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Listed by Max Moore • @properties
$1,899,000
Est. payment /mo
5,227 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Subdivision State Plaza
MLS Listing ID 22098301
Year Built 1910
Tax Year 2024
Lot Size 5,227 Sqft
Acres 0.12
Property Sub-Type Quadruplex
Property Description
A 16-unit building bringing in $15,910 a month with another $2,890 sitting on the table once you fill the two vacant units. Two side-by-side 8-unit buildings at 2008 and 2012 E Washington, sold together as one package. Every unit is a one-bed, one-bath layout, fully renovated under current ownership. New flooring, fresh paint, updated fixtures, modern kitchens and bathrooms. Electronic locks on every door, so turnovers don't turn into a rekey project. Fourteen units are leased today. Rents run from $1,060 to $1,175, with most around $1,130. Stabilized at $1,175 across all 16, the property produces $18,800 a month, or $225,600 a year. Two of the eight units in 2008 are vacant and turn-ready. Lease them up and that upside is yours, no renovation required. The expense side is clean. Seventeen months of seller actuals show operating expenses averaging about $5,041 a month, or just over $60,000 a year. Insurance is one blanket policy across both buildings. Trash, pest, internet, and taxes are flat fixed costs. Maintenance ran a little hot in late 2025 while leaks were chased down, and that line is trending back to baseline now. At stabilized occupancy, expenses level out around $5,216 a month and net operating income lands near $163,000 before debt. Each building runs on two central HVAC systems, four across the package. Shared parking in the rear gives every tenant one space. Roof, electrical, plumbing, and HVAC were all inspected at acquisition and reports are available. East Washington is one of the more active corridors in Indianapolis right now. New businesses, real neighborhood investment, and quick access to downtown, Fountain Square, and Irvington. You're buying into the path of growth, not chasing it. Rent roll, profit and loss, and the full deal package are ready for qualified buyers.
Location
State IN
County Marion
Zoning CMF
Interior
Fireplace N
Building
New Construction false
Schools
School District Indianapolis Public Schools
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