Fourplex with Unfinished
For Sale
$899,000
1721 Woodruff Place Cross Drive, Indianapolis, IN 46201
MULTI_FAMILY - Ranch - Indianapolis, IN
Property Size3,600 SF
Lot Size0.37 Acres
Price / SF$249.72
Days on Market23
Property Features for 1721 Woodruff Place Cross Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Exterior features
Storage Shed
Subdivision
Woodruff Place
Lot features
Corner Lot, Sidewalks, Trees- Small ( Under 20 Ft)
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Active
APN
491006168033000101
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WOODRUFF PL L30
Legal Description
WOODRUFF PL L30
Utilities
Cooling system
Separate Meters
Building Details
Year built
1950
Floors in Building
1
Number of units
4
Building materials
Brick
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
United Real Estate Indpls
(317) 216-8800
Listed By:
Benjamin Claghorn · License #RB14045889
(317) 255-7285
Added: Jul 22
Last Checked: Aug 13 at 2:06AM
MLS# 22115720
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.
Investment Insights
Based on property information with market context.
1721-1727 Woodruff Place Cross Drive is a fourplex configured as four units in a row. The main level of each unit offers approximately 900 square feet with two bedrooms and one full bath, plus an additional 900 square feet of unfinished basement space that may be used as additional living area. The units have been updated over the years, and the property includes outdoor space on the site.
According to the listing, there is currently no HOA or party wall agreement. The property is located in Indianapolis, Indiana (Marion County), on a 0.37-acre lot.
According to the listing, there is currently no HOA or party wall agreement. The property is located in Indianapolis, Indiana (Marion County), on a 0.37-acre lot.
Key Highlights
- 1950 ranch‑style brick 4‑plex with separate meters for cooling
- 4 units in a row; each unit is 2 bed / 1 full bath
- Each unit offers 900 SF on the main level plus an additional 900 SF unfinished basement
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
$37,995
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
4.23%
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%
$759,900
$759.9K
Cap Rate 7%
$542,786
$542.8K
Cap Rate 9%
$422,167
$422.2K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$4.0K −$1.12/SF
EGI
$54.3K $15.08/SF
− OpEx
−$16.3K −$4.52/SF
NOI
$38.0K $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%
$759,900
Cap Rate 7%
$542,786
Cap Rate 9%
$422,167
Alternative Uses
Best Use
Multifamily LT 5
$542.8K
$474.9K – $633.3K
NOI $37,995 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$472.0K
$413.0K – $550.6K
NOI $33,038 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$896.1K
$784.1K – $1.05M
NOI $62,726 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four units in a row, each with updated interiors and 900-sf basements for additional living space.
Where is this quadplex located?
The property is located at 1721 Woodruff Place Cross Drive Indianapolis, IN.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1950 ranch‑style brick 4‑plex with separate meters for cooling; 4 units in a row; each unit is 2 bed / 1 full bath; Each unit offers 900 SF on the main level plus an additional 900 SF unfinished basement
