740 North St Indianapolis, IN 46202
- Retail properties
Current Use by Public Records
- Ritual Barber Collective / Barber Shop
- The Refinery MedSpa / Medical Spa
- 740 E North St Parking / Parking Lot
- Kathryn's Bridal Bar / Hair Salon
- Chef Kevin Michael Personal Private Chef Services / Fine Dining Restaurant
Property Details for 740 North St
- Year built
- 1898
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property in Indianapolis' vibrant downtown offers a unique investment opportunity. The three-story, 13,307-square-foot building, constructed in 1898 and completely renovated in 2016, boasts six luxurious apartments and occupied ground-floor retail space. Currently operating at 100% occupancy with a single tenant, the property features a modified lease with a remaining term of approximately 0.3 years, followed by two five-year options. Annual rent bumps of $0.25 per square foot are in place. The building includes 14 parking spaces and is zoned CBD-2. Significant value-add potential exists through various avenues, including utility bill-backs (with existing sub-metering for electricity), converting existing storage into rentable garage spaces, and leveraging prime signage opportunities at a major intersection with high daily traffic volume. The property's location near Mass Ave, a thriving cultural district, also presents the possibility of condo conversion, given its pre-divided parcels and strong comparable sales data. Furthermore, its proximity to major attractions makes it ideal for short-term rentals. This turnkey asset offers a compelling blend of immediate income and substantial long-term growth potential in a prime Indianapolis location. The property is situated at 740 E North St, Indianapolis, IN 46202.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Marion
- State
- Indiana
- Longitude
- -86.1434
- Latitude
- 39.7752
