Skip to main content

Office

Shelbyville Square

31 Public Sq, Shelbyville, IN 46176

Listing Price: $1,500,000

Cap Rate
3.19%
Gross SF
56,510
Rentable SF
56,510
Price/Gross SF
$26.54
Lot Size
0.37 acres
Year Built
1900

Investment Overview

Marcus & Millichap is pleased to present to market Shelbyville Square in Shelbyville, IN, a 56,510-square-foot mixed-use portfolio. Shelbyville Square is a rare opportunity right downtown historic Shelbyville. The property features tremendous amounts of upside through leasing, as well as a potential redevelopment play, adding value to underutilized and vacant sections of the building. With a list price of $30 per square foot. Shelbyville Square is well below replacement value in an Opportunity Zone that is a part of a growing and vibrant downtown area. The asset has many opportunities in leasing up existing apartments, retail and office space, or the option to convert empty spaces into more apartments as well.
Market: The mixed-use property located in downtown Shelbyville offers an incredible opportunity for redevelopment or a value upside investment. The existing portfolio currently includes a variety of different uses. The current tenant mix includes six apartment units, a bar, and a resale shop. With the vacancies remaining, this asset gives future investors the flexibility to convert any or all spaces to accommodate the demand in the area for office, retail, housing, or even event space.
Location: Shelbyville, Indiana is a historic city located in central Indiana, just 25 miles southeast of Indianapolis. With a population of around 20,000, Shelbyville offers a charming small-town feel while still being close to the amenities of a larger city. The city is known for its beautiful architecture, including the stunning courthouse square, which is home to numerous shops, restaurants, and businesses. Attractions to the city of Shelbyville, include the Horseshoe Casino. Owned and operated by Caesars Entertainment, the Horseshoe is the closest Racing & Casino attraction to the city of Indianapolis.
The property's location in downtown Shelbyville provides easy access to all the amenities of the city, including shopping, dining, and entertainment options. Additionally, Shelbyville is located along Interstate 74, making it easily accessible to travelers from all directions. The city is home to a diverse range of businesses, from small mom-and-pop shops to large manufacturing facilities, making it an ideal location for investors and developers looking to expand their portfolios.

Investment Highlights

  • Mixed-Use: The Property is Currently being used for a Mix of Commercial and Residential Purposes, but there is Potential for even more Diversity in its use
  • Historic Charm: The Property has Plenty of Historic Charm, Including some Original Architecture and Unique Features
  • Unique Design: The Building's Mixed-Use Design sets it Apart from other Commercial Properties in the Area
  • Potential for a Vibrant Community Hub: with the Right Development and Planning, the Property could become a Lively Community Hub that Draws in Residents and Visitors alike
  • Strong Tenant History: Current Tenants Include a Bar, Apartments, and a Resale Shop, which Demonstrates the Property's Versatility and Appeal
  • Growing Market: Shelbyville, Indiana is a Growing Town with a Strong Sense of Community, Making it an Attractive Place for Businesses and Residents alike

Exclusively Listed By

Office

Shelbyville Square

Listing Price: $1,500,000

Cap Rate
3.19%
Gross SF
56,510
Rentable SF
56,510
Price/Gross SF
$26.54
Lot Size
0.37 acres
Year Built
1900

Investment Highlights

  • Mixed-Use: The Property is Currently being used for a Mix of Commercial and Residential Purposes, but there is Potential for even more Diversity in its use
  • Historic Charm: The Property has Plenty of Historic Charm, Including some Original Architecture and Unique Features
  • Unique Design: The Building's Mixed-Use Design sets it Apart from other Commercial Properties in the Area
  • Potential for a Vibrant Community Hub: with the Right Development and Planning, the Property could become a Lively Community Hub that Draws in Residents and Visitors alike
  • Strong Tenant History: Current Tenants Include a Bar, Apartments, and a Resale Shop, which Demonstrates the Property's Versatility and Appeal
  • Growing Market: Shelbyville, Indiana is a Growing Town with a Strong Sense of Community, Making it an Attractive Place for Businesses and Residents alike

Investment Overview

Marcus & Millichap is pleased to present to market Shelbyville Square in Shelbyville, IN, a 56,510-square-foot mixed-use portfolio. Shelbyville Square is a rare opportunity right downtown historic Shelbyville. The property features tremendous amounts of upside through leasing, as well as a potential redevelopment play, adding value to underutilized and vacant sections of the building. With a list price of $30 per square foot. Shelbyville Square is well below replacement value in an Opportunity Zone that is a part of a growing and vibrant downtown area. The asset has many opportunities in leasing up existing apartments, retail and office space, or the option to convert empty spaces into more apartments as well. Market: The mixed-use property located in downtown Shelbyville offers an incredible opportunity for redevelopment or a value upside investment. The existing portfolio currently includes a variety of different uses. The current tenant mix includes six apartment units, a bar, and a resale shop. With the vacancies remaining, this asset gives future investors the flexibility to convert any or all spaces to accommodate the demand in the area for office, retail, housing, or even event space. Location: Shelbyville, Indiana is a historic city located in central Indiana, just 25 miles southeast of Indianapolis. With a population of around 20,000, Shelbyville offers a charming small-town feel while still being close to the amenities of a larger city. The city is known for its beautiful architecture, including the stunning courthouse square, which is home to numerous shops, restaurants, and businesses. Attractions to the city of Shelbyville, include the Horseshoe Casino. Owned and operated by Caesars Entertainment, the Horseshoe is the closest Racing & Casino attraction to the city of Indianapolis. The property's location in downtown Shelbyville provides easy access to all the amenities of the city, including shopping, dining, and entertainment options. Additionally, Shelbyville is located along Interstate 74, making it easily accessible to travelers from all directions. The city is home to a diverse range of businesses, from small mom-and-pop shops to large manufacturing facilities, making it an ideal location for investors and developers looking to expand their portfolios.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower