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821 E 38th Street

Indianapolis, IN 46205

ActiveListed May 11, 2026 · 1 day on market

Key facts

Living area
900 sqft
Lot
0.61 acres
Year built
1968
Type
Commercial Sale · Retail
MLS #
22101527
County
Marion
Total building area
900 sqft

About this home

Proudly presenting this prime redevelopment opportunity on busy East 38th Street directly across from the Indiana State Fairgrounds. This 0.61-acre commercial land parcel is fully paved and strategically positioned on the corner of East 38th Street and Guilford Avenue, offering approximately 200 feet of frontage on 38th Street and 124 feet on Guilford Avenue. The property features three street cuts for excellent accessibility - two access points from 38th Street and one from Guilford Avenue. Currently operating with a tenant-occupied convenience store, the existing structure may continue generating income, be renovated, or potentially torn down for new development. Zoned "Multi-Use," this site offers exceptional flexibility for a wide variety of projects, including: * Apartments / Multifamily Housing * Mixed-Use Developments with Retail Below & Residential Above * Office Buildings * Restaurants & Cafes * Retail Stores * Medical Offices * Community Centers * Professional Service Businesses High-visibility location with strong traffic exposure makes this property ideal for investors, developers, and business owners seeking a premier urban corridor location in Indianapolis. Additional zoning variances for intended use may be possible; buyers are advised to verify all zoning and development possibilities with the City Zoning Department. Don't miss this rare opportunity to secure a versatile commercial corner in one of Indianapolis' most active growth corridors.

Description provided by the listing brokerage.

Exterior

Parking and garage
CommonAsphaltGuest

Systems

Utilities
Electricity ConnectedSewer ConnectedWater Connected

Lot and HOA

Zoning
MU

Schools

School district
Indianapolis Public Schools

Taxes

Estimated annual tax
$2,154 / yearTwice the semi-annual installment the listing reports.
Tax year
2024

Estimate your monthly payment

$2,874per month, estimated
Principal and interest $2,520Property tax $180Insurance $175
20% · $99,980
6.47%
Loan type
Loan term

Estimates only. This calculator does not give a quote. Defaults reflect Marion County / Indianapolis averages: property tax from this home's actual county bill, homeowners insurance at 0.42% annually. Conventional: PMI runs 0.55% of the loan annually when your down payment is below 20%, and drops automatically at 22% equity. Your real number depends on credit, taxes assessed for the parcel, escrow, condo insurance, and HOA. Rates as of May 2026 and subject to change.

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Listed at$499,900
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