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 Market62
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: Oct 6
Last Checked: Oct 16 at 8:29AM
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 Majer Management
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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 / Yr
$16,446
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
