Retail Space with Two
For Sale
Contact for pricing
2602 Shelby Street, Indianapolis, IN 46203
Former restaurant space includes private restrooms, with basement storage and kitchen equipment available as additional rental options.
Property Size10,800 SF
Price / SF$0.33
Days on Market17
Property Features for 2602 Shelby Street
General Information
Standard status
Active
Size
10,800 SF
Property subtype
Retail
Site & Location
Neighborhood
Garfield Park
Amenities
two private bathrooms
two street level entrances
Building Details
Year Built
1916
Tenancy
Multi
Listing Agency:
@properties
(317) 489-3441
Listed By:
Philip Kirk
(317) 250-5261
Source:
Locksteprealty
Added: Oct 13
Changed: Oct 28
Last Checked: Oct 28 at 3:02PM
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 street-level retail space was previously used as a restaurant and has two separate entrances and two private bathrooms. Kitchen equipment may be included in the rental, and additional basement area can be leased for storage.
A public parking lot has 16 spaces, with another 16 spaces available for free on-street parking. Nearby amenities and connections include Garfield Park, a bus line, and Pacers Bike Share. Other occupants in the building include a bookstore, barbershop, esthetician, art gallery, and three apartments on the second floor.
A public parking lot has 16 spaces, with another 16 spaces available for free on-street parking. Nearby amenities and connections include Garfield Park, a bus line, and Pacers Bike Share. Other occupants in the building include a bookstore, barbershop, esthetician, art gallery, and three apartments on the second floor.
Key Highlights
- Two street‑level entrances and two private bathrooms
- Public parking lot with 16 spaces
- Free on‑street parking with 16 spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,212
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,324,240
$2.3M
Cap Rate 7%
$1,660,171
$1.7M
Cap Rate 9%
$1,291,244
$1.3M
Market Conditions
NOI Build-Up for 10,800 SF
Gross rent
$181.4K $16.80/SF
− Vacancy
−$15.4K −$1.43/SF
EGI
$166.0K $15.37/SF
− OpEx
−$49.8K −$4.61/SF
NOI
$116.2K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,324,240
Cap Rate 7%
$1,660,171
Cap Rate 9%
$1,291,244
Alternative Uses
Best Use
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $134,865 @ 7.0% cap · market cap 3,815.13%
Second Best
Retail
$1.66M
$1.45M – $1.94M
NOI $116,212 @ 7.0% cap · market cap 3,287.47%
Theoretical Best
Office A
$2.69M
$2.35M – $3.14M
NOI $188,179 @ 7.0% cap · market cap 5,323.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
450
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 Retail in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Retail space - Former restaurant space includes private restrooms, with basement storage and kitchen equipment available as additional rental options.
Where is this retail space located?
The property is located at 2602 Shelby Street Indianapolis, IN.
What are key features of this property?
This property features: Two street‑level entrances and two private bathrooms; Public parking lot with 16 spaces; Free on‑street parking with 16 spaces
