Remodeled Two-Tenant
For Sale
$1,000,000
3001 Shelby Street, Indianapolis, IN 46203
C-5 zoning supports retail, office, and auto-related operations.
Property Size3,828 SF
Days on Market147
Property Features for 3001 Shelby Street
General Information
Standard status
Active
Size
3,828 SF
Property subtype
Street Retail
Zoning
C-5
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Building Details
Building Size
3,828 SF
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Commercial | Johnson Realty
(317) 883-9125
Listed By:
Shelly Johnson · License #RB14043056
(317) 883-9125
Source:
Thebrokerlist
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 7:36PM
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 Keller Williams Commercial | Johnson Realty
Investment Insights
Based on property information with market context.
This two-tenant storefront property was remodeled in 2025, providing a refreshed commercial building for retail, office, and auto-related operations. C-5 zoning supports a broad range of these uses and offers flexibility for business occupancy or ownership strategies.
The property occupies the hard corner of Troy and Shelby near Garfield Park. Its position along Shelby Street provides access to major corridors, with I-465 located minutes away. The site is also near Garfield Park, a significant community hub on Indianapolis’s south side.
The property occupies the hard corner of Troy and Shelby near Garfield Park. Its position along Shelby Street provides access to major corridors, with I-465 located minutes away. The site is also near Garfield Park, a significant community hub on Indianapolis’s south side.
Key Highlights
- Two‑tenant storefront building remodeled in 2025
- C‑5 zoning supports retail, office, and auto‑related operations
- Hard corner at Troy and Shelby
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
$41,191
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
4.12%
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%
$823,820
$823.8K
Cap Rate 7%
$588,443
$588.4K
Cap Rate 9%
$457,678
$457.7K
Market Conditions
NOI Build-Up for 3,828 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
$64.3K $16.80/SF
− Vacancy
−$5.5K −$1.43/SF
EGI
$58.8K $15.37/SF
− OpEx
−$17.7K −$4.61/SF
NOI
$41.2K $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 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%
$823,820
Cap Rate 7%
$588,443
Cap Rate 9%
$457,678
Alternative Uses
Best Use
Retail
$588.4K
$514.9K – $686.5K
NOI $41,191 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$952.8K
$833.7K – $1.11M
NOI $66,699 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
470
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
- Jockish Flowers — 2636 S East St, Indianapolis, IN 46225
- Circle City Flowers
Frequently Asked Questions
What type of property is this?
Storefront property - C-5 zoning supports retail, office, and auto-related operations.
Where is this storefront property located?
The property is located at 3001 Shelby Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Two‑tenant storefront building remodeled in 2025; C‑5 zoning supports retail, office, and auto‑related operations; Hard corner at Troy and Shelby
