Modern Duplex With Long-Term
2203 Sheldon Street Indianapolis, IN 46218
For Sale
$440,000
MULTI_FAMILY - Craftsman - Indianapolis, IN
Property Size2,500 SF
Lot Size0.11 Acres
Price / SF$176
Days on Market83
Property Features for 2203 Sheldon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Alley
Standard status
Active
APN
490730115104000101
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Jackson Park Add L244
Utilities
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Architectural style
Craftsman
Listing Agency:
Keller Williams Indy Metro NE
(317) 564-7100
Listed By:
Lidia Casimiro Murrieta · License #RB23001607
(317) 564-7100
Added: May 8
Changed: Jul 28
Last Checked: Jul 29 at 5:06PM
MLS# 22100873
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.
Investment Insights
Based on property information with market context.
Built in 2025, this modern duplex is offered with long-term leasing already in place. Each unit provides three bedrooms and two full bathrooms with an open-concept kitchen and living area, durable LVP flooring, white cabinetry, granite countertops, and stainless steel appliances. Bedrooms are well-appointed, including a primary suite with an en-suite bathroom and walk-in closet. The property also features durable engineered wood siding, separate entrances, separate electric meters, individual exterior HVAC units, and in-unit mechanicals. Rear off-street parking is included, and the home comes with a 10-year structural warranty backed through 2-10 Home Warranty.
Located in Indianapolis, IN, near downtown, the duplex offers convenient access to the city and supports a straightforward residential rental setup. The parcel is approximately 0.11 acres.
For investors or owners seeking an income-producing multifamily asset, the practical advantage here is that both units are leased long-term, reducing downtime risk associated with vacant properties. With separate utilities and dedicated entry points, the configuration is designed to support day-to-day tenant independence while also simplifying operating logistics. Existing property management may remain in place if the buyer wants to continue the current management setup.
Located in Indianapolis, IN, near downtown, the duplex offers convenient access to the city and supports a straightforward residential rental setup. The parcel is approximately 0.11 acres.
For investors or owners seeking an income-producing multifamily asset, the practical advantage here is that both units are leased long-term, reducing downtime risk associated with vacant properties. With separate utilities and dedicated entry points, the configuration is designed to support day-to-day tenant independence while also simplifying operating logistics. Existing property management may remain in place if the buyer wants to continue the current management setup.
Key Highlights
- Modern duplex built in 2025, already leased long‑term
- Each unit offers 3 bedrooms and 2 full bathrooms with approx. 1,250 sq. ft. of living space
- Open‑concept kitchen and living area with LVP flooring, white cabinetry, granite countertops, and stainless steel appliances
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.5k | $16.20 |
| − Vacancy | −$2.8k | −$1.12 |
| EGI | $37.7k | $15.08 |
| − OpEx | −$11.3k | −$4.52 |
| NOI | $26.4k | $10.55 |
2,500 SF · lease $16.20/SF/yr · vacancy 6.93% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$376.9K
$329.8K – $439.8K
NOI $26,385 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$327.8K
$286.8K – $382.4K
NOI $22,943 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$622.3K
$544.5K – $726.0K
NOI $43,560 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Newly built duplex with long-term tenants, separate utilities, and rear off-street parking for each unit.
Where is this duplex located?
The property is located at 2203 Sheldon Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Modern duplex built in 2025, already leased long‑term; Each unit offers 3 bedrooms and 2 full bathrooms with approx. 1,250 sq. ft. of living space; Open‑concept kitchen and living area with LVP flooring, white cabinetry, granite countertops, and stainless steel appliances
