Updated Duplex with Three-Car
For Sale
$489,000
1724 Woodlawn Ave, Indianapolis, IN 46203
Fully occupied duplex with two refreshed residential layouts and private garage parking.
Property Size3,790 SF
Price / SF$129.02
Days on Market66
Property Features for 1724 Woodlawn Ave
General Information
Standard status
Active
Size
3,790 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1930
Buildings
1
Listing Agency:
RE/MAX Real Estate Prof
Listed By:
The James Embry Team
(317) 903-0262
Source:
Jamesembry
Added: Aug 12
Changed: Oct 15
Last Checked: Oct 14 at 10:33PM
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 RE/MAX Real Estate Prof
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Investment Insights
Based on property information with market context.
This 3,790-square-foot duplex, built in 1930, contains two three-bedroom, two-bathroom units. Each residence includes stainless steel appliances, granite countertops, newly painted interiors, and custom-tiled showers. An oversized three-car garage provides dedicated parking and additional storage capacity.
The property is located on Woodlawn Ave in Indianapolis’s Fountain Square area, within walking distance of the neighborhood’s dining and nightlife destinations. Downtown Indianapolis is a short drive away. Both units are fully occupied, offering an established residential income configuration for an investor or house-hacker.
The property is located on Woodlawn Ave in Indianapolis’s Fountain Square area, within walking distance of the neighborhood’s dining and nightlife destinations. Downtown Indianapolis is a short drive away. Both units are fully occupied, offering an established residential income configuration for an investor or house-hacker.
Key Highlights
- 3,790 SF duplex with two three‑bedroom, two‑bathroom layouts
- Fully occupied residential income property
- Stainless steel appliances and granite countertops in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,000
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$800,000
$800.0K
Cap Rate 7%
$571,429
$571.4K
Cap Rate 9%
$444,444
$444.4K
Market Conditions
NOI Build-Up for 3,790 SF
Gross rent
$61.4K $16.20/SF
− Vacancy
−$4.3K −$1.12/SF
EGI
$57.1K $15.08/SF
− OpEx
−$17.1K −$4.52/SF
NOI
$40.0K $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 Rate 5%
$800,000
Cap Rate 7%
$571,429
Cap Rate 9%
$444,444
Alternative Uses
Best Use
Multifamily LT 5
$571.4K
$500.0K – $666.7K
NOI $40,000 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$496.9K
$434.8K – $579.7K
NOI $34,782 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$943.4K
$825.5K – $1.10M
NOI $66,037 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with two refreshed residential layouts and private garage parking.
Where is this duplex located?
The property is located at 1724 Woodlawn Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 3,790 SF duplex with two three‑bedroom, two‑bathroom layouts; Fully occupied residential income property; Stainless steel appliances and granite countertops in both units
