Twelve-Unit Brick Multifamily
For Sale
$1,500,000
1635 Central Avenue, Indianapolis, IN 46202
Three all-brick buildings with 12 leased two-bedroom units, individually metered electric, and coin laundry for residents.
Property Size17,028 SF
Price / SF$88.09
Days on Market151
Property Features for 1635 Central Avenue
General Information
Standard status
Active
Size
17,028 SF
Property subtype
Commercial Sale / Multi-Family 5+
Zoning
zo01
Occupancy
95%
Net Operating Income
$95,600
Additional Details
Cap Rate
6%
Multifamily Units
12
Amenities
24
Yes
12
Common Laundry, In Basement
Brick
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Highgarden Real Estate
(317) 205-4320
Listed By:
Kathryn Teltow · License #RB17000722
(317) 205-4320
Source:
Compass
Added: Apr 2
Changed: Aug 27
Last Checked: Aug 29 at 4:04PM
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 Highgarden Real Estate
Investment Insights
Based on property information with market context.
This 12-unit multifamily property consists of three all-brick buildings with four units in each structure. The units are configured as two bedrooms and one bathroom, with central air and individual furnaces and water heaters. Each home includes a refrigerator and oven, and residents have access to additional storage in the basements of the buildings. Coin operated laundry is provided, and water heaters are located in the basements. Tenants share one large trash dumpster in the alley.
The property is located at the intersection of the Herron Morton and Old Northside neighborhoods on Central Ave in Indianapolis. Each unit is individually metered for electric, and the building does not include gas service. Over the past several years, the property has maintained approximately 95% occupancy. One unit is recently vacant and available for showings, while other units can be accessed upon an accepted offer.
Rent roll details are available upon request, and current lease rates range from $895 to $995 per month with renewals set to $995. Residents pay their own electric, plus $50 per month for utilities, and pets pay an additional $25 per month. The owner pays water, sewer, and common area electric, and the current management company is willing to continue management. The property is positioned for experienced landlords seeking stable, income-producing operations.
The property is located at the intersection of the Herron Morton and Old Northside neighborhoods on Central Ave in Indianapolis. Each unit is individually metered for electric, and the building does not include gas service. Over the past several years, the property has maintained approximately 95% occupancy. One unit is recently vacant and available for showings, while other units can be accessed upon an accepted offer.
Rent roll details are available upon request, and current lease rates range from $895 to $995 per month with renewals set to $995. Residents pay their own electric, plus $50 per month for utilities, and pets pay an additional $25 per month. The owner pays water, sewer, and common area electric, and the current management company is willing to continue management. The property is positioned for experienced landlords seeking stable, income-producing operations.
Key Highlights
- 12‑unit multifamily with three all‑brick buildings (4 units per building), built in 1930
- All 12 units are 2 bed / 1 bath, with individual electric meters and residents paying electric
- Each unit includes its own furnace, central air, and water heater; no gas
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,367
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
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three all-brick buildings with 12 leased two-bedroom units, individually metered electric, and coin laundry for residents.
Where is this apartment building located?
The property is located at 1635 Central Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 12‑unit multifamily with three all‑brick buildings (4 units per building), built in 1930; All 12 units are 2 bed / 1 bath, with individual electric meters and residents paying electric; Each unit includes its own furnace, central air, and water heater; no gas
