Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Fountain Square Commercial Building Title is generated by Realmo AI

    860 Virginia Avenue, Indianapolis, IN 46203

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,250,000

    Freestanding building in active commercial area with high visibility.

    Type:Retail
    Property size:
    9,872 SF
    Price / SF:
    $227/SF
    Added:
    Nov 21, 2025
    Days on Market:
    182
    Last Refresh:
    Apr 6 at 12:14 am

    Property Features for 860 Virginia Avenue

    General Information

    Standard status
    Active
    Size
    9,872 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Jess Lawhead, SIOR, CCIM, CBI

    Listing agent Jess Lawhead, SIOR, CCIM, CBI License #IN #RB14047741

    Listing office

    Listing date Nov 21, 2025

    Source Svn

    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 Jess Lawhead, SIOR, CCIM, CBI

    HighLights

    • High Visibility: Prominent frontage on Virginia Avenue.
    • Convenient Access: Immediate access to Interstate 70.
    • Flexible Space: Suitable for retail, office, warehouse, or service uses.
    • On‑Site Parking: Includes 12 dedicated parking spaces.
    • Features an 11' drive‑in door for easy loading and deliveries.
    • Central Location: Situated in the active Fountain Square commercial area of Indianapolis.

    Overview

    This freestanding building, located in the Fountain Square neighborhood of Indianapolis, offers a flexible layout suitable for a variety of commercial uses, including retail, office, warehouse, or service purposes. The property features multiple entrances, a drive-in door measuring 11 feet, and on-site parking with 12 spaces for customers and staff. It has 173 feet of frontage on Virginia Avenue, ensuring high visibility and easy access. The property also has direct access from both Virginia Avenue and an alley. Situated in one of Indianapolis’ active commercial areas, the location provides immediate access to Interstate 70, offering convenient transportation for customers and employees. The building's size is 9,872 square feet.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.45M
    NOI $130,340 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.86M
    NOI $130,340 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.61M
    NOI $130,340 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $213.2k $21.60
    − Vacancy −$39.4k −$4.00
    EGI $173.8k $17.60
    − OpEx −$43.4k −$4.40
    NOI $130.3k $13.20
    9,872 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.86M
    $1.63M – $2.17M (±1% cap)
    NOI $130,340 @ 7.0% cap · market cap 5.79%
    Second Best
    Retail
    $1.52M
    $1.33M – $1.77M (±1% cap)
    NOI $106,227 @ 7.0% cap · market cap 4.72%
    Theoretical Best
    Office A
    $2.46M
    $2.15M – $2.87M (±1% cap)
    NOI $172,010 @ 7.0% cap · market cap 7.64%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Accounting Firm Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1432
    Latitude
    39.7555

    Nearby Similar for Sale

    • $550,000
      4,524 SF

      Indianapolis Retail/Office Value-Add Opportunity

      4,524 SF building ideal for retail, office, or service-based users.
      5243 Rockville Road, Indianapolis, IN 46224
      View Details
    • $560,000
      5,530 SF

      Broad Ripple Commercial Building Available

      5,530 SF building in Indianapolis with flexible layout.
      2131 E 54th Street, Indianapolis, IN 46220
      View Details
    • $400,000
      3,392 SF

      Versatile Mixed-Use Property, Indianapolis

      Spacious property suitable for event venue, office, or redevelopment.
      2431 Central Avenue, Indianapolis, IN 46205
      View Details
    • $329,500
      1,755 SF

      Stand-Alone Commercial Building For Sale

      Versatile commercial building with high visibility and ample parking.
      4803 W 71st Street, Indianapolis, IN 46268
      View Details
    • $399,000
      2,274 SF

      Freestanding Office Building on Shadeland

      Single-story office building with C-1 zoning in Indianapolis.
      1101 N Shadeland Avenue, Indianapolis, IN 46219
      View Details
    • $1,000,000
      3,828 SF

      Indianapolis Retail Corner Location

      Remodeled two-tenant retail building in Garfield Park neighborhood.
      1121 E Troy Avenue, Indianapolis, IN 46203
      View Details
    • $450,000
      6,644 SF

      East 10th Street Redevelopment Opportunity

      Prime commercial property in thriving Brookside/East 10th Street corridor.
      2828 E 10th Street, Indianapolis, IN 46201
      View Details
    • $750,000
      8,637 SF

      Indianapolis Office Building For Sale

      Commercial property in a vibrant business district with versatile space.
      1300 N Pennsylvania Street, Indianapolis, IN 46202
      View Details
    • $149,000
      6,022 SF

      Value-Add Commercial Opportunity in Indianapolis

      Four-unit commercial property for renovation and repositioning near downtown.
      3427 W Michigan Street, Indianapolis, IN 46222
      View Details
    • $1,200,000
      9,000 SF

      Established Auto Shop For Sale

      Long-standing auto shop with strong reputation and versatile facilities.
      7086 Southeastern Avenue, Indianapolis, IN 46239
      View Details
    • $549,000
      3,008 SF

      Indianapolis Office Space For Sale

      Office space with great visibility, minutes from downtown Indianapolis.
      2226 W Michigan Street, Indianapolis, IN 46222
      View Details
    • $420,000
      2,500 SF

      Modern Duplex Near Downtown Indianapolis

      New construction duplex with tenant income, near downtown Indianapolis.
      2030 E Maryland Street, Indianapolis, IN 46201
      View Details

    FAQs

    What type of property is this?
    Retail space - Freestanding building in active commercial area with high visibility.
    Where is this retail space located?
    The property is located at 860 Virginia Avenue Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: High Visibility: Prominent frontage on Virginia Avenue.; Convenient Access: Immediate access to Interstate 70.; Flexible Space: Suitable for retail, office, warehouse, or service uses.
    (317) 447-4403
    We can help!
    Listing Contact
    Jess Lawhead, SIOR, CCIM, CBI
    Real Estate License ID: IN #RB14047741
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    860 Virginia Avenue, Indianapolis, IN 46203
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!