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Income Generating Multifamily Property

19-21 Hendricks Place, Indianapolis, IN 46201

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For Sale

$399,900

Income-generating property with seven renovated units and potential for expansion.

Type:Multi-Family

Property size:

2,314 SF

Price / SF:

$172/SF

HighLights

High income potential with 7 renovated studio/efficiency units.
Potential to receive $6,300 total in monthly rent.
Recently renovated and upfit units, each with kitchen, bedroom, closet, and bath.
Huge unused attic space with potential for 2 additional units.
Favorable D8 zoning.
Corner lot location.

We can help!

Listing Contact

Mark Harris

Learn more

For Sale

$399,900

Income-generating property with seven renovated units and potential for expansion.

Type:Multi-Family

Property size:

2,314 SF

Price / SF:

$172/SF

Added:: Jan 12, 2025
Days on Market:: 512
Last Refresh:: May 12 at 9:46 pm

Property Features for 19-21 Hendricks Place

General Information

Standard status: Active
Size: 2,314 SF
Property subtype: Multi-Family

Building Details

Year Built: 1890

We can help!

Listing Contact

Mark Harris

Listing agent Mark Harris

Listing office CENTURY 21 Scheetz

Listing date Jan 12, 2025

Source Xome

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 CENTURY 21 Scheetz

HighLights

High income potential with 7 renovated studio/efficiency units.
Potential to receive $6,300 total in monthly rent.
Recently renovated and upfit units, each with kitchen, bedroom, closet, and bath.
Huge unused attic space with potential for 2 additional units.
Favorable D8 zoning.
Corner lot location.

Overview

This income-generating property features seven studio/efficiency units. The property is divided into two sections: one side (#19) contains four units, while the other side (#21) has three units. All units have been recently renovated and upfit for selling/renting. Each unit includes a kitchen, bedroom, closet, and bath. The property also features a large, unused attic space that offers the potential for additional units. Parking is available in the back of the property and on the street. The property is zoned D8. Tenant's rights apply, and a 48-hour advanced notice is required for showings. The property size is 2314 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$41.7k	$18.00
− Vacancy	−$3.0k	−$1.31
EGI	$38.6k	$16.69
− OpEx	−$17.4k	−$7.51
NOI	$21.2k	$9.18

2,314 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$303.4K

$265.5K – $353.9K (±1% cap)

NOI $21,236 @ 7.0% cap · market cap 5.31%

Second Best

—

no second resolved use

Theoretical Best

Office A

$576.0K

$504.0K – $672.0K (±1% cap)

NOI $40,319 @ 7.0% cap · market cap 10.08%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Indianapolis
County: Hamilton
State: Indiana
Longitude: -86.1263048
Latitude: 39.768172

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For sale
Apartment buildings
IN
Indianapolis
46201
19-21 Hendricks Place

What type of property is this?

Apartment building - Income-generating property with seven renovated units and potential for expansion.

Where is this apartment building located?

The property is located at 19-21 Hendricks Place Indianapolis, IN.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: High income potential with 7 renovated studio/efficiency units.; Potential to receive $6,300 total in monthly rent.; Recently renovated and upfit units, each with kitchen, bedroom, closet, and bath.