Mixed-Use Building with Vacant
For Sale
$520,000
2305 Michigan Street, Indianapolis, IN 46201
Fully renovated 2025 mixed-use building with one vacant commercial space and three leased residential units.
Property Size8,750 SF
Price / SF$59.43
Days on Market204
Property Features for 2305 Michigan Street
General Information
Standard status
Active
Size
8,750 SF
Property subtype
Retail
Amenities
3
City
Listing Agency:
Highgarden Real Estate
(317) 205-4320
Listed By:
Highgarden Real Estate · License #RB16000255
Source:
Xome
Added: Feb 6
Changed: Aug 25
Last Checked: Aug 28 at 8:10AM
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
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
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?
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 Michigan Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $520,000.
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.
