Three-Bedroom Duplex with Updated
New
For Sale
$259,900
253 N Gray St, Indianapolis, IN 46201
Both units are vacant and feature updated interior finishes.
Property Size2,265 SF
Price / SF$114.75
Days on Market3
Property Features for 253 N Gray St
General Information
Standard status
Active
Size
2,265 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
New Quantum Realty Group
Listed By:
The James Embry Team · License #2003019411
(317) 903-0262
Source:
Jamesembry
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 5:06PM
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 New Quantum Realty Group
Investment Insights
Based on property information with market context.
This duplex includes two separate residences, each offering three bedrooms and one-and-a-half bathrooms. The units are currently vacant, allowing immediate control of occupancy and use. Interior updates include clean, modern finishes, and both sides have been maintained in updated condition.
Constructed in 1920, the property is located at 253 N Gray St in Indianapolis, Indiana. The recorded property size is 2,265, and the address places the asset within the 46201 ZIP code. Its two matching residential layouts provide a straightforward duplex configuration for an owner-user or residential income property strategy.
Constructed in 1920, the property is located at 253 N Gray St in Indianapolis, Indiana. The recorded property size is 2,265, and the address places the asset within the 46201 ZIP code. Its two matching residential layouts provide a straightforward duplex configuration for an owner-user or residential income property strategy.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1.5 bathrooms per side
- Both units are currently vacant
- Updated interior finishes throughout both sides
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
$23,905
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
9.20%
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%
$478,100
$478.1K
Cap Rate 7%
$341,500
$341.5K
Cap Rate 9%
$265,611
$265.6K
Market Conditions
NOI Build-Up for 2,265 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
$36.7K $16.20/SF
− Vacancy
−$2.5K −$1.12/SF
EGI
$34.2K $15.08/SF
− OpEx
−$10.2K −$4.52/SF
NOI
$23.9K $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%
$478,100
Cap Rate 7%
$341,500
Cap Rate 9%
$265,611
Alternative Uses
Best Use
Multifamily LT 5
$341.5K
$298.8K – $398.4K
NOI $23,905 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$297.0K
$259.8K – $346.5K
NOI $20,787 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$563.8K
$493.3K – $657.8K
NOI $39,465 @ 7.0% cap · market cap 15.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both units are vacant and feature updated interior finishes.
Where is this duplex located?
The property is located at 253 N Gray St Indianapolis, IN.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1.5 bathrooms per side; Both units are currently vacant; Updated interior finishes throughout both sides
