Downtown Retail Redevelopment
939 S Illinois St Indianapolis, IN 46204
939 S Illinois St, Indianapolis, IN, 46204
$699,000
For Sale
$699,000
Vacant retail building with 13 on-site parking spaces and CBD-2 zoning on two parcels.
Property Size3,900 SF
Price / SF$179.23
Days on Market192
Property Features for 939 S Illinois St
General Information
- Standard status
- Active
- Size
- 3,900 SF
Listing agency
Prime Advisors LLC
(317) 919-9719
Listed by
Adam Arsich
(317) 919-9719
Source
Exprealty
Added: Jan 12 Updated: Jul 22 at 11:41PM Checked: Jul 22 at 11:41PM
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 Prime Advisors LLC
Investment Insights
Based on property information with market context.
This vacant retail building offers 3,900 square feet and is positioned on two parcels. The property includes 13 on-site parking spaces, providing convenient access for customers and visitors. Both parcels are zoned CBD-2, offering flexibility for downtown-oriented uses.
Located in the heart of downtown Indianapolis, the site is within walking distance of major downtown amenities, including Lucas Oil Stadium. The setting supports strong day-to-day access to dining, entertainment, and business hubs.
The offering presents a straightforward redevelopment or investment path with on-site parking and multi-parcel CBD-2 zoning.
Located in the heart of downtown Indianapolis, the site is within walking distance of major downtown amenities, including Lucas Oil Stadium. The setting supports strong day-to-day access to dining, entertainment, and business hubs.
The offering presents a straightforward redevelopment or investment path with on-site parking and multi-parcel CBD-2 zoning.
Key Highlights
- Vacant 3,900‑square‑foot building in downtown Indianapolis
- 13 on‑site parking spaces
- Two parcels included, both zoned CBD‑2
Local Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $65.5k | $16.80 |
| − Vacancy | −$5.6k | −$1.43 |
| EGI | $60.0k | $15.37 |
| − OpEx | −$18.0k | −$4.61 |
| NOI | $42.0k | $10.76 |
3,900 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$599.5K
$524.6K – $699.4K
NOI $41,966 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$970.8K
$849.4K – $1.13M
NOI $67,954 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Vacant retail building with 13 on-site parking spaces and CBD-2 zoning on two parcels.
Where is this retail space located?
The property is located at 939 S Illinois St Indianapolis, IN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Vacant 3,900‑square‑foot building in downtown Indianapolis; 13 on‑site parking spaces; Two parcels included, both zoned CBD‑2
