4501 N Keystone Ave
Keystone Ave Retail Investment Opportunity
Marketing description
Rare chance to acquire a 3-building, 18,115 SF flex retail portfolio spanning 2.97 acres along one of Indianapolis's highest-traffic corridors, with 37,500 vehicles passing daily. Zoned C-5 and currently 53% occupied.
The portfolio includes three addresses (4501, 4533, and 4545 N Keystone Ave) with a mix of auto service, retail, and flex uses. Two tenants are in place, including Felipe's Legacy Motors on a lease through August 2027 with $1,000/month escalations. Three suites are vacant and ready for new tenants at market rates.
Situated just south of 46th Street, the property sits within a dense retail node anchored by Target, Meijer, Lowe's, Chick-fil-A, Starbucks, and Walgreens — all within one mile. The Keystone Corridor submarket boasts a $21.12/SF average asking rate and 2.0% rent growth, outpacing the broader Indianapolis market.
With strong bones, a high-visibility location, and significant upside from lease-up, this is an ideal opportunity for an owner-user or value-add investor.
Investment highlights
2.97 acres with frontage on N. Keystone Avue. Excellent location near signalized intersection with E. 46th St. The property is 60.7% leased with auto repair and sales businesses. Great opportunity to redevelop in a growing area or maintain income-producing leases in place. Leases have a cancellation clause allowing 120 day notice to vacate.
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