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    505 W 40Th St Indianapolis, IN 46208

    For Sale
    $195,000

    Duplex - Indianapolis, IN

    Type:Duplex
    Lot size:
    0.12 Acres
    Days on Market:
    23
    Last Refresh:
    Dec 13 at 4:06 am

    Property Features for 505 W 40Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Zoning
    Multi
    Rooms
    Basement
    APN
    490614152019000801
    Exterior features
    Corner Lot, Fencing
    Fencing
    Fenced
    Basement Y/N
    1
    Lot size
    0.12 Acres

    Building Details

    Year built
    1915
    Number of units
    2
    Architectural style
    Other

    Keller Williams Indy Metro West (317) 271-5959 [email protected]

    Listing agent Chris Price (317) 271-5959 License #RB14030267

    Listing date Nov 21, 2025

    MLS# 22032052 Listing URL

    Copyright © 2025 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.

    Overview

    Historic Duplex in Butler-Tarkington

    This rare, two-story historic multi-family property is located in the Butler-Tarkington neighborhood. The property is situated minutes from mid-town, Broad Ripple, interstate access, parks, and schools. It features an enclosed, private backyard and separate enclosed front porches, along with a two-car detached garage for off-street parking. The property appears to have been previously configured with three bedrooms per side but is now converted to one unit having an extra large primary bedroom. Each side contains a three-bedroom, one-bathroom unit and a two-bedroom, one-and-a-half-bathroom unit. The full basement space offers the ability to be finished. Original woodwork, ornate brick fireplaces on each side, clawfoot tubs, and raised ceilings add to the Old World charm. The property, situated on a 0.12-acre lot, could be a great house hack to live in one side and pay the mortgage on the other, or an amazing long-term buy and hold.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.167827
    Latitude
    39.828121

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    FAQs

    What type of property is this?
    Duplex - Rare, historic multi-family property near mid-town with many possibilities.
    Where is this duplex located?
    The property is located at 505 W 40Th St Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $195,000.
    What are key features of this property?
    This property features: - Rare, historic multi-family property in desirable Butler-Tarkington neighborhood.; - Potential for house hacking: live in one unit and rent the other.; - Two units: one with 3 bedrooms/1 bathroom, the other with 2 bedrooms/1.5 bathrooms.
    (317) 271-5959
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    Indianapolis, IN 46208
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    Realmo Value Estimation

    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.

    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.

    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
    505 W 40Th St Indianapolis, IN 46208
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