Restaurant Building with Monument
For Sale
$685,000
5527 N Keystone Avenue, Indianapolis, IN 46220
Restaurant improvements and a current tenant with a 10-year lease support its existing food-service configuration.
Property Size1,795 SF
Price / SF$381.62
Days on Market150
Property Features for 5527 N Keystone Avenue
General Information
Standard status
Active
Size
1,795 SF
Property subtype
Commercial
Zoning
Retail
Site & Location
Neighborhood
Millersville
Pylon Signage
Yes
Road Access
Yes
Building Details
Building Size
1,795 SF
Year Built
1960
Year Renovated
2023
Stories
1
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Glenn Bill · License #RB14015601
(317) 418-4052
Source:
Battsrealestategroup
Added: May 27
Changed: Oct 22
Last Checked: Oct 22 at 2:38PM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
This 1,795-square-foot restaurant property is configured for food service and includes existing restaurant infrastructure. Improvements include an interior buildout completed in 2023, a replacement roof and parking lot in 2023, a new rooftop unit in 2024, and a dumpster enclosure added in 2025. The current tenant holds a 10-year lease.
The property is at 5527 N Keystone Avenue in Indianapolis, near 56th Street. It has signalized access, dedicated parking, and a large monument sign along the Keystone Avenue corridor. Subway and Wendy’s are nearby, and Meijer is across the street.
The property is at 5527 N Keystone Avenue in Indianapolis, near 56th Street. It has signalized access, dedicated parking, and a large monument sign along the Keystone Avenue corridor. Subway and Wendy’s are nearby, and Meijer is across the street.
Key Highlights
- 1,795‑square‑foot restaurant property
- Current tenant has a 10‑year lease
- Interior buildout, roof, and parking lot updated in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,415
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$448,300
$448.3K
Cap Rate 7%
$320,214
$320.2K
Cap Rate 9%
$249,056
$249.1K
Market Conditions
NOI Build-Up for 1,795 SF
Gross rent
$32.3K $18.00/SF
− Vacancy
−$2.4K −$1.35/SF
EGI
$29.9K $16.65/SF
− OpEx
−$7.5K −$4.16/SF
NOI
$22.4K $12.49/SF
Area
Indianapolis, IN
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$448,300
Cap Rate 7%
$320,214
Cap Rate 9%
$249,056
Alternative Uses
Best Use
Specialty Retail
$320.2K
$280.2K – $373.6K
NOI $22,415 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$446.8K
$391.0K – $521.3K
NOI $31,276 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46220, IN
36,078
Population
17,524
Households
2.1
Avg Household Size
37
Median Age
67%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,084
Density / Sq Mi
$103,735
Median Household Income
$58,867
Median Earnings
$1,330
Median Rent
$329,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant improvements and a current tenant with a 10-year lease support its existing food-service configuration.
Where is this conventional restaurant located?
The property is located at 5527 N Keystone Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 1,795‑square‑foot restaurant property; Current tenant has a 10‑year lease; Interior buildout, roof, and parking lot updated in 2023
