Six-Unit Brick Apartment
For Sale
$1,555,000
2101 North Pennsylvania Street, Indianapolis, IN 46202
Fully occupied, all-brick property with common laundry and basement expansion potential.
Property Size13,524 SF
Price / SF$114.98
Days on Market349
Property Features for 2101 North Pennsylvania Street
General Information
Standard status
Active
Size
13,524 SF
Property subtype
Commercial Sale / Multi-Family 5+
Zoning
Apartments General
Occupancy
100%
Net Operating Income
$95,000
Units
Unit Mix
6 x 3BD/1.5BA
Multifamily Units
6
Amenities
Common Laundry
Building Details
Year Renovated
2021
Buildings
1
Construction
full-brick
Listing Agency:
No Limit Real Estate, LLC
(317) 440-2149
Listed By:
Charlene Gaard · License #RB14033327
(317) 440-2149
Source:
Compass
Added: Sep 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:24AM
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 No Limit Real Estate, LLC
Investment Insights
Based on property information with market context.
Located at 2101 North Pennsylvania Street in Indianapolis, this six-unit apartment property contains 13,524 square feet within an all-brick building. Each residence offers three bedrooms and 1.5 baths, with approximately 2,000 square feet per unit. Common laundry serves the building, which is zoned Apartments General.
The property is 100% occupied and has received capital improvements within the past two years. More than 4,000 square feet of basement area provides additional space for future expansion, and evidence of former basement units is present. The location places the building near downtown, hospitals, IUPUI, and the 16th Street corridor.
The property is 100% occupied and has received capital improvements within the past two years. More than 4,000 square feet of basement area provides additional space for future expansion, and evidence of former basement units is present. The location places the building near downtown, hospitals, IUPUI, and the 16th Street corridor.
Key Highlights
- Six units, each with 3 bedrooms, 1.5 baths, and approximately 2,000 square feet
- 13,524‑square‑foot apartment building with an all‑brick exterior
- More than 4,000 square feet of basement space with expansion potential
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$124,114
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied, all-brick property with common laundry and basement expansion potential.
Where is this apartment building located?
The property is located at 2101 North 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 units, each with 3 bedrooms, 1.5 baths, and approximately 2,000 square feet; 13,524‑square‑foot apartment building with an all‑brick exterior; More than 4,000 square feet of basement space with expansion potential
