29 Public SQ, Shelbyville, IN 46176
29 Public SQ, Shelbyville, IN 46176
29 Public SQ, Shelbyville, IN 46176
29 Public SQ, Shelbyville, IN 46176
29 Public SQ, Shelbyville, IN 46176
29 Public SQ, Shelbyville, IN 46176
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Rick Daves

Rick Daves

+1(317) 614-5484
Listed by Claudia Heidelberger • Carpenter, REALTORS®
$ 2,800,000
Est. payment | /mo

41,000 SqFt

Save
$ 2,800,000
Est. payment | /mo
Save

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

MIBOR MLS
© 2026 All listing information is courtesy of MIBOR Broker Listing Cooperative(R) as distributed by MLS Grid. All rights reserved.

Nearby Locations

Rick Daves

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(317) 614-5484

rick@bluprintrealestategroup.com

6357 W US Highway 52 New Palestine, IN 46143, New Palestine, IN 46163, USA

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29 Public SQ