Duplex With Two 4-Bedroom
For Sale
$299,999
Pending
2629 E Michigan Street, Indianapolis, IN 46201
Residential Income, Indianapolis, IN
Property Size2,132 SF
Lot Size0.11 Acres
Days on Market274
Property Features for 2629 E Michigan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Subdivision
Ogle Addition
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Pending
APN
491005187143000101
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
2629 E Michigan St Condominiums Unit A
Legal Description
2629 E Michigan St Condominiums Unit A
Utilities
Cooling system
Window Unit(s)
Amenities
covered front porch
fenced backyard
unfinished basement
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Listing Agency:
The Modglin Group
(317) 865-9400
Listed By:
Ely Berger · License #RB25001754
(317) 900-6015
Added: Dec 2, 2025
Changed: Sep 1
Last Checked: Sep 2 at 4:06PM
MLS# 22075750
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.
Investment Insights
Based on property information with market context.
This two-story duplex contains two 4-bedroom units within 2,132 square feet of living space. Interior updates include shaker-style kitchen cabinetry, backsplash finishes, functional kitchen layouts, and tiled walk-in showers. Window unit cooling is provided, and the property includes an unfinished basement for storage or future use.
Outdoor features include a covered front porch and a fenced backyard. The 4,922-square-foot lot supports the existing residential improvements, while the 1900 construction date reflects the property's established character alongside its renovated interiors.
Outdoor features include a covered front porch and a fenced backyard. The 4,922-square-foot lot supports the existing residential improvements, while the 1900 construction date reflects the property's established character alongside its renovated interiors.
Key Highlights
- Two 4‑bedroom units in a duplex configuration
- 2,132 sq ft of living space on a 4,922 sq ft lot
- Renovated interiors with shaker‑style cabinets and backsplash finishes
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
$22,501
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
7.50%
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%
$450,020
$450.0K
Cap Rate 7%
$321,443
$321.4K
Cap Rate 9%
$250,011
$250.0K
Market Conditions
NOI Build-Up for 2,132 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
$34.5K $16.20/SF
− Vacancy
−$2.4K −$1.12/SF
EGI
$32.1K $15.08/SF
− OpEx
−$9.6K −$4.52/SF
NOI
$22.5K $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%
$450,020
Cap Rate 7%
$321,443
Cap Rate 9%
$250,011
Alternative Uses
Best Use
Multifamily LT 5
$321.4K
$281.3K – $375.0K
NOI $22,501 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$279.5K
$244.6K – $326.1K
NOI $19,566 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$530.7K
$464.4K – $619.1K
NOI $37,148 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
697
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-story layout includes updated kitchens, tiled walk-in showers, and a fenced backyard.
Where is this duplex located?
The property is located at 2629 E Michigan Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Two 4‑bedroom units in a duplex configuration; 2,132 sq ft of living space on a 4,922 sq ft lot; Renovated interiors with shaker‑style cabinets and backsplash finishes
