Multifamily Property with MU1
New
For Sale
$384,000
1515 E Michigan Street, Indianapolis, IN 46201
Multifamily asset with MU1 zoning, window units, forced-air heating, and unfinished interior areas.
Property Size2,774 SF
Days on Market6
Property Features for 1515 E Michigan Street
General Information
Standard status
Active
Size
2,774 SF
Property subtype
Residential Income
Zoning
MU1
Amenities
Window Unit(s)
Forced Air, Natural Gas
Unfinished
Building Details
Building Size
2,774 SF
Year Built
1921
Listing Agency:
(317) 760-2897
Listed By:
Ashley Mullin
(317) 760-2897
Source:
Evrealestate
Added: Jul 31
Changed: Aug 2
Last Checked: Aug 5 at 5:29AM
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 Ashley Mullin
Investment Insights
Based on property information with market context.
Located at 1515 E Michigan Street in Indianapolis, this multifamily property was built in 1921 and carries MU1 zoning. The interior includes window units, forced-air heating with natural gas, and unfinished areas.
The property is in Marion County, with GPS-friendly directions provided through its listed address.
The property is in Marion County, with GPS-friendly directions provided through its listed address.
Key Highlights
- MU1 zoning designation
- Built in 1921
- Window unit cooling
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.9k | $18.00 |
| − Vacancy | −$3.6k | −$1.31 |
| EGI | $46.3k | $16.69 |
| − OpEx | −$20.8k | −$7.51 |
| NOI | $25.5k | $9.18 |
2,774 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$363.7K
$318.2K – $424.3K
NOI $25,458 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,334 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily asset with MU1 zoning, window units, forced-air heating, and unfinished interior areas.
Where is this multifamily property located?
The property is located at 1515 E Michigan Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $384,000.
What are key features of this property?
This property features: MU1 zoning designation; Built in 1921; Window unit cooling
