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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
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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
