Highly Visible Corner Mixed-Use
For Sale
$729,000
1701 Prospect St, Indianapolis, IN 46203
Corner mixed-use property with two leased commercial spaces and three upstairs apartments, plus secure rear parking and updated mechanicals.
Property Size5,368 SF
Price / SF$135.80
Days on Market151
Property Features for 1701 Prospect St
General Information
Standard status
Active
Size
5,368 SF
Zoning
C4
Site & Location
Neighborhood
Fountain Square
Additional Details
Multifamily Units
3
Building Details
Year Built
1918
Listing Agency:
@properties
Listed By:
Daniel McNeal
(317) 902-3177
Source:
Mcwatersrealestate
Added: May 26
Changed: Oct 19
Last Checked: Oct 20 at 10:44PM
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 @properties
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Investment Insights
Based on property information with market context.
This mixed-use corner building at 1701 Prospect St includes two commercial spaces on the lower level and three fully leased apartments upstairs. One commercial space is leased to a karate studio, and the adjacent commercial space is currently suitable for office/retail and storage. Secure parking is available at the rear of the building, and the major mechanicals have been updated.
The property is located in the Fountain Square neighborhood and is designated C4 zoning, supporting a mix of uses in the same structure.
From a configuration standpoint, the building provides both income-producing residential units and income-producing commercial space, with a second commercial suite available in addition to the karate studio lease.
The property is located in the Fountain Square neighborhood and is designated C4 zoning, supporting a mix of uses in the same structure.
From a configuration standpoint, the building provides both income-producing residential units and income-producing commercial space, with a second commercial suite available in addition to the karate studio lease.
Key Highlights
- Highly visible corner mixed‑use building in the Fountain Square neighborhood with C4 zoning
- Upstairs: three fully leased apartments
- Downstairs: two leased commercial spaces, including a leased karate studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,221
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,304,420
$1.3M
Cap Rate 7%
$931,729
$931.7K
Cap Rate 9%
$724,678
$724.7K
Market Conditions
NOI Build-Up for 5,368 SF
Gross rent
$115.9K $21.60/SF
− Vacancy
−$11.6K −$2.16/SF
EGI
$104.4K $19.44/SF
− OpEx
−$39.1K −$7.29/SF
NOI
$65.2K $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%
$1,304,420
Cap Rate 7%
$931,729
Cap Rate 9%
$724,678
Alternative Uses
Best Use
Mixed Use
$931.7K
$815.3K – $1.09M
NOI $65,221 @ 7.0% cap · market cap 8.95%
Second Best
Multifamily LT 5
$809.4K
$708.2K – $944.3K
NOI $56,655 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,532 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner mixed-use property with two leased commercial spaces and three upstairs apartments, plus secure rear parking and updated mechanicals.
Where is this mixed-use property located?
The property is located at 1701 Prospect St Indianapolis, IN.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Highly visible corner mixed‑use building in the Fountain Square neighborhood with C4 zoning; Upstairs: three fully leased apartments; Downstairs: two leased commercial spaces, including a leased karate studio
