Marcus & Millichap is pleased to present a vacant, free-standing retail building located at 5090 W 38th Street in Indianapolis, Indiana 46254 (the “Property”). Formerly occupied by Red Lobster, the Property is being offered significantly below replacement cost, creating an attractive opportunity for owner-users or investors to acquire a highly visible, strategically located asset within the desirable Speedway Submarket at a compelling basis. FIRST BID MEETS RESERVE! Built in 1992, the Property consists of a one-story, ±7,824 square foot free-standing retail building situated on ±0.356 acres, with access to ±84 surface parking spaces. This former Red Lobster is positioned at a hard corner intersection with a single point of ingress/egress along Gemco Way and offers prime visibility along W 38TH Street, which sees ±45,829 vehicles per day (VPD). The Property was previously leased on a triple-net (NNN) basis to Red Lobster and now presents a value-add leasing opportunity (CoStar estimated rents of $16-$19/SF NNN). Zoned C-4, Community-Regional Commercial District, the Property permits a broad range of commercial uses, making it highly adaptable for various end-users or retail redevelopment strategies. The Property is comprised of a fee simple Parcel 1 containing the building and gives the owner of Parcel 1 access to use Parcel 2 parking easement, with the owner of Parcel 1 owner having to pay annual real estate taxes for Parcel 2 (See survey and Due Diligence for more info). The Property is located within the Speedway Submarket, a well-established retail corridor on Indianapolis’s near west side known for its strong regional draw and accessibility. Positioned just ±6-mi northwest of Downtown Indianapolis, the site benefits from excellent connectivity via I-65 (±78,701 VPD), I-465, and W 38th St. The immediate area is anchored by a mix of national retailers, service providers, and institutional users. The Property sits as an outparcel to La Villita Mega Mall, a well-trafficked retail center featuring tenants such as Top Deals Furniture and Planet Fitness, just off the heavily trafficked intersection of Lafayette Rd (±35,547 VPD). The surrounding retail corridor is home to Meijer, Domino’s, Jiffy Lube, White Castle, Home Depot, Walmart, ALDI, Chevrolet, and Copart, all of which drive consistent daily traffic to the area. Located within ±4-mi of the Indianapolis Motor Speedway, the Property benefits from proximity to one of the most iconic venues in motorsports, attracting hundreds of thousands of visitors annually and supports a broad network of hospitality, QSR, and retail businesses. Additional nearby demand drivers include Marian University, Ivy Tech Community College, and Eskenazi Health West 38th Street, all within a short drive, contributing to a stable daytime population. Major employers in the surrounding area include Allison Transmission, IU Health, and the Indianapolis Public School system, which further support demand for retail and service amenities. The surrounding trade area includes a diverse and growing residential base, with ±110,000 residents within a 3-mi radius and over 238,000 residents within 5-mi, along with an average household income nearing $80,000. The strong demographics, along with the site’s visibility, accessibility, and proximity to major anchors, position it well for a wide range of re-use opportunities and end-user demand.