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Listed by Claudia Heidelberger • Carpenter, REALTORS®
$ 2,800,000
Est. payment | /mo
41,000 SqFt
$ 2,800,000
Est. payment | /mo
41,000 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 41,000 sqft
Price per Sqft $68
MLS Listing ID 22106192
Year Built 1900
Tax Year 2025
Lot Size 2,613 Sqft
Acres 0.06
Property Sub-Type Mixed Use
Property Description
Downtown Shelbyville Value-Add Investment Opportunity. Three mixed-use commercial buildings are available for acquisition in downtown Shelbyville, Indiana, offering investors a compelling opportunity to renovate, lease, stabilize and resell at a significantly higher valuation. The portfolio includes a mix of apartments, office space and retail space, creating multiple income streams once stabilized. The properties require substantial construction and lease-up, but the offering has been structured to account for that work. The total sale price of $2.8 million, inclusive of the current construction budget needed to complete improvements and bring the vacant spaces to lease-ready condition. At full occupancy, the properties are projected to generate approximately $400,000 in annual NOI, representing a projected 14.28% yield on cost. As the vacant spaces are improved and leased, the portfolio has the potential to increase materially in value. Once fully stabilized, the asset could support an estimated resale value of $5.0 million to $5.7 million, assuming a market cap rate of 7% to 8%. This a strong value-add opportunity for an investor seeking downtown mixed-use real estate with clear upside through construction completion, lease-up and income growth.
Location
State IN
County Shelby
Zoning COMMERCIAL
Interior
Fireplace N
Exterior
Utilities Available Cable Available, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
New Construction false
Schools
Middle Schools Shelbyville Middle School
School District Shelbyville Central Schools
© 2026 All listing information is courtesy of MIBOR Broker Listing Cooperative(R) as distributed by MLS Grid. All rights reserved.
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