Refinished Duplex With Fenced
117 N Colorado Avenue, Indianapolis, IN 46201
For Sale
$299,000
Residential Income, Indianapolis, IN
Property Size2,200 SF
Lot Size0.13 Acres
Price / SF$135.91
Days on Market53
Property Features for 117 N Colorado Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Subdivision
Lot features
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Amenities
porch
private fenced in backyard
Building Details
Year built
Floors in Building
Number of units
Building materials
Buildings
Listing Agency:
eXp Realty, LLC
Listed By:
James Canull · License #RB14050789
(888) 611-3912
Added: Sep 18
Changed: Oct 29
Last Checked: Nov 9 at 8:06AM
MLS# 22126866
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.
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Investment Insights
Based on property information with market context.
This two-story duplex offers 1,100 square feet per side and was built in 1910. The property has been refinished throughout and retains American Foursquare architectural elements, including a covered front porch and wood siding. A fenced backyard provides private outdoor space, while the two-unit layout supports separate residential occupancy.
Located at 117 N Colorado Avenue in Indianapolis, the property sits on a 0.13-acre lot. Each side is currently leased, providing an existing rental arrangement for an investor seeking a residential income property with completed updates. The four-bedroom and two-bathroom room details are reflected across the property record.
Located at 117 N Colorado Avenue in Indianapolis, the property sits on a 0.13-acre lot. Each side is currently leased, providing an existing rental arrangement for an investor seeking a residential income property with completed updates. The four-bedroom and two-bathroom room details are reflected across the property record.
Key Highlights
- 1,100 square feet per side
- Two‑story duplex built in 1910
- American Foursquare architectural style with covered front porch
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,219
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,380
$464.4K
Cap Rate 7%
$331,700
$331.7K
Cap Rate 9%
$257,989
$258.0K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$35.6K $16.20/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$33.2K $15.08/SF
− OpEx
−$10.0K −$4.52/SF
NOI
$23.2K $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 Rate 5%
$464,380
Cap Rate 7%
$331,700
Cap Rate 9%
$257,989
Alternative Uses
Best Use
Multifamily LT 5
$331.7K
$290.2K – $387.0K
NOI $23,219 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$288.4K
$252.4K – $336.5K
NOI $20,190 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$547.6K
$479.2K – $638.9K
NOI $38,333 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
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Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
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Market
Properties on Market for Duplexes in Indianapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both units are leased and feature refinished interiors with access to a private fenced backyard.
Where is this duplex located?
The property is located at 117 N Colorado Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,100 square feet per side; Two‑story duplex built in 1910; American Foursquare architectural style with covered front porch
