Under-Construction
For Sale
Contact for pricing
3009 N Colorado Ave, Indianapolis, IN 46218
Two-unit residential income property with electrical and plumbing rough-ins substantially completed and ready for sheetrock.
Property Size1,792 SF
Price / SF$108.76
Days on Market15
Property Features for 3009 N Colorado Ave
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Multifamily
Building Details
Year Built
2025
Buildings
1
Stories
2
Units
2
Listing Agency:
Majer Management
Listed By:
Yita majerovic · License #RB21002548
Source:
Crexi
Added: Aug 18
Changed: Aug 31
Last Checked: Sep 1 at 12:15AM
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 Majer Management
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex was built in 2025 and remains unfinished, providing a defined construction stage for the next owner. Electrical and plumbing rough-ins are substantially complete, with the structure positioned for sheetrock installation. The property is being sold as-is, and existing permits require renewal.
The planned configuration includes three bedrooms and one bathroom across the duplex. The layout may also be adapted into a six-bedroom, two-full-bath single-family residence, subject to applicable requirements and completion of the work. Washington Park is approximately a 3-minute drive away, and the property is located at 3009 N Colorado Ave in Indianapolis.
The planned configuration includes three bedrooms and one bathroom across the duplex. The layout may also be adapted into a six-bedroom, two-full-bath single-family residence, subject to applicable requirements and completion of the work. Washington Park is approximately a 3-minute drive away, and the property is located at 3009 N Colorado Ave in Indianapolis.
Key Highlights
- 1,792 SF duplex built in 2025
- Three‑bedroom, one‑bath planned duplex configuration
- Electrical and plumbing rough‑ins substantially completed
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
$16,446
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
8.44%
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%
$328,920
$328.9K
Cap Rate 7%
$234,943
$234.9K
Cap Rate 9%
$182,733
$182.7K
Market Conditions
NOI Build-Up for 1,792 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
$32.3K $18.00/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$29.9K $16.69/SF
− OpEx
−$13.5K −$7.51/SF
NOI
$16.4K $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 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%
$328,920
Cap Rate 7%
$234,943
Cap Rate 9%
$182,733
Alternative Uses
Best Use
Multifamily LT 5
$270.2K
$236.4K – $315.2K
NOI $18,913 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$234.9K
$205.6K – $274.1K
NOI $16,446 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$446.1K
$390.3K – $520.4K
NOI $31,224 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 46218, IN
30,400
Population
15,343
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
80%
High-School Grad
9.5 sq mi
ZIP Area
3,200
Density / Sq Mi
$34,635
Median Household Income
$29,745
Median Earnings
$1,056
Median Rent
$90,200
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-unit residential income property with electrical and plumbing rough-ins substantially completed and ready for sheetrock.
Where is this duplex located?
The property is located at 3009 N Colorado Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: 1,792 SF duplex built in 2025; Three‑bedroom, one‑bath planned duplex configuration; Electrical and plumbing rough‑ins substantially completed
