Mixed-Use Investment
For Sale
$3,900,000
536 E Market Street, Indianapolis, IN 46204
Well-maintained mixed-use property with elevator, dry sprinkler system, LED lighting, and parking, zoned CBD-2 for retail, office, or multifamily.
Property Size20,952 SF
Price / SF$195
Days on Market119
Property Features for 536 E Market Street
General Information
Standard status
Active
Size
20,952 SF
Zoning
CBD-2
Additional Details
Business Included
Yes
Sprinkler System
Yes
Amenities
Common, Gated, Other
Building Details
Building Size
20,952 SF
Stories
3
Listing Agency:
Keller Williams Indy South
Listed By:
Shelly Johnson · License #RB14043056
(317) 882-5900
Source:
Evrealestate
Added: Jun 17
Changed: Oct 10
Last Checked: Oct 12 at 7:39PM
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 South
Investment Insights
Based on property information with market context.
This well-maintained mixed-use investment property offers a versatile configuration supported by multiple building amenities. The building includes elevator service and a dry sprinkler system, with energy-efficient LED lighting throughout. New AC units were installed within the last five years, supporting day-to-day comfort and operational continuity. Off-site and on-site parking includes more than 20 paved spaces, plus an additional gravel lot that can accommodate more parking needs or future development concepts. Tenants are in place, providing immediate income as part of the current setup.
The property is located in the heart of Indianapolis in the Market East District. It is described as being minutes from Mass Ave, the Cultural Trail, Gainbridge Fieldhouse, and nearby dining options, supporting an active urban environment and convenient access to established destinations.
Zoned CBD-2, the site allows for a wide range of uses, including retail, office, and multifamily development. That flexibility can support a variety of ownership goals, whether you’re looking to keep existing tenants in place or plan for redevelopment or owner occupancy using a building that already includes key infrastructure like elevator service and a fire sprinkler system.
The property is located in the heart of Indianapolis in the Market East District. It is described as being minutes from Mass Ave, the Cultural Trail, Gainbridge Fieldhouse, and nearby dining options, supporting an active urban environment and convenient access to established destinations.
Zoned CBD-2, the site allows for a wide range of uses, including retail, office, and multifamily development. That flexibility can support a variety of ownership goals, whether you’re looking to keep existing tenants in place or plan for redevelopment or owner occupancy using a building that already includes key infrastructure like elevator service and a fire sprinkler system.
Key Highlights
- 1930‑built, well‑maintained mixed‑use property with over 20,000 SF
- Zoned CBD‑2, supporting retail, office, and multifamily development options
- Tenant‑in‑place for immediate income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$264,060
Cap Rate
6.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,281,200
$5.3M
Cap Rate 7%
$3,772,286
$3.8M
Cap Rate 9%
$2,934,000
$2.9M
Market Conditions
NOI Build-Up for 20,000 SF
Gross rent
$432.0K $21.60/SF
− Vacancy
−$79.9K −$4.00/SF
EGI
$352.1K $17.60/SF
− OpEx
−$88.0K −$4.40/SF
NOI
$264.1K $13.20/SF
Area
Indianapolis, IN
Vacancy
18.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,281,200
Cap Rate 7%
$3,772,286
Cap Rate 9%
$2,934,000
Alternative Uses
Best Use
Office B
$3.77M
$3.30M – $4.40M
NOI $264,060 @ 7.0% cap · market cap 6.77%
Second Best
Retail
$3.07M
$2.69M – $3.59M
NOI $215,208 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$4.98M
$4.36M – $5.81M
NOI $348,480 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,294
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46204, IN
9,086
Population
6,582
Households
1.4
Avg Household Size
31
Median Age
61%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
8,260
Density / Sq Mi
$88,081
Median Household Income
$69,226
Median Earnings
$1,686
Median Rent
$350,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Storefront property - Well-maintained mixed-use property with elevator, dry sprinkler system, LED lighting, and parking, zoned CBD-2 for retail, office, or multifamily.
Where is this storefront property located?
The property is located at 536 E Market Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 1930‑built, well‑maintained mixed‑use property with over 20,000 SF; Zoned CBD‑2, supporting retail, office, and multifamily development options; Tenant‑in‑place for immediate income
