Building Details

Building Size 9,872 SF

Year Built 1980

Listed By: Jess Lawhead, SIOR, CCIM, CBI · License #IN #RB14047741 Show Phone

Source: Svn

Added: Nov 21, 2025 Changed: Oct 1 Last Checked: Oct 14 at 8:04PM

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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

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Investment Insights

Based on property information with market context.

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.

Key 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.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$130,340

Cap Rate

5.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,606,800 $2.6M

Cap Rate 7%

$1,862,000 $1.9M

Cap Rate 9%

$1,448,222 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,872 SF

Gross rent

$213.2K $21.60/SF

− Vacancy

−$39.4K −$4.00/SF

EGI

$173.8K $17.60/SF

− OpEx

−$43.4K −$4.40/SF

NOI

$130.3K $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 Rate 5%

$2,606,800

Cap Rate 7%

$1,862,000

Cap Rate 9%

$1,448,222

Alternative Uses

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 authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Electrical Service Pet Grooming Service Pet Store & Service HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,266

Businesses Nearby

Explore this area Business Placement

Demographics for 46203, IN

38,224

Population

18,057

Households

2.1

Avg Household Size

34

Median Age

26%

College-Educated

79%

High-School Grad

13.9 sq mi

ZIP Area

2,750

Density / Sq Mi

$55,375

Median Household Income

$40,620

Median Earnings

$1,022

Median Rent

$155,500

Median Home Value

Market

Vacancy Rate% for Office in Indianapolis, IN

17.4% 2019

17.8% 2020

19.1% 2021

19.3% 2022

22.2% 2023

22.8% 2024

21.4% 2025

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Frequently Asked Questions

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.