# 29 Public Square, Shelbyville, IN 46176

> **TL;DR:** commercial, $2,800,000, built 1900. Est. $14,975/mo. Listed 151 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $2,800,000 |
| Year Built | 1900 |
| Lot Size | 2,614 sqft (0.06 acres) |
| Property Type | Commercial (Other) |
| Status | Active |
| Days on Market | 151 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Principal & Interest (20% down, 30-year at 6.5%) | $14,158 |
| Estimated Insurance | $817 |
| **Total** | **$14,975** |

## Nearby Schools

- **Middle:** Shelbyville Middle School

## Property Highlights

- Built in 1900
- 0.06 acre lot

## Description

### Agent 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

- **Address:** 29 Public Square, Shelbyville, IN 46176
- **County:** Shelby
- **Coordinates:** 39.524137, -85.777735
- **Google Maps:** https://www.google.com/maps?q=39.524137,-85.777735

## Virtual Tour & Media

- **Video Tour:** https://www.homeforsale.at/29_PUBLIC_SQUARE_kvtt16-792r?show_listing_video=1

## Listing Agent

- **Name:** Claudia Heidelberger
- **Brokerage:** Carpenter Realtors
- **Broker Phone:** (800) 630-1727
- **Listing URL:** [View original listing](http://www.callcarpenter.com/22106192)

## Photos

![29 Public Square - Photo 1](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f536595597r.jpg)

![29 Public Square - Photo 2](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f772011286r.jpg)

![29 Public Square - Photo 3](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f3183428410r.jpg)

![29 Public Square - Photo 4](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f1781200764r.jpg)

![29 Public Square - Photo 5](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f1617008438r.jpg)

![29 Public Square - Photo 6](http://lh.rdcpix.com/543bba6eca27ed1ca8255170211b4349l-f3183428410r.jpg)

---

**MLS#:** 22106192 | **Updated:** 2026-10-20
**Source:** listhub

*Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://staging.propertysimple.ai/listing/29-public-square-shelbyville-in-46176-84ccf9e987fc437490bdc8671524505d)

---

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