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    All-Brick Quadplexes with Basement Laundry Title is generated by Realmo AI

    1635 Central Avenue, Indianapolis, IN 46202

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    For Sale
    $550,000

    Quadruplex - Indianapolis, IN

    Type:Quadruplex
    Lot size:
    0.12 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 4 at 3:06 pm

    Property Features for 1635 Central Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Quadruplex
    Zoning
    ZO01
    Rooms
    Basement
    Security features
    Smoke Detector(s)
    Basement Y/N
    1
    Standard status
    Active
    APN
    490636145012000101
    Lot size
    0.12 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Number of units
    4
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Emily Huskey
    Emily Huskey

    Listing agent Emily Huskey License #RB17000722

    Listing office Keller Williams Indy Metro S Kingston St Ste 100, Avon, IN

    Listing date Jun 1, 2026

    MLS# 22105508 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three all‑brick buildings (4 units each), total 12 units; buildings can also be split into four plexes with separate parcel numbers and legal descriptions
    • Two‑bedroom, one‑bath units with individual central air and furnaces; each unit also has a water heater (in the basement)
    • Individually metered electric—residents pay their own electric; no gas
    • Current rents $895–$995 per month, with all leases renewing at $995 (rent roll/lease dates by request)
    • 95% occupancy rate maintained over the past several years; coin‑operated laundry and additional basement storage in each building
    • Owner pays water, sewer, and common area electric; residents pay $50/month toward utilities (plus $25/month for pet residents)

    Overview

    This property features three all-brick residential buildings, with four units in each building. The buildings can be purchased together as a 12-unit complex or split into four-plexes, and each building has its own parcel number and legal description. Every unit is a two bedroom, one bath layout with lots of natural light, and each unit is individually equipped with its own furnace, central air, and water heater. Refrigerators and ovens are included. Basement space includes additional storage, and coin operated laundry is provided; water heaters are located in the basements. Residents share one large trash dumpster in the alley.

    The complex is located at the intersection of the Herron Morton and Old Northside neighborhoods in Indianapolis, IN, and it is in a designated Opportunity Zone. Zoning is listed as ZO01.

    Current units are leased for $895-$995 per month, with all leases renewing at $995. The property is reported to have maintained 95% occupancy over the past several years and is presented with an over 6% cap rate. Residents pay their own electric, and units are individually metered; there is no gas. Owner pays water, sewer, and common area electric, while residents pay $50/month for utilities on top of rent listed above, and pet-owning residents pay an additional $25/month. One unit is recently vacant and available for showings, and other units can be accessed upon accepted offer. The current property management company is willing to continue management; rent roll, expenses, and utilities are available upon inquiry.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.148943
    Latitude
    39.789416

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    FAQs

    What type of property is this?
    Quadplex - Three all-brick four-unit buildings offer individually metered utilities, coin laundry, and spacious two-bedroom layouts for income-oriented ownership.
    Where is this quadplex located?
    The property is located at 1635 Central Avenue Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Three all‑brick buildings (4 units each), total 12 units; buildings can also be split into four plexes with separate parcel numbers and legal descriptions; Two‑bedroom, one‑bath units with individual central air and furnaces; each unit also has a water heater (in the basement); Individually metered electric—residents pay their own electric; no gas
    (317) 271-5959
    We can help!
    Listing Contact
    Emily Huskey
    Emily Huskey
    Real Estate License ID: RB17000722
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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