Restaurant Property with Monument
For Sale
$685,000
5527 N Keystone Avenue, Indianapolis, IN 46220
Commercial Sale, Indianapolis, IN
Property Size1,795 SF
Lot Size0.30 Acres
Price / SF$381.62
Days on Market141
Property Features for 5527 N Keystone Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Retail
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Subdivision
4903 - Marion - Washington
Standard status
Active
APN
490708103006000801
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Andrew F Fromholds Sub B7 Pt L2 & L3 Beg Se Corl3; W155' N83' E155' S83' To Beg
Tax Annual Amount
3666
Legal Description
Andrew F Fromholds Sub B7 Pt L2 & L3 Beg Se Corl3; W155' N83' E155' S83' To Beg
Building Details
Year built
1960
Floors in Building
1
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Glenn Bill · License #RB14015601
(317) 590-7757
Added: May 27
Changed: Oct 8
Last Checked: Oct 14 at 1:06AM
MLS# 22103728
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,795-square-foot restaurant property sits on a 0.3-acre parcel and includes a building configured for food service. A current tenant has a 10-year lease. Property improvements include an interior build-out and parking lot completed in 2023, a roof installed in 2023, an RTU installed in 2024, and a dumpster enclosure added in 2025. The site also has a monument sign and dedicated parking.
Located at 5527 N Keystone Avenue in Indianapolis, the property is near 56th Street along Keystone Avenue. Subway and Wendy’s are identified as neighboring businesses, with a Meijer across the street. Access is signalized, and the property is zoned Retail.
Located at 5527 N Keystone Avenue in Indianapolis, the property is near 56th Street along Keystone Avenue. Subway and Wendy’s are identified as neighboring businesses, with a Meijer across the street. Access is signalized, and the property is zoned Retail.
Key Highlights
- 1,795‑square‑foot restaurant building on a 0.3‑acre parcel
- Current tenant has a 10‑year lease
- Interior build‑out, roof, and parking lot completed 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Indianapolis, IN
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - The property combines a restaurant-configured building with on-site parking and signalized access.
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 building on a 0.3‑acre parcel; Current tenant has a 10‑year lease; Interior build‑out, roof, and parking lot completed in 2023
