Fully Occupied Shopping
3009-3071 3073-3091 N High School Rd, Indianapolis, IN 46224
For Sale
New
$5,521,000
Tenants reimburse common-area, tax, insurance, and management expenses under their leases.
Property Size26,875 SF
Price / SF$205.43
Days on Market2
Property Features for 3009-3071 3073-3091 N High School Rd
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Additional Details
Tenant in Place
Amenities
Fully Occupied Retail Center with Net Leased Tenants
Near Interstate 465 and 74 Interchange | Heavily Traveled
McGilvery's Pub has Been Operating at This Location Since 1989, Tandy Leather Since 2002, and the Tacos 46 Restaurant Since 2012
Royal African Market Expanded its Space in 2026 and Executed an Early Lease Extension
Marino's Barber Shop Recently Exercised a Five-Year Lease Extension
Near Term Expirations at Below-Market Rents; Provides Investors with the Opportunity to Increase Rents and Enhance Future Cash Flow
All of the Tenants Reimburse for CAM, Tax, Insurance, and Management
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Marcus & Millichap SWM Group
Listed By:
Phoebe Klein
(630) 570-2261
Source:
Marcusmillichap
Added: Nov 12
Changed: Nov 13
Last Checked: Nov 12 at 2:44PM
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 Marcus & Millichap SWM Group
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Investment Insights
Based on property information with market context.
The 26,875-square-foot retail center was built in 1965 and is fully occupied. Its tenant roster includes McGilvery’s Pub, Tandy Leather, and Tacos 46 Restaurant, with reported operating histories at the property of more than 37, 24, and 14 years, respectively. Lease provisions include annual rent increases, and tenants reimburse CAM, taxes, insurance, and management expenses.
The property is on North High School Road near the I-465 and I-74 interchange. Speedway Super Center anchors the surrounding retail area, which also includes national retailers and restaurants. Within three miles, the trade area includes more than 106,000 residents and 82,000 employees.
The property is on North High School Road near the I-465 and I-74 interchange. Speedway Super Center anchors the surrounding retail area, which also includes national retailers and restaurants. Within three miles, the trade area includes more than 106,000 residents and 82,000 employees.
Key Highlights
- 26,875‑square‑foot retail center, built in 1965
- Fully occupied with tenants reimbursing CAM, taxes, insurance, and management expenses
- McGilvery’s Pub, Tandy Leather, and Tacos 46 Restaurant have operated at the property for 37+ years, 24+ years, and 14+ years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$289,186
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,783,720
$5.8M
Cap Rate 7%
$4,131,229
$4.1M
Cap Rate 9%
$3,213,178
$3.2M
Market Conditions
NOI Build-Up for 26,875 SF
Gross rent
$451.5K $16.80/SF
− Vacancy
−$38.4K −$1.43/SF
EGI
$413.1K $15.37/SF
− OpEx
−$123.9K −$4.61/SF
NOI
$289.2K $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%
$5,783,720
Cap Rate 7%
$4,131,229
Cap Rate 9%
$3,213,178
Alternative Uses
Best Use
Retail
$4.13M
$3.61M – $4.82M
NOI $289,186 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.69M
$5.85M – $7.80M
NOI $468,270 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46224, IN
38,822
Population
16,912
Households
2.3
Avg Household Size
32
Median Age
24%
College-Educated
83%
High-School Grad
7.2 sq mi
ZIP Area
5,392
Density / Sq Mi
$53,731
Median Household Income
$35,726
Median Earnings
$1,048
Median Rent
$166,500
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Similar Off Market Nearby
- Speedway Marketplace — 6321 Crawfordsville Rd, Speedway, IN 46224
- Speedway Shops Shopping Center — Indianapolis, IN 46224
- Westwood Office Center — 2800 N High School Rd, Indianapolis, IN 46224
Frequently Asked Questions
What type of property is this?
Shopping center - Tenants reimburse common-area, tax, insurance, and management expenses under their leases.
Where is this shopping center located?
The property is located at 3009-3071 3073-3091 N High School Rd Indianapolis, IN.
What is the asking price?
The asking price for this property is $5,521,000.
What are key features of this property?
This property features: 26,875‑square‑foot retail center, built in 1965; Fully occupied with tenants reimbursing CAM, taxes, insurance, and management expenses; McGilvery’s Pub, Tandy Leather, and Tacos 46 Restaurant have operated at the property for 37+ years, 24+ years, and 14+ years
