Renovated
For Sale
$394,990
3039 N Delaware Street, Indianapolis, IN 46205
Residential Income, Indianapolis, IN
Property Size2,844 SF
Lot Size0.15 Acres
Price / SF$138.89
Days on Market10
Property Features for 3039 N Delaware Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 6, Basement, Bedroom 8, Bedroom 1, Bedroom 7, Bedroom 4, Bathroom 3
Parking features
Alley
Subdivision
Osgoods Meridian Park
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Active
APN
490624117007000101
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Osgoods 2nd Mer Park L32
Tax Annual Amount
6916
Legal Description
Osgoods 2nd Mer Park L32
Utilities
Cooling system
Separate Meters
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Stucco
Architectural style
Spanish
Listing Agency:
Trueblood Real Estate
(317) 288-5148
Listed By:
Jenn Marlow
(317) 679-6330
Added: Oct 7
Last Checked: Oct 16 at 7:06AM
MLS# 22130341
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.
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Investment Insights
Based on property information with market context.
This 2,844-square-foot duplex in Indianapolis contains two rented units with a combined four bedrooms and 1.5 bathrooms. Interior and exterior work was completed in 2022, including updates to the kitchens, bathrooms, windows, and flooring. The property was built in 1915 and has Spanish-style architecture with stucco construction. The roof, water heaters, and HVAC systems are four years old.
The property occupies a 0.15-acre lot in the Meridian Park area. Alley access is provided for parking.
The property occupies a 0.15-acre lot in the Meridian Park area. Alley access is provided for parking.
Key Highlights
- Two units are currently rented
- 2,844 square feet with four bedrooms and 1.5 bathrooms
- Interior and exterior renovations completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,016
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,320
$600.3K
Cap Rate 7%
$428,800
$428.8K
Cap Rate 9%
$333,511
$333.5K
Market Conditions
NOI Build-Up for 2,844 SF
Gross rent
$46.1K $16.20/SF
− Vacancy
−$3.2K −$1.12/SF
EGI
$42.9K $15.08/SF
− OpEx
−$12.9K −$4.52/SF
NOI
$30.0K $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 Rate 5%
$600,320
Cap Rate 7%
$428,800
Cap Rate 9%
$333,511
Alternative Uses
Best Use
Multifamily LT 5
$428.8K
$375.2K – $500.3K
NOI $30,016 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$372.9K
$326.3K – $435.0K
NOI $26,100 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$707.9K
$619.4K – $825.9K
NOI $49,554 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
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 occupied units feature refreshed kitchens, bathrooms, flooring, and windows.
Where is this duplex located?
The property is located at 3039 N Delaware Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $394,990.
What are key features of this property?
This property features: Two units are currently rented; 2,844 square feet with four bedrooms and 1.5 bathrooms; Interior and exterior renovations completed in 2022
