Under-Construction
For Sale
$475,000
Pending
1301 S Alabama Street, Indianapolis, IN 46225
Residential Income, Indianapolis, IN
Property Size1,296 SF
Lot Size0.09 Acres
Days on Market9
Property Features for 1301 S Alabama Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Subdivision
No Subdivision
High school
Arsenal Technical High School
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Pending
APN
491113203020000101
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Yeiser Guardians Add 40Ft N End L122 40Ft N Endl123 & 40Ft N End L124
Legal Description
Yeiser Guardians Add 40Ft N End L122 40Ft N Endl123 & 40Ft N End L124
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Listing Agency:
Neu Real Estate Group
(317) 572-9000
Listed By:
Edward Neu · License #RB14039123
(317) 710-9743
Added: Aug 24
Changed: Aug 28
Last Checked: Sep 1 at 11:06AM
MLS# 22120804
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.
Investment Insights
Based on property information with market context.
This duplex is under construction on a 0.09-acre lot in Indianapolis. The property is identified with a 2026 year built and includes 1,296 square feet of living area, three bedrooms, and two full bathrooms. Interior specifications include granite countertops, stainless steel appliances, tiled shower surrounds, and granite vanity tops.
Located at 1301 S Alabama Street in Indianapolis, the property is within Marion County and carries the 46225 postal code. The residence is broker owned. Its under-construction status and specified finish package provide a clear basis for evaluating the completed residential income property.
Located at 1301 S Alabama Street in Indianapolis, the property is within Marion County and carries the 46225 postal code. The residence is broker owned. Its under-construction status and specified finish package provide a clear basis for evaluating the completed residential income property.
Key Highlights
- Duplex under construction with a 2026 year built
- 1,296 square feet of living area
- Three bedrooms and two full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,678
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,560
$273.6K
Cap Rate 7%
$195,400
$195.4K
Cap Rate 9%
$151,978
$152.0K
Market Conditions
NOI Build-Up for 1,296 SF
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.
Gross rent
$21.0K $16.20/SF
− Vacancy
−$1.5K −$1.12/SF
EGI
$19.5K $15.08/SF
− OpEx
−$5.9K −$4.52/SF
NOI
$13.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,560
Cap Rate 7%
$195,400
Cap Rate 9%
$151,978
Alternative Uses
Best Use
Multifamily LT 5
$195.4K
$171.0K – $228.0K
NOI $13,678 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$169.9K
$148.7K – $198.2K
NOI $11,894 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$322.6K
$282.3K – $376.4K
NOI $22,582 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 46225, IN
6,503
Population
3,056
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
1,626
Density / Sq Mi
$47,917
Median Household Income
$36,132
Median Earnings
$1,104
Median Rent
$123,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Modern interiors feature granite surfaces, stainless steel appliances, and tiled bathroom surrounds.
Where is this duplex located?
The property is located at 1301 S Alabama Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex under construction with a 2026 year built; 1,296 square feet of living area; Three bedrooms and two full bathrooms
