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37-41 Public Square Shelbyville, IN $ 1,500,000
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37-41 Public Square
$ 1,500,000
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37-41 Public Square

Shelbyville, IN, 46176
$ 1,500,000
Bedrooms-- Baths-- Sq 17,490

Monthly Estimate*

$ 10,360

37-41 Public Square, Shelbyville, IN 46176 - Image 1
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37-41 Public Square, Shelbyville, IN 46176 - Image 3
37-41 Public Square, Shelbyville, IN 46176 - Image 4
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37-41 Public Square, Shelbyville, IN 46176 - Image 8
37-41 Public Square, Shelbyville, IN 46176 - Image 9
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Commercial Property for sale in Shelbyville, IN

for $1,500,000. This 17,490 square foot building was built in 1900 on a lot size of 0.13.

37-41 Public Square is a +/-17,420 SF historic mixed-use investment on Shelbyville's Public Square, offered at a projected 10% cap rate at full occupancy and stabilization. The property combines three income streams: #37 - a ground-floor retail or office space, #39 - a bistro space of approximately +/-6,100 SF with a lower level of similar size, and #41- 6 upper-level apartments being renovated during marketing period and ready for occupancy soon. The bistro features a nice sized bar area separate from the main dining room, with its own entrance on Jackson Street, and potential for outdoor seating within the DORA zone. It is well suited for a restaurant, brewpub, or entertainment concept. The apartments (one 3BR, two 2BR, two 1BR and 1 Studio) are being updated with new appliances, cabinetry, countertops, flooring, fixtures, and paint, with projected rents up to $1700 per month. The seller is actively leasing the commercial and residential spaces during the marketing period. Located in Shelbyville's historic district and DORA zone, the property is steps from the square's festivals and community events, with plenty of free street parking, free public parking in the garage directly across the street and a paved lot for tenant parking on Jackson St. A planned data center project nearby is expected to bring increased activity to the area. See Broker Bay for showing instructions.

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Commercial Active

Price

$ 1,500,000

Property Type

Commercial

Taxes

$ 12,622

Style

Mixed Use

Lot Size

0.13

Year Built

1900

Town/City

Shelbyville

County/Region

Shelby

MLS | Web ID

22134983
Features
General
Utilities Cable Available Electricity Connected Natural Gas Available
Possession Negotiable
Zoning COMMERCIAL
Year Built 1900
Township Addison
Property Subtype Mixed Use
Tax Year 2025
Current Use Apt<20 Restaurant
County Shelby
New Construction N
Property Type Commercial Sale
Possible Use Apt<20 Restaurant
Status Active
Directions GPS Friendly
City Shelbyville
High School District Shelbyville Central Schools
MLS Area 7308 - Shelby - Addison
Lot Size Square Feet 5742
Middle/Junior High School Shelbyville Middle School
Standard Status Active
Tax Lot 7
Virtual Tour https://www.homeforsale.at/37-41_PUBLIC_SQUARE_l271cw-792r?show_listing_video=1
Legal Description Orig T Harrison Pt Lt 7
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Exterior
Parking Features Alley Access On Street Other
Building Area Total 17490
Lot Size Acres 0.13
Road Frontage Type City Street
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* Excluded Features
List By
Carpenter, Realtors®

Broker

cheidelberger@callcarpenter.com

Email

Affordability Calculator

$11,412
Per Month
91%
9%
0%
Monthly Principal & Interest
$10,360
Monthly Property Taxes
$1,052
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 7.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4045152 Elementary School
4046662 Middle School
Unknown High School High School
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Pricing History
Date Price Price Change Description
11/6/2026 $1,500,000 Listed Price

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37-41 Public Square, Shelbyville, IN, 46176 is a Commercial Property for sale at $1,500,000 with 17,490 sqft and a lot size of 0.13. 37-41 Public Square was built in 1900. The property's zip code is 46176 which is in Shelbyville, IN

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