Duplex with Granite
New
For Sale
$475,000
2150 Bellefontaine Street, Indianapolis, IN 46202
Residential Income, Indianapolis, IN
Property Size2,592 SF
Lot Size0.12 Acres
Price / SF$183.26
Days on Market1
Property Features for 2150 Bellefontaine Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2
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
490625156105001101
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Bruce Place East End Sub L44 Ex 5 Off North Side
Tax Annual Amount
644
Legal Description
Bruce Place East End Sub L44 Ex 5 Off North Side
Building Details
Year built
2026
Number of units
2
Listing Agency:
Neu Real Estate Group
(317) 572-9000
Listed By:
Alec Neu · License #RB26000583
(317) 710-9743
Added: Oct 2
Last Checked: Oct 2 at 9:06PM
MLS# 22122100
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.
Investment Insights
Based on property information with market context.
This duplex is under construction, with 2,592 square feet of living area on a 0.12-acre lot. Planned interior finishes include granite countertops, stainless steel appliances, tiled bathroom surrounds, and granite vanity tops. The stated bedroom and bathroom count is three bedrooms and two full bathrooms. The property is broker-owned.
Key Highlights
- 2,592 square feet of living area
- 0.12‑acre lot
- Under construction; year built 2026
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
$27,356
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
5.76%
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%
$547,120
$547.1K
Cap Rate 7%
$390,800
$390.8K
Cap Rate 9%
$303,956
$304.0K
Market Conditions
NOI Build-Up for 2,592 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
$42.0K $16.20/SF
− Vacancy
−$2.9K −$1.12/SF
EGI
$39.1K $15.08/SF
− OpEx
−$11.7K −$4.52/SF
NOI
$27.4K $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 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%
$547,120
Cap Rate 7%
$390,800
Cap Rate 9%
$303,956
Alternative Uses
Best Use
Multifamily LT 5
$390.8K
$342.0K – $455.9K
NOI $27,356 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$339.8K
$297.4K – $396.5K
NOI $23,788 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$645.2K
$564.5K – $752.7K
NOI $45,163 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
622
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The under-construction property is planned with stainless steel appliances and granite countertops.
Where is this duplex located?
The property is located at 2150 Bellefontaine Street 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: 2,592 square feet of living area; 0.12‑acre lot; Under construction; year built 2026
