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Listed by Charlene Gaard • No Limit Real Estate, LLC
$ 1,555,000
Est. payment | /mo
13,524 SqFt
$ 1,555,000
Est. payment | /mo
13,524 SqFt
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 13,524 sqft
Price per Sqft $114
MLS Listing ID 22067612
Tax Year 2024
Lot Size 6,098 Sqft
Acres 0.14
Property Sub-Type Multi-Family 5+
Property Description
Rare opportunity to own a true showpiece income property in one of Indianapolis' most desirable neighborhoods. This majestic full-brick six-unit building spans more than 13,500 square feet and offers a powerful combination of size, stability, and future upside. Each unit is a spacious 3-bedroom, 1.5-bath floorplan with approximately 2,000 sq. ft., delivering the feel of a private residence within a solid, historically significant structure. The property is currently 100% occupied, producing strong, consistent income with rents supported by Herron-Morton's premium location - just minutes from downtown, hospitals, IUPUI, and the thriving 16th Street corridor. Recent capital improvements in the past two years ensure smooth operations and low maintenance moving forward. With over 4,000 sq. ft. of basement space, investors have the unique opportunity to add 3-4 additional units or finish the lower level for additional income streams. Evidence of prior basement units indicates the conversion potential is both realistic and value-enhancing. Financially, the property performs impressively: Current NOI: approximately $95,000 Cap Rate: near 6% at list price Projected NOI (with basement conversion): well over $130,000, positioning this asset for 7%+ cap rate performance in a blue-chip location For developers, the structure's design and footprint also lend themselves to an attractive condo conversion - creating luxury residences in one of the city's most walkable, high-demand districts. Key Highlights: 6 large 3BD/1.5BA units (~2,000 SF each) All-brick exterior with historic character and curb appeal 4,000+ SF basement with expansion potential 100% occupancy and strong rental history Prime Herron-Morton location near downtown, hospitals, and dining Rare multifamily scale in an owner-occupant or investor-friendly area This is the kind of investment property that seldom hits the market - large, stable, well-located, and teeming with up
Location
State IN
County Marion
Zoning Apartments General
Interior
Fireplace N
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
New Construction false
Schools
School District Indianapolis Public Schools
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