Duplex with Modern
For Sale
$475,000
210 N State Avenue, Indianapolis, IN 46201
Residential Income, Indianapolis, IN
Property Size1,296 SF
Lot Size0.09 Acres
Price / SF$366.51
Days on Market67
Property Features for 210 N State Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1
Subdivision
No Subdivision
High school
Arsenal Technical High School
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
491006158003000101
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
J M Ridenours State Ave Sub L14 Also Kollers Add Pt L8 Beg 34' S Of Nw Cor P.O.B. E20' S34' W20' N34' To Beg
Tax Annual Amount
1046
Legal Description
J M Ridenours State Ave Sub L14 Also Kollers Add Pt L8 Beg 34' S Of Nw Cor P.O.B. E20' S34' W20' N34' To Beg
Building Details
Year built
2026
Number of units
2
Listing Agency:
Neu Real Estate Group
(317) 572-9000
Listed By:
Alec Neu
(317) 710-9743
Added: Aug 19
Changed: Oct 22
Last Checked: Oct 24 at 12:06AM
MLS# 22120744
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This duplex is under construction, with completion noted for 2026. The property has 1,296 square feet of living area, three bedrooms, and two full bathrooms. Interior features include granite countertops, stainless steel appliances, tiled shower surrounds, and granite vanity tops. The lot measures 0.09 acres.
Key Highlights
- Duplex under construction; year built listed as 2026
- 1,296 square feet of living area
- Three bedrooms and two full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,678
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$273,560
$273.6K
Cap Rate 7%
$195,400
$195.4K
Cap Rate 9%
$151,978
$152.0K
Market Conditions
NOI Build-Up for 1,296 SF
Gross rent
$21.0K $16.20/SF
− Vacancy
−$1.5K −$1.12/SF
EGI
$19.5K $15.08/SF
− OpEx
−$5.9K −$4.52/SF
NOI
$13.7K $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%
$273,560
Cap Rate 7%
$195,400
Cap Rate 9%
$151,978
Alternative Uses
Best Use
Multifamily LT 5
$195.4K
$171.0K – $228.0K
NOI $13,678 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$169.9K
$148.7K – $198.2K
NOI $11,894 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$322.6K
$282.3K – $376.4K
NOI $22,582 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
788
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - The under-construction property features granite counters, stainless steel appliances, and tiled bathroom surrounds.
Where is this duplex located?
The property is located at 210 N State Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex under construction; year built listed as 2026; 1,296 square feet of living area; Three bedrooms and two full bathrooms
