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5090 W 38th St
Indianapolis, IN 46254
$1 Auction - REIT Sale | Former Red Lobster · Retail Property For Sale
Investment Highlights
- ABSOLUTE $1 AUCTION | Former Red Lobster | 45K VPD | AUCTION JULY 28-30, 2025
- 45,829 VPD Traffic Counts at Hard Corner with Frontage on W 38th Street and Just Off I-65 (+78K VPD)
- Neighboring National Retailers: Walmart, Meijer, Home Depot, Aldi, Gordon Food, KFC, Arby’s, Planet Fitness
- 7,824 SF Freestanding Former Red Lobster Restaurant Available at Significant Discount Below Replacement Cost
- Located 4 Miles from Indianapolis Motor Speedway, home of Indy 500; Outparcel to La Villita Mega Mall
- Less than 1 Mile from Future $700M+ Mixed Use Development at the Former Lafayette Square Mall
Property Facts
Property Type
Retail
Property Subtype
Restaurant
Building Size
7,824 SF
Building Class
B
Year Built/Renovated
1992/2012
Tenancy
Single
Building Height
1 Story
Building FAR
0.50
Lot Size
0.36 AC
Zoning
ZO01
Parking
24 Spaces (3.07 Spaces per 1,000 SF Leased)
Frontage
155’ on W 38th St
Amenities
- Corner Lot
Property Taxes
| Parcel Number | 49-06-18-100-086.000-600 | Improvements Assessment | $653,400 |
| Land Assessment | $69,000 | Total Assessment | $722,400 |
Property Taxes
Parcel Number
49-06-18-100-086.000-600
Land Assessment
$69,000
Improvements Assessment
$653,400
Total Assessment
$722,400
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