Updated
253-255 N Gray St, Indianapolis, IN 46201
For Sale
New
$229,900
Both residences are vacant and feature refreshed interior finishes.
Property Size2,265 SF
Price / SF$101.50
Days on Market2
Property Features for 253-255 N Gray St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Coldwell Banker Martin Miller Lamb
Listed By:
Streamlined Realty
(317) 721-2274
Source:
Streamlinedrealty
Added: Nov 8
Last Checked: Nov 8 at 4:29AM
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 Coldwell Banker Martin Miller Lamb
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,265-square-foot duplex contains two residences, each arranged with three bedrooms and one and a half bathrooms. The interiors have been updated, and the property is currently vacant on both sides.
Built in 1920, the building is located at 253-255 N Gray St in Indianapolis, Indiana.
Built in 1920, the building is located at 253-255 N Gray St in Indianapolis, Indiana.
Key Highlights
- Two vacant residences in one duplex
- Each side has 3 bedrooms and 1.5 bathrooms
- 2,265 square feet total
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,787
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$415,740
$415.7K
Cap Rate 7%
$296,957
$297.0K
Cap Rate 9%
$230,967
$231.0K
Market Conditions
NOI Build-Up for 2,265 SF
Gross rent
$40.8K $18.00/SF
− Vacancy
−$3.0K −$1.31/SF
EGI
$37.8K $16.69/SF
− OpEx
−$17.0K −$7.51/SF
NOI
$20.8K $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 Rate 5%
$415,740
Cap Rate 7%
$296,957
Cap Rate 9%
$230,967
Alternative Uses
Best Use
Multifamily LT 5
$341.5K
$298.8K – $398.4K
NOI $23,905 @ 7.0% cap · market cap 10.40%
Second Best
Apartment 5plus
$297.0K
$259.8K – $346.5K
NOI $20,787 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$563.8K
$493.3K – $657.8K
NOI $39,465 @ 7.0% cap · market cap 17.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
516
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
Properties on Market for Duplexes in Indianapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant and feature refreshed interior finishes.
Where is this duplex located?
The property is located at 253-255 N Gray St Indianapolis, IN.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two vacant residences in one duplex; Each side has 3 bedrooms and 1.5 bathrooms; 2,265 square feet total
