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    Duplex Income Property with Two 3BR Units Title is generated by Realmo AI

    2868 N Sherman Drive, Indianapolis, IN 46218

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    Claim this Listing
    Pending
    $275,000

    MULTI_FAMILY - Other - Indianapolis, IN

    Property size:
    1,848 SF
    Lot size:
    0.32 Acres
    Added:
    Nov 20, 2025
    Days on Market:
    204
    Last Refresh:
    Jun 12 at 1:06 pm

    Property Features for 2868 N Sherman Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Basement
    Standard status
    Pending
    APN
    490729156362000101
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Brightwood Amended L3 & L4 B114

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    2
    Architectural style
    Other

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    Listing Contact
    Catherine Rubenstein

    Listing agent Catherine Rubenstein License #RB21001067

    Listing office Mark Dietel Realty, LLC S East St 6425, Indpls, IN

    Listing date Nov 20, 2025

    MLS# 22072440 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

    • Duplex built in 1920 with two 3‑bedroom, 2‑bath units
    • Approx. 1,848 sq. ft. living space per unit
    • Each unit features a large kitchen, generous living area, and comfortable bedrooms
    • 0.32‑acre lot (14,060 sq. ft.)
    • Basement provides additional storage or utility space

    Overview

    This for-sale duplex includes two separate 3-bedroom, 2-bath units. Each unit is described as having large kitchens, generous living areas, comfortable bedrooms, and approximately 1,848 square feet of living space. The property also includes a basement that can provide additional storage or utility space. The overall site is a 0.32-acre lot.

    The property is located at 2868 N Sherman Drive in Indianapolis, IN 46218, in Marion County. The remarks note convenience to major highways, downtown Indianapolis, and local amenities, supporting easy day-to-day access for residents.

    For investors, this configuration offers two well-sized residential units within one duplex structure. For an owner-occupant, the layout can support multi-generational living or renting one side while occupying the other, depending on your preferred arrangement. The property’s described unit features and on-site basement space add practical functionality for tenants or household needs.

    Local 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 $29.9k $16.20
    − Vacancy −$2.1k −$1.12
    EGI $27.9k $15.08
    − OpEx −$8.4k −$4.52
    NOI $19.5k $10.55
    1,848 SF · lease $16.20/SF/yr · vacancy 6.93% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $278.6K
    $243.8K – $325.1K (±1% cap)
    NOI $19,504 @ 7.0% cap · market cap 7.09%
    Second Best
    Apartment 5plus
    $242.3K
    $212.0K – $282.7K (±1% cap)
    NOI $16,960 @ 7.0% cap · market cap 6.17%
    Theoretical Best
    Office A
    $460.0K
    $402.5K – $536.7K (±1% cap)
    NOI $32,200 @ 7.0% cap · market cap 11.71%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    -86.102764
    Latitude
    39.808639

    FAQs

    What type of property is this?
    Duplex - Duplex with two 3-bedroom, 2-bath units and a basement, offering flexible residential income or owner-occupant living.
    Where is this duplex located?
    The property is located at 2868 N Sherman Drive Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Duplex built in 1920 with two 3‑bedroom, 2‑bath units; Approx. 1,848 sq. ft. living space per unit; Each unit features a large kitchen, generous living area, and comfortable bedrooms
    More about this property
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