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    417 W 39Th St Indianapolis, IN 46208

    Sponsored
    For Sale
    Pending
    $250,000

    Traditional, Duplex - Indianapolis, IN

    Type:Duplex
    Lot size:
    0.09 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 25 at 1:06 am

    Property Features for 417 W 39Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Pending
    Security features
    Smoke Detector(s)
    Rooms
    Basement
    APN
    490614157018000801
    Exterior features
    Fencing
    Fencing
    Fenced
    Basement Y/N
    1
    Lot size
    0.09 Acres

    Building Details

    Year built
    1905
    Number of units
    2
    Building materials
    Vinyl Siding
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Peter Stewart
    Peter Stewart

    Keller Williams Indianapolis Metro North (317) 846-6300

    Listing agent Peter Stewart (317) 846-6300 License #RB15000083

    Listing date Feb 23, 2026

    MLS# 22076948 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.

    Learn more

    Property Insight Report

    Overview

    Indianapolis Duplex in Butler Tarkington

    Located in the Butler Tarkington neighborhood, this duplex presents a turnkey opportunity. The property features two rental units. One unit, with 1,195 square feet, includes 2 bedrooms and 1 bathroom and is leased at $1,050 per month through March 31, 2026. The other unit, with 1,375 square feet, offers 3 bedrooms and 2 bathrooms and is leased at $1,400 per month through April 30, 2026, plus a $25 monthly pet fee. Electricity is separately metered and paid by tenants. Water is shared, with each unit reimbursing the owner a flat $65 per month. The property is in good overall condition and benefits from a new roof. Situated near local establishments such as Chilly Water Tap Room and Hoagies & Hops, it is also within walking distance of Tarkington Park and the Red Line bus stop. The location offers tenant appeal due to its proximity to Butler University's campus, Hinkle Fieldhouse, and Clowes Hall. Access throughout the city is facilitated by proximity to Meridian St and 38th St. Destinations including the Art Museum, Children's Museum, State Fairgrounds, Monon Trail, Broad Ripple, and downtown Indy are all within 10-20 minutes. The property is professionally managed, with the option to continue services for a seamless transition. The lot size is 0.09 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Specialty properties

    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
    -86.166562
    Latitude
    39.826319

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    FAQs

    What type of property is this?
    Specialty property - Turnkey duplex in a stable, appreciating Indianapolis neighborhood.
    Where is this specialty property located?
    The property is located at 417 W 39Th St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: - Turnkey duplex in the highly desirable Butler Tarkington neighborhood.; - Strong rental income with both units leased through March and April 2026, generating a combined $2,450/month plus pet fees.; - New roof provides peace of mind and reduces potential maintenance costs.
    (317) 846-6300
    Request Owner's contact information
    417 W 39Th St Indianapolis, IN 46208
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    Indianapolis, IN 46208
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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.

    More about this property
    417 W 39Th St Indianapolis, IN 46208
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    We can help!
    Listing Contact
    Peter Stewart
    Peter Stewart
    Real Estate License ID: RB15000083
    (317) 846-6300 (317) 450-9202 (317) 564-7100
    Learn more
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