706 Broad Ripple AveIndianapolis, IN 46220

Property Details for 706 Broad Ripple Ave

Year built

1970

Lot size

0.08 AC

Property size (Sq ft)

1,800 SF

Zone code

ZO01

Property type

Banks

APN

49-03-36-113-001.000-801

APU

490336113001000801

Description

This exceptional 4,220-square-foot freestanding retail building presents a unique investment opportunity in the vibrant Broad Ripple Village district of Indianapolis, Indiana. Situated on a prime corner lot at the intersection of Broad Ripple Avenue and College Avenue, this single-tenant property benefits from exceptional visibility and accessibility. The building offers 12 parking spaces, and enjoys strong pedestrian traffic from Broad Ripple Avenue, the Monon Trail, and the Canal Trail. Further enhancing its appeal is its proximity to a parking garage with nearly 350 spaces. The property is ideally located within a thriving cultural district renowned for its diverse retail offerings, restaurants, arts scene, and recreational amenities. Recent significant investments totaling $8 million have revitalized Broad Ripple's infrastructure, including streets, sidewalks, lighting, and landscaping. The area boasts a high concentration of desirable residential options, with over 700 high-end apartment units within walking distance. This location also benefits from its proximity to major educational institutions, including Butler University (5,500 students), Purdue Polytech High School, Marian University (3,500 students), and Indiana University/Purdue University Indianapolis (30,000 students). The property is surrounded by a variety of established businesses, including Fresh Thyme Farmers Market, The Vogue, Starbucks, Chipotle, Café Patachou, Kilroy's, Brothers, Massage Envy, Salon Lofts, and Orange Theory, creating a strong and diverse commercial environment. This property is perfect for a variety of retail uses, including medical, and entertainment. The zip code is 46220. The property is located in Marion County.

• CAP approach

  CAP return

  Valuation

  6%

  $344,205

  6.5%

  $317,728

  7%

  $295,033

• Comparable approach

  Method

  Valuation

  Relative Method

  $428,004

  Geo Method

  $428,004

• Alternative Use

  Use

  Valuation

  Residential

  $268,015

  Hospitality

  $245,500

  Educational

  $204,253

  Medical

  $211,278

  Retail

  $317,728

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.8699

Longitude

-86.1458

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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