alternative Uses
Best Use
Specialty Retail
$781.2K
$683.5K – $911.4K
NOI $54,683 @ 7.0% cap · market cap 7.82%
Second Best
Retail
$673.1K
$589.0K – $785.3K
NOI $47,120 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.09M
$953.8K – $1.27M
NOI $76,300 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Package includes a nationally registered historic bar room, metal barn, and a 2-bed/2-bath residence plus vacant C4 lots.
Where is this storefront property located?
The property is located at 1640 Prospect Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Package includes 5 parcels totaling just under 1 acre in Fountain Square, Indianapolis.; Nationally registered historic bar room is included in the main structure package.; Includes a 60x40 metal barn.
