Six-Unit Brick Apartment
For Sale
$1,555,000
2101 N Pennsylvania Street, Indianapolis, IN 46202
Each residence has three bedrooms and approximately 2,000 square feet of living area.
Property Size13,524 SF
Price / SF$114.98
Days on Market380
Property Features for 2101 N Pennsylvania Street
General Information
Standard status
Active
Size
13,524 SF
Property subtype
Commercial
Zoning
Apartments General
Occupancy
100%
Site & Location
Neighborhood
Near Northside
Units
Unit Mix
6 x 3BR
Multifamily Units
6
Building Details
Building Size
13,524 SF
Year Renovated
2021
Buildings
1
Units
6
Construction
all-brick
Listing Agency:
Batts Real Estate Group
Listed By:
Lisa Batts
(765) 894-0575
Source:
Battsrealestategroup
Added: Oct 10, 2025
Changed: Oct 22
Last Checked: Oct 23 at 9:34PM
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 Batts Real Estate Group
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Investment Insights
Based on property information with market context.
This all-brick apartment property contains six residences and 13,524 square feet. Each unit has a three-bedroom layout of approximately 2,000 square feet. The building is fully occupied, and its zoning is Apartments General. A lower level provides additional space for storage or other uses, subject to buyer verification and approvals.
The property is on N Pennsylvania Street in Indianapolis, minutes from downtown, hospitals, dining, and the 16th Street corridor.
The property is on N Pennsylvania Street in Indianapolis, minutes from downtown, hospitals, dining, and the 16th Street corridor.
Key Highlights
- Six apartments within 13,524 square feet
- Each residence has 3 bedrooms and approximately 2,000 square feet
- All‑brick building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$124,114
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,482,280
$2.5M
Cap Rate 7%
$1,773,057
$1.8M
Cap Rate 9%
$1,379,044
$1.4M
Market Conditions
NOI Build-Up for 13,524 SF
Gross rent
$243.4K $18.00/SF
− Vacancy
−$17.8K −$1.31/SF
EGI
$225.7K $16.69/SF
− OpEx
−$101.5K −$7.51/SF
NOI
$124.1K $9.18/SF
Area
Indianapolis, IN
Vacancy
7.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,482,280
Cap Rate 7%
$1,773,057
Cap Rate 9%
$1,379,044
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,114 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,642 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,014
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
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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?
Apartment building - Each residence has three bedrooms and approximately 2,000 square feet of living area.
Where is this apartment building located?
The property is located at 2101 N Pennsylvania Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,555,000.
What are key features of this property?
This property features: Six apartments within 13,524 square feet; Each residence has 3 bedrooms and approximately 2,000 square feet; All‑brick building
