Duplex with Two Separate
New
For Sale
$205,000
2417 S State Avenue, Indianapolis, IN 46203
Residential Income, Indianapolis, IN
Property Size1,664 SF
Lot Size0.18 Acres
Price / SF$123.20
Days on Market3
Property Features for 2417 S State Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 3
Subdivision
D & J Hoeltke Minor Sub
Elementary school
Eleanor Skillen School 34
Middle school
Emma Donnan Middle School
High school
George Washington High School
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Active
APN
491019121032000101
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Garfield Terrace Add L10 & N1/2 Of L9
Tax Annual Amount
4354
Legal Description
Garfield Terrace Add L10 & N1/2 Of L9
Utilities
Heating system
Natural Gas
Amenities
new A/C
backyard
Building Details
Year built
1959
Floors in Building
1
Number of units
2
Building materials
Stone
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Anthwon Thomas
(812) 734-6048
Added: Sep 25
Last Checked: Sep 27 at 4:06PM
MLS# 22127849
Copyright © 2026 Broker Listing Cooperative®. 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.
This duplex contains two residences, each with 2 bedrooms, 1 full bathroom, a living area, and a kitchen. Together, the units provide 1,664 square feet of living space, with 832 square feet in each. The property was built in 1959 and has stone construction, natural gas heating, and a new A/C system.
The 0.18-acre parcel includes a backyard with outdoor space. Located in Indianapolis, the property offers a two-unit configuration with separate living quarters.
The 0.18-acre parcel includes a backyard with outdoor space. Located in Indianapolis, the property offers a two-unit configuration with separate living quarters.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 832 square feet per unit; 1,664 square feet total
- New A/C system
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,562
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$351,240
$351.2K
Cap Rate 7%
$250,886
$250.9K
Cap Rate 9%
$195,133
$195.1K
Market Conditions
NOI Build-Up for 1,664 SF
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.
Gross rent
$27.0K $16.20/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$25.1K $15.08/SF
− OpEx
−$7.5K −$4.52/SF
NOI
$17.6K $10.55/SF
Area
Indianapolis, IN
Vacancy
6.93%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$351,240
Cap Rate 7%
$250,886
Cap Rate 9%
$195,133
Alternative Uses
Best Use
Multifamily LT 5
$250.9K
$219.5K – $292.7K
NOI $17,562 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.5K
NOI $15,271 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$414.2K
$362.4K – $483.2K
NOI $28,994 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, a full bathroom, and its own kitchen.
Where is this duplex located?
The property is located at 2417 S State Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 832 square feet per unit; 1,664 square feet total; New A/C system
