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    Restaurant Ready Space on Keystone Title is generated by Realmo AI

    5527 N Keystone Avenue, Indianapolis, IN 46220

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    For Sale
    $685,000

    Retail - Indianapolis, IN

    Type:Retail
    Property size:
    1,795 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $381/SF
    Added:
    May 27, 2026
    Days on Market:
    1
    Last Refresh:
    May 27 at 3:06 pm

    Property Features for 5527 N Keystone Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Retail
    Standard status
    Active
    APN
    490708103006000801
    Size
    1,795 SF
    Lot size
    0.30 Acres

    Building Details

    Year built
    1960
    Architectural style
    Other

    We can help!

    Listing Contact
    Glenn Bill
    Glenn Bill

    Listing agent Glenn Bill License #RB14015601

    Listing office eXp Realty, LLC Guilford Ave Ste 203, Greenwood, IN

    Listing date May 27, 2026

    MLS# 22103728 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location on heavily traveled Keystone Avenue with strong traffic counts and prominent signage.
    • Restaurant‑ready space (1,795 sq ft) with existing infrastructure, suitable for various QSR concepts, reducing buildout costs.
    • Strategic positioning between Subway and Wendy's, across from Meijer, provides built‑in customer awareness and proven food‑service viability.
    • Signalized access and dedicated parking.
    • Potential for drive‑thru adaptability.
    • Recent renovations including a new roof (2023), parking lot (2023), RTU (2024), interior build‑out (2023), and dumpster enclosure (2025).

    Overview

    This restaurant/QSR opportunity is located at 5527 N Keystone Avenue in Indianapolis. The site benefits from signalized access, exceptional visibility, prominent signage, strong vehicle counts, dedicated parking, and potential drive-thru adaptability. Situated along the Keystone Avenue corridor near 56th Street, the location benefits from significant daily traffic flow and strong surrounding retail synergy. Positioned between Subway and Wendy's and across from Meijer Super center, this location offers customer awareness and proven food-service viability. The building offers approximately 1,795 square feet of restaurant-ready space, ideal for quick-service, fast casual, coffee, dessert, beverage, sandwich, chicken, burger, taco, or specialty concepts. Existing restaurant infrastructure, combined with a flexible layout, can reduce time-to-opening and buildout costs. The property has a new roof as of 2023, a new parking lot as of 2023, a new RTU as of 2024, a new build out as of 2023 on inside, and a new dumpster enclosure planned for 2025. It features high traffic count and visibility with a large monument sign. The lot size is 0.3 acres. The current tenant has a 10-year lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Mills Catering LLC — 2828 E 55th Pl, Indianapolis, IN 46220
    • Sahm's Catering — 2502 E 52nd St, Indianapolis, IN 46205

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1218181
    Latitude
    39.8534102

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    FAQs

    What type of property is this?
    Restaurant - High-visibility restaurant space with drive-thru potential on Keystone Avenue.
    Where is this 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: High‑visibility location on heavily traveled Keystone Avenue with strong traffic counts and prominent signage.; Restaurant‑ready space (1,795 sq ft) with existing infrastructure, suitable for various QSR concepts, reducing buildout costs.; Strategic positioning between Subway and Wendy's, across from Meijer, provides built‑in customer awareness and proven food‑service viability.
    (317) 590-7757
    We can help!
    Listing Contact
    Glenn Bill
    Glenn Bill
    Real Estate License ID: RB14015601
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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