Side-by-Side Ranch
3140 Asbury Street, Indianapolis, IN 46237
New
MULTI_FAMILY - Ranch - Indianapolis, IN
Type:Single Family Residence
Property size:
1,456 SFLot size:
0.30 Acres- Added:
- Jun 16, 2026
- Days on Market:
- 5
- Last Refresh:
- Jun 20 at 4:06 am
Property Features for 3140 Asbury Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Zoning
- ZO01
- Exterior features
- Storage
- Standard status
- Pending
- APN
- 491030130002001501
- Lot size
- 0.30 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- Dillehays Southern Acres 3rd Sec L95 & L96
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 1960
- Floors in Building
- 1
- Number of units
- 2
- Building materials
- Vinyl With Brick
- Roof type
- Shingle
- Architectural style
- Ranch
- Additional Structures
- Storage
Listing agent Peter Stewart License #RB15000083 (317) 846-6300
Listing office Keller Williams Indpls Metro N N Meridian St Ste 200 11595, Carmel, IN (317) 846-6300
Listing date Jun 16, 2026
MLS# 22087674
Listing URL
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Side‑by‑side ranch duplex with 2 mirror‑image units, each with 2 bedrooms and 1 full bath
- Each unit has dedicated off‑street driveway; left unit includes private garage and right unit includes a large storage shed
- Left unit is vacant and move‑in ready with central heat/air and a full‑size side‑by‑side laundry area
- Occupied unit has rent of $1,049 per month through 11/30/26
- Projected when fully occupied: over $2,100 in monthly gross rent and estimated vacant‑unit market rent of about $1,100/month
- Brick exterior with low‑maintenance vinyl siding on a flat .30‑acre lot; roof is shingle; built in 1960
Overview
This side-by-side ranch duplex offers two mirror-image units, each featuring 2 bedrooms and 1 full bath in a functional, easily rentable layout. Both units include dedicated off-street driveways, and the left unit also has a private garage while the right unit has a large storage shed. The vacant left unit is described as clean, well-maintained, and move-in ready, with laminate flooring, a spacious living and dining area, central heat and air, and a full-size side-by-side laundry area. The bathroom has a tiled tub/shower surround, a newer vanity, and an updated light fixture, and the kitchen is functional as-is with room for cosmetic upgrades.
The property sits on a spacious, flat 0.30-acre lot with generous front and rear yard space. A brick front and low-maintenance vinyl siding are noted as exterior features. It is located in a quiet residential area near University Heights and Garfield Park, approximately 10 minutes from downtown Indianapolis. The listing also notes nearby access to Sarah Shank Golf Course and Garfield Park, along with Sarah T. Bolton Park.
For investors or house hackers, the duplex provides two separate residential units in a straightforward configuration. The occupied unit is leased through 11/30/26, and the utilities are not separately metered, with the owner paying utilities; landscaping is also the owner’s responsibility. The property is professionally managed by PMI Midwest, with services stated as potentially retained for a smooth transition.
The property sits on a spacious, flat 0.30-acre lot with generous front and rear yard space. A brick front and low-maintenance vinyl siding are noted as exterior features. It is located in a quiet residential area near University Heights and Garfield Park, approximately 10 minutes from downtown Indianapolis. The listing also notes nearby access to Sarah Shank Golf Course and Garfield Park, along with Sarah T. Bolton Park.
For investors or house hackers, the duplex provides two separate residential units in a straightforward configuration. The occupied unit is leased through 11/30/26, and the utilities are not separately metered, with the owner paying utilities; landscaping is also the owner’s responsibility. The property is professionally managed by PMI Midwest, with services stated as potentially retained for a smooth transition.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.4k | $15.36 |
| − Vacancy | −$1.5k | −$1.00 |
| EGI | $20.9k | $14.36 |
| − OpEx | −$6.3k | −$4.31 |
| NOI | $14.6k | $10.05 |
1,456 SF · lease $15.36/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$209.1K
$183.0K – $244.0K
NOI $14,637 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$187.5K
$164.1K – $218.8K
NOI $13,126 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$343.0K
$300.1K – $400.2K
NOI $24,011 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Hamilton
- State
- Indiana
- Longitude
- -86.129167
- Latitude
- 39.720133
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two mirror-image 2-bedroom units with private driveways on a low-maintenance residential property.
Where is this duplex located?
The property is located at 3140 Asbury Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Side‑by‑side ranch duplex with 2 mirror‑image units, each with 2 bedrooms and 1 full bath; Each unit has dedicated off‑street driveway; left unit includes private garage and right unit includes a large storage shed; Left unit is vacant and move‑in ready with central heat/air and a full‑size side‑by‑side laundry area
