Herron-Morton Multifamily Investment
2101 N Pennsylvania Street, Indianapolis, IN 46202
Multi-Family 5+ - Indianapolis, IN
Property size:
13,524 SFLot size:
0.14 AcresPrice / SF:
$114/SF- Added:
- Oct 10, 2025
- Days on Market:
- 236
- Last Refresh:
- Jun 2 at 3:06 am
Property Features for 2101 N Pennsylvania Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Apartments General
- Standard status
- Active
- APN
- 490636176184000101
- Size
- 13,524 SF
- Lot size
- 0.14 Acres
Building Details
- Number of units
- 6
- Architectural style
- Other
Listing agent Charlene Gaard License #RB14033327 (317) 440-2149
Listing office No Limit Real Estate, LLC East Carmel Drive Suite F400, Carmel, IN (317) 440-2149
Listing date Oct 10, 2025
MLS# 22067612
Listing URL
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.
HighLights
- Strong Income Potential: Currently 100% occupied with a near 6% cap rate and $95,000 NOI, with potential to exceed $130,000 NOI and 7% cap rate with basement conversion.
- Significant Expansion Opportunity: Over 4,000 sq. ft. of basement space allows for the addition of 3‑4 units or other income‑generating uses.
- Prime Herron‑Morton Location: Highly desirable area minutes from downtown, hospitals, IUPUI, and the 16th Street corridor.
- Large Units: Six spacious 3‑bedroom, 1.5‑bath units, each approximately 2,000 sq. ft.
- Stable Investment: Full‑brick building with recent capital improvements, ensuring low maintenance and smooth operations.
- Condo Conversion Potential: Structure's design and footprint lend themselves to condo conversion in a high‑demand area.
Overview
This six-unit, all-brick building is located in the Herron-Morton neighborhood of Indianapolis. The property offers over 13,500 square feet of space. Each residence features a 3-bedroom floorplan of approximately 2,000 square feet. The property is fully occupied with rents currently below prevailing market levels. Recent improvements have enhanced operational stability while preserving the architectural character. The property is located minutes from downtown, major hospitals, dining, and the 16th Street corridor. The lower level offers additional space for storage, amenity, workspace, or other potential future uses. The lot size is 0.14 acres. The property's zoning is Apartments General. The property is located in Marion County.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $243.4k | $18.00 |
| − Vacancy | −$17.8k | −$1.31 |
| EGI | $225.7k | $16.69 |
| − OpEx | −$101.5k | −$7.51 |
| NOI | $124.1k | $9.18 |
13,524 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.155764
- Latitude
- 39.795105
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Landmark six-unit building in Indianapolis' Herron-Morton neighborhood.
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: Strong Income Potential: Currently 100% occupied with a near 6% cap rate and $95,000 NOI, with potential to exceed $130,000 NOI and 7% cap rate with basement conversion.; Significant Expansion Opportunity: Over 4,000 sq. ft. of basement space allows for the addition of 3‑4 units or other income‑generating uses.; Prime Herron‑Morton Location: Highly desirable area minutes from downtown, hospitals, IUPUI, and the 16th Street corridor.
