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Keystone Avenue Redevelopment Opportunity

4498 North Keystone Avenue Indianapolis, IN 46205

4498 North Keystone Avenue, Indianapolis, IN, 46205

$1,499,999

For Sale

$1,499,999

1.63 acres with flexible zoning in evolving urban area.

Property Size10,789 SF

Lot Size1.63 Acres

Price / SF$139.03

AddedMay 5

Days on Market71

Last RefreshMay 27 at 8:42 am

Property Features for 4498 North Keystone Avenue

General Information

Standard status: Active
Size: 10,789 SF
Lot size: 1.63 Acres
Property subtype: Commercial Sale / Mixed Use

Listing office No Limit Real Estate, LLC

Listing date May 5, 2026

Source Compass

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 No Limit Real Estate, LLC

Investment Insights

Based on property information with market context.

This offering presents an exceptional redevelopment and repositioning opportunity, comprising multiple contiguous parcels located at 4498 N Keystone Ave, 4460 N Keystone Ave, 2325 E 45th St, 2323 E 45th St, 2301 E 45th St, and 2219 E 45th St, Indianapolis, IN. The assemblage totals approximately 1.63 acres and features a combination of Keystone Avenue frontage, I1 Light Industrial zoning, and C3/D5 commercial zoning, providing flexibility for future redevelopment or adaptive reuse. The properties are adjacent to the Nickel Plate Trail corridor and are positioned within an evolving urban infill area experiencing increasing redevelopment and flex-industrial demand. Potential uses include flex industrial redevelopment, contractor service bays, industrial condominiums, showroom/warehouse concepts, adaptive reuse commercial space, creative office or studio space, maker-space/artisan industrial, live/work concepts, storage/service facilities, and long-term redevelopment opportunities. The property size totals 10789 square feet. Most buildings are currently vacant, allowing flexibility for repositioning and redevelopment planning. The seller is currently offering the properties as a package sale only but may consider dividing parcels for the right offer.

Key Highlights

1.63 acre assemblage with Keystone Avenue frontage.
I1 Light Industrial and C3/D5 commercial zoning allows for flexible redevelopment or adaptive reuse.
Located adjacent to the Nickel Plate Trail corridor in an evolving urban infill area.

Local Financial Insights For Mixed Use

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$233.0k	$21.60
− Vacancy	−$23.3k	−$2.16
EGI	$209.7k	$19.44
− OpEx	−$78.7k	−$7.29
NOI	$131.1k	$12.15

10,789 SF · lease $21.60/SF/yr · vacancy 10.00% · expense 37.50%

Alternative Uses

Best Use

Mixed Use

$1.87M

$1.64M – $2.18M (±1% cap)

NOI $131,086 @ 7.0% cap · market cap 8.74%

Second Best

Flex RnD

$1.51M

$1.33M – $1.77M (±1% cap)

NOI $106,034 @ 7.0% cap · market cap 7.07%

Theoretical Best

Office A

$2.69M

$2.35M – $3.13M (±1% cap)

NOI $187,988 @ 7.0% cap · market cap 12.53%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Indy's Mobile Mechanic Auto Repair Shop Carwash On Wheels Car Wash Durbins Auto Service ... Auto Repair Shop

Suggested Use

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For sale
Mixed-use properties
IN
Indianapolis
46205
4498 North Keystone Avenue

What type of property is this?

Mixed-use property - 1.63 acres with flexible zoning in evolving urban area.

Where is this mixed-use property located?

The property is located at 4498 North Keystone Avenue Indianapolis, IN.

What is the asking price?

The asking price for this property is $1,499,999.

What are key features of this property?

This property features: 1.63 acre assemblage with Keystone Avenue frontage.; I1 Light Industrial and C3/D5 commercial zoning allows for flexible redevelopment or adaptive reuse.; Located adjacent to the Nickel Plate Trail corridor in an evolving urban infill area.