Duplex with Two Separate
2417 S State Avenue, Indianapolis, IN 46203
For Sale
$205,000
Residential Income, Indianapolis, IN
Property Size1,664 SF
Lot Size0.18 Acres
Price / SF$123.20
Days on Market51
Property Features for 2417 S State Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Building Details
Year built
Floors in Building
Number of units
Building materials
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Anthwon Thomas
(812) 734-6048
Added: Sep 25
Changed: Nov 3
Last Checked: Nov 14 at 12:06AM
MLS# 22127849
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.
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Investment Insights
Based on property information with market context.
This duplex contains two residences, each with 2 bedrooms, 1 full bathroom, a living area, and a kitchen. Together, the units provide 1,664 square feet of living space, with 832 square feet in each. The property was built in 1959 and has stone construction, natural gas heating, and a new A/C system.
The 0.18-acre parcel includes a backyard with outdoor space. Located in Indianapolis, the property offers a two-unit configuration with separate living quarters.
The 0.18-acre parcel includes a backyard with outdoor space. Located in Indianapolis, the property offers a two-unit configuration with separate living quarters.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 832 square feet per unit; 1,664 square feet total
- New A/C system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,562
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,240
$351.2K
Cap Rate 7%
$250,886
$250.9K
Cap Rate 9%
$195,133
$195.1K
Market Conditions
NOI Build-Up for 1,664 SF
Gross rent
$27.0K $16.20/SF
− Vacancy
−$1.9K −$1.12/SF
EGI
$25.1K $15.08/SF
− OpEx
−$7.5K −$4.52/SF
NOI
$17.6K $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 Rate 5%
$351,240
Cap Rate 7%
$250,886
Cap Rate 9%
$195,133
Alternative Uses
Best Use
Multifamily LT 5
$250.9K
$219.5K – $292.7K
NOI $17,562 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.5K
NOI $15,271 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$414.2K
$362.4K – $483.2K
NOI $28,994 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
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Business Placement
Demographics for 46203, IN
38,224
Population
18,057
Households
2.1
Avg Household Size
34
Median Age
26%
College-Educated
79%
High-School Grad
13.9 sq mi
ZIP Area
2,750
Density / Sq Mi
$55,375
Median Household Income
$40,620
Median Earnings
$1,022
Median Rent
$155,500
Median Home Value
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Market
Properties on Market for Duplexes in Indianapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two bedrooms, a full bathroom, and its own kitchen.
Where is this duplex located?
The property is located at 2417 S State Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 832 square feet per unit; 1,664 square feet total; New A/C system
