1241 Shepard Street, Indianapolis, IN 46221

Building Details

Year built

1920

Floors in Building

2

Number of units

2

Building materials

Brick, Wood Siding

Architectural style

Other

Listing agent Maxwell Richter License #RB15000880 Show Phone

Listing office Wilmoth Group J***@WilmothGroup.com Crosspoint Blvd Ste 148 9855, IN Show Phone

Listing date Apr 11, 2026

Report an issue

MLS# 22094861 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.

---

Overview

This for-sale duplex is fully occupied and configured as two separate residences, each offering two bedrooms and one bathroom. The main level includes the bathroom, while both bedrooms are located upstairs. A detached garage is provided for each side, offering additional storage and off-street parking convenience. The property is currently under tenancy; photos were taken prior to occupancy, so interior condition may differ from current finishes.

The duplex sits on a 0.12-acre lot at 1241 Shepard Street in Indianapolis, IN 46221, within Marion County. The current operating setup includes tenant-paid utilities, and additional pet rent is collected. Both sides are occupied, with total reported rent of $1,655 per month.

For investors or owner-operators looking for a duplex with in-place tenants, this layout provides two matching units with a clear separation of living space and bedrooms upstairs. With both tenants described as having lived at the property for multiple terms, the current rent is reported as stable. The detached garage adds practical value for residents who want on-site storage or parking, while the tenant-paid utility structure can support straightforward budgeting from the outset.

Suggested Use

Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center Pharmacy

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

Location Insight

• Map
• Local Demand

City

Indianapolis

County

Hamilton

State

Indiana

Longitude

-86.193006

Latitude

39.749727

Nearby Similar for Sale

• 

  $685,000

  Restaurant/QSR With Drive-Thru Potential

  Restaurant-ready space with recent upgrades, signalized access, and prominent visibility along a major northside retail corridor.

  5527 N Keystone Avenue, Indianapolis, IN 46220

  View Details
• 

  $149,000

  6,022 SF

  Value-Add Commercial Opportunity in Indianapolis

  Four-unit commercial property for renovation and repositioning near downtown.

  3427 W Michigan Street, Indianapolis, IN 46222

  View Details
• 

  $550,000

  Hard-Corner Retail/Office Building

  C-3 zoned building on a hard corner with strong traffic exposure, onsite parking, and flexible retail or office use.

  5243 Rockville Road, Indianapolis, IN 46224

  View Details
• 

  $260,000

  1,996 SF

  Freestanding Office Building on Shadeland

  Single-story office building on 0.30 acres, C-1 zoning.

  1109 N Shadeland Avenue, Indianapolis, IN 46219

  View Details
• 

  $399,000

  2,274 SF

  Freestanding Office Building on Shadeland

  Single-story office building with C-1 zoning in Indianapolis.

  1101 N Shadeland Avenue, Indianapolis, IN 46219

  View Details
• 

  $560,000

  Flexible Office Building with Detached Garage

  C-1 zoned building with a fenced outdoor area and detached garage, suited for office or education-oriented uses.

  2131 E 54th Street, Indianapolis, IN 46220

  View Details
• 

  $2,475,000

  Renovated Office Flex Complex

  Multi-tenant office and flex space with common parking and five leasable suites offering flexible occupancy options.

  9130 Otis Avenue, Indianapolis, IN 46216

  View Details
• 

  $4,350,000

  Heavy Industrial Dock-High Warehouse

  49,000 SF heavy industrial facility with multiple dock-high doors, office buildout, and 16'4" clear height.

  2334 Production Drive, Indianapolis, IN 46241

  View Details
• 

  $1,000,000

  Corner Two-Tenant Retail and Auto Site

  Remodeled two-tenant corner property in C-5 zoning, positioned for retail and auto-related business uses near major corridors.

  1121 E Troy Avenue, Indianapolis, IN 46203

  View Details
• 

  $700,000

  Multi-Office Building with Private Parking

  Commercial-office building with 16 offices, large windows, and a private parking lot near major thoroughfares.

  1300 N Pennsylvania Street, Indianapolis, IN 46202

  View Details
• 

  $1,200,000

  Auto Shop with Paint Booth

  Automotive repair facility with a custom paint booth, office, and multiple work bays supported by front and rear vehicle access.

  7086 Southeastern Avenue, Indianapolis, IN 46239

  View Details
• 

  $1,499,999

  10,789 SF

  Keystone Avenue Redevelopment Opportunity

  1.63 acres with flexible zoning in evolving urban area.

  4498 North Keystone Avenue, Indianapolis, IN 46205

  View Details

FAQs

What type of property is this?

Duplex - Two separate 2BR/1BA units with detached garage access, currently fully occupied with tenants paying utilities and pet rent.

Where is this duplex located?

The property is located at 1241 Shepard Street Indianapolis, IN.

What is the asking price?

The asking price for this property is $154,900.

What are key features of this property?

This property features: Fully occupied duplex with 2 bedrooms and 1 bathroom per side; Both sides feature spacious main levels with the bathroom and upstairs bedrooms; Rent totals $1,655/month, with tenants paying all utilities