Restaurant with Commercial
For Sale
$450,000
2023 Southeastern Avenue, Indianapolis, IN 46201
Commercial Sale, Indianapolis, IN
Property Size2,500 SF
Lot Size0.26 Acres
Price / SF$180
Days on Market876
Property Features for 2023 Southeastern Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
C1
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
From I65/I70, head south east on Southeastern Ave. Bar is at the SW corner of Southeastern and Harlan.
Subdivision
4910 - Marion - Center
Standard status
Active
APN
491007205204000101
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
State Square Add L176
Tax Annual Amount
3432
Legal Description
State Square Add L176
Utilities
Utilities
Cable Available
Cooling system
Separate Meters
Building Details
Year built
1920
Floors in Building
1
Listing Agency:
Keller Williams Indy Metro Partners · Keller Williams Realty
Listed By:
Shelly Johnson
(317) 882-5900
Added: Jun 5, 2024
Changed: Oct 1
Last Checked: Oct 28 at 7:06PM
MLS# 21983422
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,500-square-foot restaurant property was renovated in 2023 and dates to 1920. The sale includes the business, real estate, kitchen equipment and dining furnishings. Kitchen assets include a hood, fryers, walk-in cooler, prep station and grill; tables and chairs are also included. The property is zoned C1 and has separate-meter cooling and cable availability.
Situated in downtown Indianapolis, the property is less than one mile from the new Justice Center. On-site parking accommodates 15 or more vehicles, with additional street parking nearby. A pylon sign is available.
Situated in downtown Indianapolis, the property is less than one mile from the new Justice Center. On-site parking accommodates 15 or more vehicles, with additional street parking nearby. A pylon sign is available.
Key Highlights
- 2,500 SF restaurant property renovated in 2023
- Sale includes the real estate and restaurant business
- Kitchen equipment includes a hood, fryers, walk‑in cooler, prep station and grill
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,219
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$624,380
$624.4K
Cap Rate 7%
$445,986
$446.0K
Cap Rate 9%
$346,878
$346.9K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$45.0K $18.00/SF
− Vacancy
−$3.4K −$1.35/SF
EGI
$41.6K $16.65/SF
− OpEx
−$10.4K −$4.16/SF
NOI
$31.2K $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 Rate 5%
$624,380
Cap Rate 7%
$445,986
Cap Rate 9%
$346,878
Alternative Uses
Best Use
Specialty Retail
$446.0K
$390.2K – $520.3K
NOI $31,219 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.3K
$544.5K – $726.0K
NOI $43,560 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The offering combines the real estate with the restaurant business, kitchen equipment, furnishings and a three-way liquor license.
Where is this conventional restaurant located?
The property is located at 2023 Southeastern Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,500 SF restaurant property renovated in 2023; Sale includes the real estate and restaurant business; Kitchen equipment includes a hood, fryers, walk‑in cooler, prep station and grill
