Historic End-Unit Income
For Sale
$210,000
1486 Illinois Street, Indianapolis, IN 46202
Brick row-house condominium with two bedrooms, a finished-style basement bonus room, and underground parking.
Property Size1,322 SF
Price / SF$158.85
Days on Market52
Property Features for 1486 Illinois Street
General Information
Standard status
Active
Size
1,322 SF
Property subtype
Commercial
Building Details
Year Built
1890
Listing Agency:
Bif Ward Real Estate Group
Listed By:
Bif Ward
(317) 580-7871
Source:
Bifward
Added: Aug 26
Changed: Oct 10
Last Checked: Oct 16 at 5:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bif Ward Real Estate Group
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Investment Insights
Based on property information with market context.
This end-unit condominium occupies a brick row house built in 1890 and listed in the National Historic Registry. The residence includes two bedrooms, two bathrooms, a living room, a large dining room, and an updated kitchen with appliances included. A basement bonus room provides additional flex space, while the lower level connects directly to the underground garage. The fireplace is decorative, and a stack washer/dryer is located upstairs.
Two designated parking bays are assigned in the underground garage, which uses electronic access and is reached by a newer concrete drive. The property is located at 1486 Illinois Street in Indianapolis, with access to interstates and public transportation. It is adjacent to the IU Health Methodist Hospital expansion and near the Stutz Center, Downtown Canal Walk, Lucas Oil Stadium, Gainbridge Fieldhouse, and the Children’s Museum. Bike lanes are accessible on Illinois Street.
Two designated parking bays are assigned in the underground garage, which uses electronic access and is reached by a newer concrete drive. The property is located at 1486 Illinois Street in Indianapolis, with access to interstates and public transportation. It is adjacent to the IU Health Methodist Hospital expansion and near the Stutz Center, Downtown Canal Walk, Lucas Oil Stadium, Gainbridge Fieldhouse, and the Children’s Museum. Bike lanes are accessible on Illinois Street.
Key Highlights
- End‑unit brick row‑house condominium built in 1890
- Listed in the National Historic Registry
- Two bedrooms and two bathrooms with basement bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,132
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$242,640
$242.6K
Cap Rate 7%
$173,314
$173.3K
Cap Rate 9%
$134,800
$134.8K
Market Conditions
NOI Build-Up for 1,322 SF
Gross rent
$23.8K $18.00/SF
− Vacancy
−$1.7K −$1.31/SF
EGI
$22.1K $16.69/SF
− OpEx
−$9.9K −$7.51/SF
NOI
$12.1K $9.18/SF
Area
Indianapolis, IN
Vacancy
7.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$242,640
Cap Rate 7%
$173,314
Cap Rate 9%
$134,800
Alternative Uses
Best Use
Apartment 5plus
$173.3K
$151.7K – $202.2K
NOI $12,132 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.1K
$287.9K – $383.9K
NOI $23,035 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,917
Businesses Nearby
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Brick row-house condominium with two bedrooms, a finished-style basement bonus room, and underground parking.
Where is this residential income property located?
The property is located at 1486 Illinois Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: End‑unit brick row‑house condominium built in 1890; Listed in the National Historic Registry; Two bedrooms and two bathrooms with basement bonus room
