Additional Details

Property Details

Lot Dimensions:

2640

Zoning:

COMMERCIAL

Total Sq. Ft.:

41, 000

Directions:

GPS Friendly

Schools

Middle School:

Shelbyville Middle School

Tax and Financial Info

Semi-Annual Property Tax:

$12, 144

Tax Year:

2025

Other Disclosures:

Corporate Owned, Fixer Upper, Historic District, Needs Updating

Quick View

Address:

29 Public Square Shelbyville IN 46176

Status:

Active

On Site:

28 Days On Site

Price:

$2, 800, 000

Sq. Feet:

41, 000

Year Built:

1900

Lot Size:

0.06

County:

Shelby

Township:

Addison

MLS #:

22106192

Property Type:

Mixed Use

Community Information

Area:

7308 Shelby Addison

City:

Shelbyville

Zip Code:

46176

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.

Source: MIBOR as distributed by MLS GRID, MLS ID: 22106192

Listing provided courtesy of Claudia Heidelberger 317-738-3737 with Carpenter, REALTORS®

Last Updated: 6/5/2026 | 12:37 PM

Home Details

Status: Active

Price: $2,800,000

Address: 29 Public Square, Shelbyville, IN 46176

Bedrooms:

Bathrooms: 0

Square Feet: 41,000

28 days on Site

• Property Type: Commercial sale
• Built in 1900
• 28 days on Site
• 0.06 Lot Size