1622-1624 Prospect Street, Indianapolis, IN 46203
- Added:
- Mar 13, 2026
- Days on Market:
- 93
- Last Refresh:
- Jun 13 at 10:06 pm
Property Features for 1622-1624 Prospect Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Exterior features
- Smart Lock(s)
- Basement
- Partial
- Standard status
- Pending
- APN
- 491007209187000101
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Fletchers Woodlawn Add 38Ft W Side L322
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1910
- Floors in Building
- 2
- Number of units
- 2
- Building materials
- Cement Siding, Brick
Listing agent Joshua Carpenter License #RB15001602 (317) 679-6330
Listing office Trueblood Real Estate North Street Suite 350 8700, Fishers, IN (317) 288-5148
Listing date Mar 13, 2026
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.
HighLights
- Fully remodeled duplex with two 1,975 sq. ft. units totaling 3,940 sq. ft.
- Each unit features 2 bedrooms and 2.5 bathrooms with high‑end finishes and LVP flooring.
- Expansive kitchens in both units with large center islands, granite countertops, and stainless steel appliances.
- Separate dedicated garage space for each unit in the detached 2‑car garage.
- Central air cooling; cement siding and brick exterior construction; smart locks.
Overview
The property is located at 1622-1624 Prospect Street in Indianapolis, IN 46203. The setting supports walkability to nearby Fountain Square shops and restaurants, while also offering easy access to highways for quick connectivity around downtown Indianapolis.
The current configuration makes the property a strong fit for multiple ownership or occupancy strategies, including long-term rentals, short-term or Air BnB use, or a house-hacker setup that combines owner-occupancy with rental income. With both units move-in ready and laid out similarly, operators and buyers can manage the asset with consistent unit features and finishes. The duplex format also supports flexible use across two separate households within one property.
Local Financial Insights For Multifamily LT 5
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 | $63.8k | $16.20 |
| − Vacancy | −$4.4k | −$1.12 |
| EGI | $59.4k | $15.08 |
| − OpEx | −$17.8k | −$4.52 |
| NOI | $41.6k | $10.55 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.131392
- Latitude
- 39.752611
