19-Unit Historic Apartment
315 N Senate Avenue, Indianapolis, IN 46204
For Sale
$2,900,000
CBD-zoned residences combine historic architectural details with renovated interiors and updated building systems.
Property Size28,756 SF
Price / SF$100.85
Days on Market124
Property Features for 315 N Senate Avenue
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Currently Operating
Amenities
hardwood and vinyl flooring
new gourmet kitchens with appliances
granite/butcher block counters
independent electric heat pumps
newer windows
Velux skylights
Building Details
Building Size
Year Built
Buildings
Stories
Units
Construction
Listing Agency:
Kumler Realty
(317) 955-8790
Listed By:
Taylor Kumler
Source:
Johnsonrealtysource
Added: Jul 9
Changed: Nov 7
Last Checked: Nov 8 at 8:59PM
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 Kumler Realty
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Investment Insights
Based on property information with market context.
Completed in 1898, this 28,756-square-foot apartment building is arranged as 19 units and retains its brick and limestone exterior, bay windows, and Classical Revival details. A renovation in the early 1990s accompanied its legal division into 19 individual parcels. The unit mix includes nine one-bedroom, one-bathroom apartments; one one-bedroom, one-and-a-half-bathroom apartment; eight two-bedroom, two-bathroom apartments; and one two-bedroom, one-bathroom apartment. Kitchens include ranges, refrigerators, microwaves, dishwashers, disposals, and granite or butcher-block counters. Each unit has an independent electric heat pump, electric water heater, and 100-amp service. The property also has a rubber membrane roof and two Velux skylights. Zoning is CBD.
The building is near Senate Avenue and Indiana Avenue in Indianapolis. IU and Purdue’s Indianapolis campuses are two blocks west, Kroger is one block north, the Capitol Building is one block south, and Lucas Oil Stadium is four blocks south.
The building is near Senate Avenue and Indiana Avenue in Indianapolis. IU and Purdue’s Indianapolis campuses are two blocks west, Kroger is one block north, the Capitol Building is one block south, and Lucas Oil Stadium is four blocks south.
Key Highlights
- 19 apartments across four bedroom‑and‑bathroom configurations
- 28,756‑square‑foot building constructed in 1898
- CBD zoning; legally divided into 19 parcels during a renovation in the early 1990s
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$263,902
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,278,040
$5.3M
Cap Rate 7%
$3,770,029
$3.8M
Cap Rate 9%
$2,932,244
$2.9M
Market Conditions
NOI Build-Up for 28,756 SF
Gross rent
$517.6K $18.00/SF
− Vacancy
−$37.8K −$1.31/SF
EGI
$479.8K $16.69/SF
− OpEx
−$215.9K −$7.51/SF
NOI
$263.9K $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%
$5,278,040
Cap Rate 7%
$3,770,029
Cap Rate 9%
$2,932,244
Alternative Uses
Best Use
Apartment 5plus
$3.77M
$3.30M – $4.40M
NOI $263,902 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.16M
$6.26M – $8.35M
NOI $501,045 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
6,425
Businesses Nearby
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Business Placement
Demographics for 46204, IN
9,086
Population
6,582
Households
1.4
Avg Household Size
31
Median Age
61%
College-Educated
90%
High-School Grad
1.1 sq mi
ZIP Area
8,260
Density / Sq Mi
$88,081
Median Household Income
$69,226
Median Earnings
$1,686
Median Rent
$350,400
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Indianapolis, IN
Properties on Market for Apartment buildings in Indianapolis
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - CBD-zoned residences combine historic architectural details with renovated interiors and updated building systems.
Where is this apartment building located?
The property is located at 315 N Senate Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 19 apartments across four bedroom‑and‑bathroom configurations; 28,756‑square‑foot building constructed in 1898; CBD zoning; legally divided into 19 parcels during a renovation in the early 1990s
