Keystone Avenue Redevelopment
4498 North Keystone Avenue Indianapolis, IN 46205
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
Days on Market84
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 Agency:
No Limit Real Estate, LLC
(317) 440-2149
Listed By:
Charlene Gaard · License #RB14033327
(317) 440-2149
Source:
Compass
Added: May 5
Changed: Jul 10
Last Checked: Jul 26 at 11:51AM
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.
Financial Insights For Mixed Use
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 | $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
NOI $131,086 @ 7.0% cap · market cap 8.74%
Second Best
Flex RnD
$1.51M
$1.33M – $1.77M
NOI $106,034 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$2.69M
$2.35M – $3.13M
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
FAQs
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.
