Entity Owned
No photos on file
For Sale
Contact for pricing
247 S Meridian St, Indianapolis, IN 46225
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Property summary
AI-generated overview
This exceptional turnkey restaurant opportunity encompasses 8,750 square feet of street-level space within the historic Rusch Building, constructed in 1867 and extensively renovated in 2022. Located in the vibrant Wholesale District, this property offers a unique blend of historical charm and modern amenities. The building boasts four stories and sits on a 0.25-acre lot. The space is zoned CBD2 and features a single suite within the building. The lease includes essential restaurant equipment such as a grease trap, hood system, and walk-in cooler. Significant upgrades include a new HVAC system, electrical work, and plumbing. Parking is available via street parking. The building is equipped with elevators for convenient access to all four floors. Multiple tenant options exist, making this property suitable for a variety of uses including a restaurant, bar, nightclub, speakeasy, concert venue, or retail establishment. Its prime downtown location offers unparalleled access to high foot traffic, placing it within close proximity to the Convention Center, Lucas Oil Stadium, Indianapolis Zoo, White River State Park (Miles Square), Victory Field, and a dense concentration of hotels and hospitality businesses. This location is situated in a high-traffic walking district brimming with shopping, entertainment, and dining options. The APN is 1090352.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1880
Construction
WOOD
Total area
17,500 SF
Lot
0.12 ac (5,250 SF)
Zoning code
ZO01
APN
49-11-12-238-006.000-101
UPID
US31-0663895
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Nightclub Theater & Performing Art Venue
-
Trucking Company
-
Bar & Pub
-
Music Venue Bar & Pub
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.13M
Blend (final)
Blend
$920k
Owner & transaction history
since 2022
6 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Top alternative use upside
Auto repair, garage
$1.4M
+6.3%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$920k
Value range
$828k – $1.01M
±10% around blend
Estimated value / SF
$53 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$828k
blend $920k
$1.01M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
17,500 SF
Lot area
0.12 ac
Year built
1880
Stories
3
APN
49-11-12-238-006.000-101
Zoning
ZO01
Assessed value
$834,100
Annual tax
$23,136
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$1.13M
Range $422k – $2.09M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$920k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 181 sales
$75
-30%
County 165 sales
$66
-20%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $53/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+6%
vs current-use indication
Commercial (general) · current use
Retail Stores
Industrial (general)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$834k
Move the market yield to see immediate price impact.
Value / SF
$48
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$53k
$1.05M
$751k
$584k
$58k
$1.17M
$834k
$649k
$64k
$1.28M
$918k
$714k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$23,136
Tax year 2023
Assessed value
$834,100
Assessed 2023
Previous assessed
$834,100
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$519,800
Assessed improvement
$314,300
Land market value
$519,800
Improvement market value
$314,300
Total market value
$834,100
Applied tax rate
101.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Sale
Year built
1880
Construction
WOOD
Heating
YES
Cooling
YES
Stories
3
Total area
17,500 SF
Lot
0.12 ac (5,250 SF)
Zoning code
ZO01
APN
49-11-12-238-006.000-101
UPID
US31-0663895
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, INZoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1880
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
3
Lot
0.12 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
ZO01
Jurisdiction
Indianapolis, IN
Recorded code
ZO01
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for ZO01 in Indianapolis, IN.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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