Indianapolis Multifamily Investment
2438 Guilford Avenue, Indianapolis, IN 46205
Multi-Family 5+, Traditional - Indianapolis, IN
Property size:
4,786 SFLot size:
0.13 Acres- Added:
- Jan 3, 2026
- Days on Market:
- 150
- Last Refresh:
- Jun 2 at 8:06 am
Property Features for 2438 Guilford Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- D8
- Rooms
- Basement
- Exterior features
- Balcony
- Basement Y/N
- 1
- Standard status
- Pending
- APN
- 490625187174000101
- Size
- 4,786 SF
- Lot size
- 0.13 Acres
Utilities
- Heating system
- Electric (Heating), Forced Air
- Cooling system
- Multi Units, Wall Unit(s)
Building Details
- Year built
- 1915
- Number of units
- 8
- Roof type
- Shingle
- Architectural style
- New Traditional
Listing agent Lindsey Winkhart License #RB17000502 (317) 298-0961
Listing office RE/MAX Advanced Realty W 10th St, Indianapolis, IN (317) 298-0961
Listing date Jan 3, 2026
MLS# 22078401
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
- Stabilized 8‑unit multifamily property generating $5,400 monthly gross income ($64,800/yr) from day one.
- Located in Indianapolis' rapidly improving Reagan Park neighborhood with ongoing revitalization and new development.
- Desirable unit mix: 4 1‑bedroom/1‑bath and 4 efficiency units, all currently rented.
- Recent updates include new electrical and plumbing, Hardie siding, and a 2‑year‑old roof.
- Proximity to downtown amenities, employment centers, the Monon Trail, and popular destinations like Bottleworks District/Mass Ave.
- Two new furnaces installed, improving operating efficiency.
Overview
This is an 8-unit multifamily property located in Indianapolis' Reagan Park neighborhood. The property features a unit mix of four 1-bedroom/1-bath apartments renting at $800 per month and four efficiency units renting at $550 per month. All units are tenant-occupied, generating a gross monthly income of $5,400, or $64,800 annually. Several improvements have been completed, including new electrical and plumbing, Hardie siding, a roof that is 2 years old, and 2 new furnaces. The property is located near downtown amenities, employment centers, and neighborhood revitalization projects, such as the new development of the Arnold Place Townhomes. It is located steps away from the Monon Trail and the Frederick Douglass Park and Family Center, and minutes away from The Bottleworks District/Mass Ave. The property is situated on a lot of 0.13 acres and the building size is 4,786 square feet. The property is zoned D8.
Local Financial Insights For Apartment 5plus
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 | $86.1k | $18.00 |
| − Vacancy | −$6.3k | −$1.31 |
| EGI | $79.9k | $16.69 |
| − OpEx | −$35.9k | −$7.51 |
| NOI | $43.9k | $9.18 |
4,786 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$627.5K
$549.0K – $732.1K
NOI $43,923 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,391 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.142198
- Latitude
- 39.802416
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Stabilized 8-unit multifamily property in Indianapolis' Reagan Park neighborhood.
Where is this apartment building located?
The property is located at 2438 Guilford Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Stabilized 8‑unit multifamily property generating $5,400 monthly gross income ($64,800/yr) from day one.; Located in Indianapolis' rapidly improving Reagan Park neighborhood with ongoing revitalization and new development.; Desirable unit mix: 4 1‑bedroom/1‑bath and 4 efficiency units, all currently rented.
