2-Story Retail and Office
517 E Walnut Street Indianapolis, IN 46202
517 E Walnut Street, Indianapolis, IN, 46202
$2,500,000
For Sale
$2,500,000
Two-story building with a full basement, zoned C4, allowing office, retail, food & beverage, personal services, and healthcare uses.
Property Size9,400 SF
Price / SF$265.96
Days on Market427
Property Features for 517 E Walnut Street
General Information
- Standard status
- Active
- Size
- 9,400 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1900
Listing agency
Keller Williams Indy Metro NE
(317) 564-7100
Listed by
Robert Butcher · License #18000445,INDIANA
Source
Xome
Added: May 22, 2025 Updated: Jul 21 at 2:35AM Checked: Jul 21 at 3:06AM
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 Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This versatile two-story building includes a full basement and is positioned for a range of commercial uses. With zoning designated C4, the property can accommodate office, retail, food & beverage, personal services, and healthcare. The building’s configuration supports flexible tenant layouts across the main levels and basement.
Located just off Massachusetts Avenue in Indianapolis’ Chatham Arch neighborhood, the property benefits from being in a high-activity district. The offering also notes the potential for a rooftop addition.
Located just off Massachusetts Avenue in Indianapolis’ Chatham Arch neighborhood, the property benefits from being in a high-activity district. The offering also notes the potential for a rooftop addition.
Key Highlights
- Two‑story building with a full basement
- Zoned C4 with permitted uses including office, retail, food & beverage, personal services, and healthcare
- Guest facilities listed as 3
Local Financial Insights For Retail
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 | $157.9k | $16.80 |
| − Vacancy | −$13.4k | −$1.43 |
| EGI | $144.5k | $15.37 |
| − OpEx | −$43.3k | −$4.61 |
| NOI | $101.1k | $10.76 |
9,400 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.44M
$1.26M – $1.69M
NOI $101,148 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,786 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Chatham Home
Home Decor Store
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FAQs
What type of property is this?
Storefront property - Two-story building with a full basement, zoned C4, allowing office, retail, food & beverage, personal services, and healthcare uses.
Where is this storefront property located?
The property is located at 517 E Walnut Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two‑story building with a full basement; Zoned C4 with permitted uses including office, retail, food & beverage, personal services, and healthcare; Guest facilities listed as 3
