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    Downtown Indianapolis Restaurant Opportunity Title is generated by Realmo AI

    42 W South St, Indianapolis, IN 46225

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    Turnkey restaurant for sale near Lucas Oil Stadium.

    Type:Mixed Use, Office, Retail, Special Purpose
    Property size:
    11,864 SF
    Price / SF:
    $177/SF
    Added:
    Mar 5, 2026
    Days on Market:
    113
    Last Refresh:
    Mar 16 at 2:44 pm

    Property Features for 42 W South St

    General Information

    Standard status
    Active
    Size
    11,864 SF
    Property subtype
    Mixed Use, Office, Retail, Special Purpose

    We can help!

    Contact an agent
    Shawn Heffern

    Listing office Midland Atlantic Properties - Indianapolis

    Listing date Mar 5, 2026

    Source Crexi

    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 Midland Atlantic Properties - Indianapolis

    HighLights

    • Turnkey Restaurant Opportunity
    • Prime Downtown Indianapolis Location
    • Steps Away From Lucas Oil Stadium
    • Rare Opportunity
    • For Sale

    Overview

    A restaurant opportunity is available for purchase in downtown Indianapolis, situated near Lucas Oil Stadium. The property encompasses 11,864 square feet and is suitable for restaurant, mixed-use, retail, and office purposes.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $256.3k $21.60
    − Vacancy −$47.4k −$4.00
    EGI $208.9k $17.60
    − OpEx −$52.2k −$4.40
    NOI $156.6k $13.20
    11,864 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $2.24M
    $1.96M – $2.61M (±1% cap)
    NOI $156,640 @ 7.0% cap · market cap 7.46%
    Second Best
    Specialty Retail
    $2.12M
    $1.85M – $2.47M (±1% cap)
    NOI $148,152 @ 7.0% cap · market cap 7.05%
    Theoretical Best
    Office A
    $2.95M
    $2.58M – $3.45M (±1% cap)
    NOI $206,718 @ 7.0% cap · market cap 9.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Chef JJ's Downtown Restaurant Chef JJ's Public ... Restaurant Bike Parking Bicycle Rack

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Centerplate — 100 S Capitol Ave, Indianapolis, IN 46225
    • Sushi Den — 233 S Delaware St, Indianapolis, IN 46204
    • Encore Catering — 140 W Washington St, Indianapolis, IN 46204
    • Abundance Catering LLC — Indianapolis, IN 46204
    • The Crane Bay Event Center — 551 W Merrill St, Indianapolis, IN 46225

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1596436
    Latitude
    39.7617245

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    FAQs

    What type of property is this?
    Restaurant - Turnkey restaurant for sale near Lucas Oil Stadium.
    Where is this restaurant located?
    The property is located at 42 W South St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: Turnkey Restaurant Opportunity; Prime Downtown Indianapolis Location; Steps Away From Lucas Oil Stadium
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Shawn Heffern
    Real Estate License ID: IN
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