Four-Unit Retail Value-Add
For Sale
$149,000
3427 W Michigan Street, Indianapolis, IN 46222
SINGLE_FAMILY - Indianapolis, IN
Property Size6,022 SF
Lot Size0.26 Acres
Price / SF$24.74
Days on Market123
Property Features for 3427 W Michigan Street
General Information
Property type
Residential
Property subtype
Retail
Zoning
C-3
Elementary school district
MSD Wayne Township
Middle school district
MSD Wayne Township
High school district
MSD Wayne Township
Directions
GPS Friendly
Subdivision
4909 - Marion - Wayne
Standard status
Active
APN
491105125050000901
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Malvern Add 83.50Ft N End Of W 1/2 L21also 82.3 Ft N End L22
Legal Description
Malvern Add 83.50Ft N End Of W 1/2 L21also 82.3 Ft N End L22
Building Details
Year built
1900
Listing Agency:
Keller Williams Indy Metro S · Keller Williams Realty
(317) 882-5900
Listed By:
Jaskaran Jossan · License #RB21000870
(317) 882-5900
Added: Mar 31
Changed: Jun 16
Last Checked: Jul 31 at 7:06PM
MLS# 22092573
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 is a 4-unit retail property totaling 6,022 SF, situated on two parcels and sold in as-is condition. The offering is positioned as a value-add project, with the current condition described as not rent-ready and requiring significant improvements and renovation to support future leasing.
The property is located at 3423 and 3427 W Michigan St and is zoned C-3. It sits along W Michigan St where AADT is listed at 11,156, supporting visibility and accessibility. The remarks also note the site is minutes from downtown Indianapolis.
With four separate units and a C-3 zoning designation, the property may fit investors seeking a multi-tenant retail renovation or an owner-user looking to occupy and improve the asset. While the current condition will require work prior to occupancy, the configuration provides flexibility for multi-unit leasing after renovations and repositioning. Rezoning may be possible depending on the buyer’s intended scope, and any changes would need to be evaluated as part of the project plan.
The property is located at 3423 and 3427 W Michigan St and is zoned C-3. It sits along W Michigan St where AADT is listed at 11,156, supporting visibility and accessibility. The remarks also note the site is minutes from downtown Indianapolis.
With four separate units and a C-3 zoning designation, the property may fit investors seeking a multi-tenant retail renovation or an owner-user looking to occupy and improve the asset. While the current condition will require work prior to occupancy, the configuration provides flexibility for multi-unit leasing after renovations and repositioning. Rezoning may be possible depending on the buyer’s intended scope, and any changes would need to be evaluated as part of the project plan.
Key Highlights
- 6,022 SF commercial property on 0.26 acres across two parcels at 3423 & 3427 W Michigan St
- 4 total units in a 1900‑built commercial asset—project requires significant improvements and is not currently rent‑ready
- Zoned C‑3, supporting a wide variety of commercial uses and flexible leasing/occupancy options
Property Analytics
Property Profile
Current Use
Lease Details
11,156 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46222, IN
37,185
Population
15,782
Households
2.4
Avg Household Size
31
Median Age
17%
College-Educated
78%
High-School Grad
11.0 sq mi
ZIP Area
3,380
Density / Sq Mi
$45,198
Median Household Income
$30,548
Median Earnings
$1,050
Median Rent
$104,300
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Storefront property - Four-unit retail asset on two parcels along a heavily traveled corridor, offered as-is and requiring significant improvements.
Where is this storefront property located?
The property is located at 3427 W Michigan Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: 6,022 SF commercial property on 0.26 acres across two parcels at 3423 & 3427 W Michigan St; 4 total units in a 1900‑built commercial asset—project requires significant improvements and is not currently rent‑ready; Zoned C‑3, supporting a wide variety of commercial uses and flexible leasing/occupancy options
