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Gray Hotel 2-4-6-8-10 West High Street 12,500 SF Vacant Retail Building Redkey, IN 47373 $2,000,000 ($160/SF) 15.00% Cap Rate
Investment Highlights
- Historic Street Intersection
- 2nd floor is hotel being updated process
- Safe Midwest Neighborhood
Executive Summary
This offering presents a 12,500 SF historic mixed-use asset in the heart of downtown Redkey, featuring a two-story structure (built in 1912) positioned on a prominent corner at a signalized intersection. The property includes ground-floor retail/restaurant space with an upper-level hotel currently under renovation, offering significant upside for value-add investors or owner-users.
Flexible in design and zoning, the asset can be adapted beyond traditional hospitality, with potential conversions including multifamily (condos/apartments), office space, event venue, retail expansion, or live/work concepts, capitalizing on its open layout and historic character.
Located within Redkey’s revitalizing downtown, the area is experiencing renewed investment and increased activity, with previously vacant buildings being repositioned into dining, retail, entertainment, and community-driven destinations, creating a growing ecosystem for commercial success.
Flexible in design and zoning, the asset can be adapted beyond traditional hospitality, with potential conversions including multifamily (condos/apartments), office space, event venue, retail expansion, or live/work concepts, capitalizing on its open layout and historic character.
Located within Redkey’s revitalizing downtown, the area is experiencing renewed investment and increased activity, with previously vacant buildings being repositioned into dining, retail, entertainment, and community-driven destinations, creating a growing ecosystem for commercial success.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Building in Shell Condition
Property Type
Building Size
12,500 SF
Building Class
C
Year Built
1912
Price
$2,000,000
Price Per SF
$160
Cap Rate
15.00%
NOI
$300,000
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.62
Lot Size
0.46 AC
Zoning
retail - National Historical Society
Parking
10 Spaces (0.8 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Corner Lot
- Property Manager on Site
- Restaurant
- Signage
- Signalized Intersection
- Skylights
- Tenant Controlled HVAC
- Storage Space
- Monument Signage
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Two Mamas on Tap
- Accommodation and Food Services
- 2 SF
- $400.00
- Aug 2030
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Two Mamas on Tap | Accommodation and Food Services | 2 SF | $400.00 | Aug 2030 |
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 38-09-23-101-057.000-031 | Improvements Assessment | $43,300 |
| Land Assessment | $7,400 | Total Assessment | $50,700 |
Property Taxes
Parcel Number
38-09-23-101-057.000-031
Land Assessment
$7,400
Improvements Assessment
$43,300
Total Assessment
$50,700
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Gray Hotel | 2-4-6-8-10 West High Street
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