Mixed-Use Building with Vacant
2305 E Michigan St Indianapolis, IN 46201
2305 E Michigan St, Indianapolis, IN, 46201
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For Sale
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Fully renovated 2025 mixed-use building with one vacant commercial space and three leased residential units.
Property Size5,205 SF
Price / SF$110.47
Days on Market115
Property Features for 2305 E Michigan St
General Information
- Standard status
- Active
- Size
- 5,205 SF
- Property subtype
- Mixed Use, Retail, Multifamily, Office
Building Details
- Year Built
- 1920
Listing agency
Highgarden Real Estate Indianapolis
(317) 504-2663
Listed by
Albert (Abbie) Stancato · License #RB16000255
Source
Crexi
Added: Mar 31 Updated: Jul 22 at 3:13PM Checked: Jul 22 at 3:13PM
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 Highgarden Real Estate Indianapolis
Investment Insights
Based on property information with market context.
Completed in 2025, this fully renovated mixed-use property combines one intentionally vacant commercial space with three high-quality residential units. All three apartments are currently leased and finished with premium materials and fixtures, including high-end countertops, stainless steel appliances, modern bathrooms, and quality flooring. The recent renovation is positioned as a like-new asset designed to limit near-term capital expenditures.
Based on in-place residential income, the property is producing a 5.84% CAP rate. The commercial space remains available for an owner-user or a new tenant lease, and a projected lease rate of $10.00/SF NNN (approximately $1,500/month) is cited as supporting an estimated 8.97% CAP rate. Zoning is MU-1 (Marion County), allowing versatile use options for the combination of residential and commercial space.
The property is located at 2305 E Michigan St, Indianapolis, IN 46201.
Based on in-place residential income, the property is producing a 5.84% CAP rate. The commercial space remains available for an owner-user or a new tenant lease, and a projected lease rate of $10.00/SF NNN (approximately $1,500/month) is cited as supporting an estimated 8.97% CAP rate. Zoning is MU-1 (Marion County), allowing versatile use options for the combination of residential and commercial space.
The property is located at 2305 E Michigan St, Indianapolis, IN 46201.
Key Highlights
- Fully renovated mixed‑use building completed in 2025 (Year built: 1920).
- One commercial space (currently vacant) plus three residential units that are currently leased.
- Three leased apartments generate a 5.84% cap rate based on in‑place residential income.
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 | $93.7k | $18.00 |
| − Vacancy | −$6.8k | −$1.31 |
| EGI | $86.9k | $16.69 |
| − OpEx | −$39.1k | −$7.51 |
| NOI | $47.8k | $9.18 |
5,205 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$903.4K
$790.5K – $1.05M
NOI $63,241 @ 7.0% cap · market cap 11.00%
Second Best
Retail
$800.1K
$700.1K – $933.5K
NOI $56,008 @ 7.0% cap · market cap 9.74%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,692 @ 7.0% cap · market cap 15.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Family Dollar
Discount Store
2305 W Michigan ...
Parking Lot & Garage
Family Bible Baptist ...
Church
Bike Parking
Bicycle Rack
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Fully renovated 2025 mixed-use building with one vacant commercial space and three leased residential units.
Where is this triplex located?
The property is located at 2305 E Michigan St Indianapolis, IN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Fully renovated mixed‑use building completed in 2025 (Year built: 1920).; One commercial space (currently vacant) plus three residential units that are currently leased.; Three leased apartments generate a 5.84% cap rate based on in‑place residential income.
