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Listed by Cathy O'Banion • United Real Estate Indpls
$ 350,000
Est. payment | /mo
6,794 SqFt
$ 350,000
Est. payment | /mo
6,794 SqFt
Key Details
Property Type Other Types
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,794 sqft
Price per Sqft $51
MLS Listing ID 22127288
Tax Year 2025
Lot Size 0.600 Acres
Acres 0.6
Property Sub-Type Multi Family
Property Description
This building is currently set up as 7 units - 2 units are 1bd 1bath = There are 2 units with 3bd 2bath - 2 units with 3 Beds 1 bath - There is one very large 2bd 1 bath that should be divided to 2 units. Based on the rent schedule for the apartment complex immediately to the East of this building & current Section 8 allowable rents you can expect Gross Rents to be at $125,000yr (@100% occupancy). Once the rehab/cash out is complete you'll have a Building worth approx. 1.2 - 1.4 mil. The Building was stabalized & the roof & decking were torn off & replaced in the summer of 2023. The building is gutted to the studs. All 7 sewer lines are clear to the street (July 2026). The parking lot is large enough to park Food Trucks or add storage or a laundry room. A fresh survey and 8' privacy fence along the North Side have been completed. The walking traffic is huge in this area - Placing vending machines in the alcoves could generate significant additional income. A recent survey & interior scan is now available. The East side of Indianapolis is considered a good rental area with grocery choices, shopping, mass transit (1 blk away) and entry level and labor jobs available close by. The pictures have been updated and video added.
Location
State IN
County Marion
Zoning Apartment General
Interior
Heating None
Cooling None
Fireplace N
Exterior
Utilities Available See Remarks
Building
Story 2
Foundation Slab
Structure Type Brick
New Construction false
Schools
High Schools Arsenal Technical High School
School District Indianapolis Public Schools
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