Mixed-Use Property with
For Sale
Contact for pricing
6516 Ferguson St, Indianapolis, IN 46220
Commercial conversion combining front-office space with a restaurant operation in a character-rich building.
Property Size1,924 SF
Price / SF$389.81
Days on Market109
Property Features for 6516 Ferguson St
General Information
Standard status
Active
Size
1,924 SF
Class
B
Total Parking Spaces
6
Property subtype
Retail, Office
Zoning
CS
Investment Type
Owner/User
Building Details
Year Built
1902
Units
6
Tenancy
Multi
Listing Agency:
Assemble Real Estate
Listed By:
Lily Smith · License #RB14044176
Source:
Crexi
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 10:57PM
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 Assemble Real Estate
Investment Insights
Based on property information with market context.
Built in 1902 as a residence and subsequently adapted for commercial use, this 1,924-square-foot property provides a blended office and restaurant configuration. The front section is office space scheduled to become available 7.1.2026, while the converted garage supports the Wing Shack restaurant concept under lease through the end of 2028. The main building portion has a new roof and HVAC system.
The property occupies 0.18 acres at 6516 Ferguson Street in Indianapolis, within Broad Ripple. Six dedicated parking spaces serve the site, which is positioned near the district’s restaurants, shops, and other amenities. CS zoning and the existing commercial conversion support the property’s current mixed-use format.
The property occupies 0.18 acres at 6516 Ferguson Street in Indianapolis, within Broad Ripple. Six dedicated parking spaces serve the site, which is positioned near the district’s restaurants, shops, and other amenities. CS zoning and the existing commercial conversion support the property’s current mixed-use format.
Key Highlights
- 1,924 SF mixed‑use property on 0.18 acres
- Front office area available 7.1.2026
- Wing Shack restaurant lease runs through the end of 2028
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,403
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$508,060
$508.1K
Cap Rate 7%
$362,900
$362.9K
Cap Rate 9%
$282,256
$282.3K
Market Conditions
NOI Build-Up for 1,924 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.6K $21.60/SF
− Vacancy
−$7.7K −$4.00/SF
EGI
$33.9K $17.60/SF
− OpEx
−$8.5K −$4.40/SF
NOI
$25.4K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$508,060
Cap Rate 7%
$362,900
Cap Rate 9%
$282,256
Alternative Uses
Best Use
Office B
$362.9K
$317.5K – $423.4K
NOI $25,403 @ 7.0% cap · market cap 3.39%
Second Best
Specialty Retail
$343.2K
$300.3K – $400.4K
NOI $24,026 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$478.9K
$419.1K – $558.7K
NOI $33,524 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,404
Businesses Nearby
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
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial conversion combining front-office space with a restaurant operation in a character-rich building.
Where is this mixed-use property located?
The property is located at 6516 Ferguson St Indianapolis, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 1,924 SF mixed‑use property on 0.18 acres; Front office area available 7.1.2026; Wing Shack restaurant lease runs through the end of 2028
