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1415 Shelby St 6,590 SF 51% Leased Office Building Indianapolis, IN 46203 $1,300,000 ($197.27/SF)
EXECUTIVE SUMMARY
Owner-occupant opportunity with income in place.
Newly renovated 6,590 SF multi-tenant property in historic Fountain Square.
This property offers a business the chance to move into the largest suite while benefiting from two other long-term leases.
Suite Size Lease Term
1417 Shelby St. 3,640 SF Vacant Available for immediate occupancy
1415 A Shelby St. 1,250 SF Leased Until July 31, 2028
1415 B Shelby St. 1,700 SF Leased Until June 30, 2027
Benefits for an owner-occupant:
Generate immediate cash flow. With two existing leases, the new owner can start collecting rent from the other suites from day one. The income from the tenants can be used to cover or reduce the cost of the mortgage.
Build long-term equity. Instead of paying rent to a landlord, the new owner's monthly payments contribute to building equity in their own asset. This can be a significant advantage for long-term financial growth.
Tax advantages. Owners of commercial property can receive various tax benefits, such as deducting mortgage interest, property taxes, and depreciation.
Greater control and stability. Owning the property eliminates the risk of lease non-renewal or rent hikes from a landlord. The new owner can also control the building's maintenance and tenant selection.
Flexibility for future expansion. The vacant 3,640 SF suite provides ample space for immediate needs, with the flexibility to grow into the other suites once their leases expire.
Newly renovated 6,590 SF multi-tenant property in historic Fountain Square.
This property offers a business the chance to move into the largest suite while benefiting from two other long-term leases.
Suite Size Lease Term
1417 Shelby St. 3,640 SF Vacant Available for immediate occupancy
1415 A Shelby St. 1,250 SF Leased Until July 31, 2028
1415 B Shelby St. 1,700 SF Leased Until June 30, 2027
Benefits for an owner-occupant:
Generate immediate cash flow. With two existing leases, the new owner can start collecting rent from the other suites from day one. The income from the tenants can be used to cover or reduce the cost of the mortgage.
Build long-term equity. Instead of paying rent to a landlord, the new owner's monthly payments contribute to building equity in their own asset. This can be a significant advantage for long-term financial growth.
Tax advantages. Owners of commercial property can receive various tax benefits, such as deducting mortgage interest, property taxes, and depreciation.
Greater control and stability. Owning the property eliminates the risk of lease non-renewal or rent hikes from a landlord. The new owner can also control the building's maintenance and tenant selection.
Flexibility for future expansion. The vacant 3,640 SF suite provides ample space for immediate needs, with the flexibility to grow into the other suites once their leases expire.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
6,590 SF
Building Class
B
Year Built/Renovated
1966/2025
Price
$1,300,000
Price Per SF
$197.27
Percent Leased
51%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
6,590 SF
Slab To Slab
12’
Building FAR
0.22
Lot Size
0.69 AC
Zoning
Commercial - MU-1 Office
Parking
39 Spaces (5.2 Spaces per 1,000 SF Leased)
AMENITIES
- Fenced Lot
1 1
Walk Score®
Very Walkable (82)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $330,700 | |
| Land Assessment | $261,300 | Total Assessment | $592,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$261,300
Improvements Assessment
$330,700
Total Assessment
$592,000
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1415 Shelby St
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