823 Chadwick St 3,200 SF Retail Building Indianapolis, IN 46225 $899,000 ($280.94/SF) 10.01% Cap Rate

823 Chadwick Street presents a rare opportunity to acquire a well-located 3,200-square-foot office building with an adjacent surface parking lot, positioned just steps from Lucas Oil Stadium. The property benefits from exceptional interstate access, while still being situated in a quaint, approachable setting that belies its proximity to downtown and the highway network.
The building is currently leased through November 30, 2026. The tenant has outgrown the premises and will be vacating at the end of the term, positioning the asset as an ideal short-term investment with multiple future pathways. An investor can acquire the property, collect near-term cash flow, and then re-stabilize at higher market rents upon tenant rollover. Alternatively, an owner-user may purchase today, benefit from income in the interim, and transition the property to their own operations at lease expiration.
The existing lease is structured as a triple net arrangement, with the tenant reimbursing all operating expenses to the landlord. This provides a passive investment opportunity throughout the remainder of the term. In addition to contractual rent, the property generates over $30,000 annually in event-driven parking revenue, which is included in NOI and cap rate calculations—creating an attractive supplemental income stream tied directly to its prime location.
The site is versatile and well-suited for traditional office use, creative office concepts, or even entertainment-driven uses given its proximity to the stadium and downtown’s cultural core. With its combination of downtown adjacency, near-term income security, and long-term flexibility, 823 Chadwick Street represents a unique opportunity for both investors and owner-occupants.