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2305 E Michigan St 5,205 SF Retail Building Indianapolis, IN 46201 $520,000 ($99.90/SF) 7.14% Cap Rate
Investment Highlights
- Great Value Add CAP Rate
- Minimal Maintenance - Everything Is NEW!
- Great Location With Good Traffic Pattern
Executive Summary
Excellent investment opportunity featuring a fully renovated mixed-use property completed in 2025. The building consists of one commercial space and three high-quality residential units, offering a balanced income stream with additional upside potential.
All three apartments are currently leased and generate a 6.46% CAP rate based on in-place residential income. Each unit showcases premium finishes throughout, including high-end countertops, stainless steel appliances, modern bathrooms, and quality flooring. The recent renovation delivers a true “like-new” asset with minimal near-term capital expenditures.
The commercial space is intentionally vacant, providing flexibility for an owner-user or the opportunity to lease at market rates. At a projected lease rate of $10.00/SF NNN (approximately $1,500/month), the property achieves an estimated 9.92% CAP rate, creating a clear and immediate value-add opportunity for investors.
Located in a centralized area with strong accessibility, the property supports both residential and retail/office demand. Zoned MU-1 (Marion County), this asset offers versatile use options—ideal for investors seeking stable income with upside potential, or an owner-operator looking to occupy the commercial space while benefiting from in-place residential cash flow.
All three apartments are currently leased and generate a 6.46% CAP rate based on in-place residential income. Each unit showcases premium finishes throughout, including high-end countertops, stainless steel appliances, modern bathrooms, and quality flooring. The recent renovation delivers a true “like-new” asset with minimal near-term capital expenditures.
The commercial space is intentionally vacant, providing flexibility for an owner-user or the opportunity to lease at market rates. At a projected lease rate of $10.00/SF NNN (approximately $1,500/month), the property achieves an estimated 9.92% CAP rate, creating a clear and immediate value-add opportunity for investors.
Located in a centralized area with strong accessibility, the property supports both residential and retail/office demand. Zoned MU-1 (Marion County), this asset offers versatile use options—ideal for investors seeking stable income with upside potential, or an owner-operator looking to occupy the commercial space while benefiting from in-place residential cash flow.
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,205 SF
Building Class
C
Year Built
1920
Price
$520,000
Price Per SF
$99.90
Cap Rate
7.14%
NOI
$37,145
Tenancy
Single
Building Height
2 Stories
Building FAR
1.33
Lot Size
0.09 AC
Zoning
MU-1 Marion County - Mixed Use Zoning - See Zoning Use Table Attached To This Listing.
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 49-10-06-117-042.000-101 | Improvements Assessment | $153,800 |
| Land Assessment | $8,200 | Total Assessment | $162,000 |
Property Taxes
Parcel Number
49-10-06-117-042.000-101
Land Assessment
$8,200
Improvements Assessment
$153,800
Total Assessment
$162,000
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2305 E Michigan St