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Listed by Annie Scott • F.C. Tucker Company
$655,000
Est. payment /mo
12,156 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 12,156 sqft
Price per Sqft $53
MLS Listing ID 22085914
Tax Year 2024
Lot Size 0.390 Acres
Acres 0.39
Property Sub-Type Multi-Family 5+
Property Description
Real estate remains the most proven path to long-term wealth - and stabilized, income-producing multifamily assets are where disciplined investors create predictable returns. This 12-unit mix of studios and 1 bedroom property offers immediate cash flow and long-term upside, currently producing a strong 8.1% cap rate with professional property management in place - or an impressive 9.2% cap rate for an owner who chooses to self-manage. Historically fully occupied, the asset has demonstrated consistent rental growth with renewals averaging $20-$25 annual increases, reinforcing both tenant satisfaction and reliable income expansion. The seller has implemented extensive capital improvements and spared no expense to protect the asset and enhance tenant retention. Upgrades include new front and rear entry doors, seven security cameras, two new water heaters, four new furnaces, a new coating on the flat portion of the roof, updated gutters, fascia boards, and soffits. Several units feature new flooring, updated lighting, and refreshed cabinetry. All 12 units are efficient studio layouts with full kitchens and private bathrooms, meeting strong workforce housing demand. An additional room presents a value-add opportunity and could potentially be converted into a 13th unit for increased income. Operational continuity is already in place. One tenant currently receives discounted rent in exchange for assisting with on-site management duties, and established exterior maintenance vendors are set for a smooth transition. All tenants are current, making this a true turnkey investment. Strategically positioned near the I-465 and I-74 interchange, just north of Beech Grove and a short drive to downtown Indianapolis, the property benefits from excellent commuter access and sustained rental demand within the Indianapolis metro. This is a stabilized, cash-flowing multifamily asset with strong returns today and expansion potential tomorrow. Tenant rights apply.
Location
State IN
County Marion
Zoning D3
Interior
Fireplace N
Exterior
Utilities Available Electricity Connected
Building
New Construction false
Schools
Elementary Schools Christian Park School 82
High Schools Arsenal Technical High School
School District Indianapolis Public Schools
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