Two-Building Flex and Restaurant
1915 Southeastern Avenue Indianapolis, IN 46201
1915 Southeastern Avenue, Indianapolis, IN, 46201
$750,000
For Sale
$750,000
SINGLE_FAMILY - Indianapolis, IN
Property Size7,200 SF
Lot Size0.45 Acres
Price / SF$104.17
Days on Market235
Property Features for 1915 Southeastern Avenue
General Information
- Property type
- Residential
- Property subtype
- Office
- Zoning
- c-3
- Standard status
- Active
- APN
- 491007205199000101
- Lot size
- 0.45 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- State Square Add L115 Thru L117 & 3' W Side L118 Also 63.85' S End L114
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1905
- Floors in Building
- 1
- Roof type
- Shingle
Listing Agency
Doc Real Estate, Inc
(317) 888-7333
Briarstone Ln 7722, Greenwood, IN
Listed by
Heather Bottorff Harmon · License #RB14029195
(317) 908-0531
Added: Nov 24, 2025 Checked: Jul 17 at 11:06 am
MLS# 22074689
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering features two commercial buildings on one parcel, with a survey allowing the buildings to be sold separately. The approximately 7,200-square-foot blue building includes multiple suites, with former daycare space, professional offices with a reception area, a conference room and breakroom, plus warehouse/retail/service space. The second building is an approximately 2,500-square-foot restaurant building. Prior uses listed for the property include restaurant, church, daycare, professional offices, auto repair, convenience store, and clothing store.
The property is located at 1915 Southeastern Avenue in Indianapolis, Indiana, in zoning C-3. The seller describes the site as being in a high-traffic location near Fountain Square, the new Community Justice Campus, and downtown Indianapolis, with the property located less than one mile from I-65 and approximately 1.5 miles from downtown. The area is described as surrounded by redevelopment.
For owner-occupants and investors, the current leasing setup provides an income component while leaving flexibility for additional space. The restaurant building is currently leased at $3,500 per month, with the tenant paying utilities, and the lease expires July 2026 with the tenant expressing interest in renewing. With only one space currently occupied, buyers can tailor the remaining space to their own business plans or tenant strategy, subject to zoning and governmental approvals.
The property is located at 1915 Southeastern Avenue in Indianapolis, Indiana, in zoning C-3. The seller describes the site as being in a high-traffic location near Fountain Square, the new Community Justice Campus, and downtown Indianapolis, with the property located less than one mile from I-65 and approximately 1.5 miles from downtown. The area is described as surrounded by redevelopment.
For owner-occupants and investors, the current leasing setup provides an income component while leaving flexibility for additional space. The restaurant building is currently leased at $3,500 per month, with the tenant paying utilities, and the lease expires July 2026 with the tenant expressing interest in renewing. With only one space currently occupied, buyers can tailor the remaining space to their own business plans or tenant strategy, subject to zoning and governmental approvals.
Key Highlights
- Two commercial buildings on one parcel in downtown Indianapolis, less than 1 mile from I‑65 and near Fountain Square and the new Community Justice Campus.
- Seller survey allows the buildings to be sold separately; pricing listed at $550,000 for ~7,200 SF blue building and $275,000 for ~2,500 SF restaurant building.
- Purchase both for a package price of $750,000; restaurant building is leased for $3,500/month with tenant paying utilities.
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.2k | $7.80 |
| − Vacancy | −$4.9k | −$0.68 |
| EGI | $51.3k | $7.12 |
| − OpEx | −$15.4k | −$2.14 |
| NOI | $35.9k | $4.98 |
7,200 SF · lease $7.80/SF/yr · vacancy 8.70% · expense 30.00%
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.58M
NOI $95,062 @ 7.0% cap · market cap 12.67%
Second Best
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,910 @ 7.0% cap · market cap 11.99%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,453 @ 7.0% cap · market cap 16.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Skyline Indy Properties
Real Estate Agency
Similar For Sale Nearby
Similar Off Market Nearby
- Casa Boricua — 1317 Lexington Ave, Indianapolis, IN 46203
- Universal Catering — 1201 E New York St, Indianapolis, IN 46202
- Quick bite — 730 S State Ave, Indianapolis, IN 46203
FAQs
What type of property is this?
Flex space - Two commercial buildings on one parcel, including a leased restaurant space with office and warehouse options.
Where is this flex space located?
The property is located at 1915 Southeastern Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two commercial buildings on one parcel in downtown Indianapolis, less than 1 mile from I‑65 and near Fountain Square and the new Community Justice Campus.; Seller survey allows the buildings to be sold separately; pricing listed at $550,000 for ~7,200 SF blue building and $275,000 for ~2,500 SF restaurant building.; Purchase both for a package price of $750,000; restaurant building is leased for $3,500/month with tenant paying utilities.
