Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Indianapolis Duplex with Historic Charm Title is generated by Realmo AI

    3251 Broadway Street, Indianapolis, IN 46205

    View on Map
    Claim this Listing
    New
    For Sale
    $309,900

    Traditional, Duplex - Indianapolis, IN

    Type:Duplex
    Lot size:
    0.14 Acres
    Added:
    May 27, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 1 at 6:06 pm

    Property Features for 3251 Broadway Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Rooms
    Basement
    Exterior features
    Fencing
    Fencing
    Fenced
    Basement Y/N
    1
    Standard status
    Active
    APN
    490624142042000101
    Lot size
    0.14 Acres

    Building Details

    Year built
    1914
    Number of units
    2
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Mamadou Gueye

    Listing agent Mamadou Gueye License #RB17001215

    Listing office Trueblood Real Estate North Street Suite 350, Fishers, IN

    Listing date May 27, 2026

    MLS# 22104454 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

    • Strong potential for value‑add improvements and equity building.
    • Solid foundation and dry basement for age of property.
    • Original character with 9‑foot ceilings, hardwood floors, and wood‑burning fireplace.
    • Stable, long‑term tenants already in place.
    • Substantial updates completed by seller over the years.
    • Brick construction with fenced yard.

    Overview

    This classic Indianapolis duplex offers upside with solid bones, original character, and potential for additional value-add improvements. The property features 9-foot ceilings, original hardwood floors, and a true wood-burning fireplace, retaining much of its historic charm. Substantial updates have been completed over the years, including flooring and various interior improvements. Long-term stable tenants are in place with intentionally below-market rents; one tenant has occupied the property for years. The basement is solid for its age with straight foundation walls, dry storage space, and no major visible signs of water intrusion. The furnace in unit 3251, installed in 2008, has been well maintained. Unit 3251 mainly needs minor cosmetic improvements including paint, finishing work, and a thorough deep cleaning. The property, situated on a 0.14-acre lot, presents an opportunity for investors or owner-occupants looking to build equity in a historic Indianapolis property with long-term potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indianapolis
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.145836
    Latitude
    39.815453

    Nearby Similar for Sale

    • $550,000
      4,524 SF

      Indianapolis Retail/Office Value-Add Opportunity

      4,524 SF building ideal for retail, office, or service-based users.
      5243 Rockville Road, Indianapolis, IN 46224
      View Details
    • $685,000
      1,795 SF

      Restaurant Ready Space on Keystone

      High-visibility restaurant space with drive-thru potential on Keystone Avenue.
      5527 N Keystone Avenue, Indianapolis, IN 46220
      View Details
    • $400,000
      3,392 SF

      Versatile Mixed-Use Property, Indianapolis

      Spacious property suitable for event venue, office, or redevelopment.
      2431 Central Avenue, Indianapolis, IN 46205
      View Details
    • $275,000
      3,392 SF

      Indianapolis Mixed-Use Opportunity

      Versatile property suitable for various community-focused ventures.
      3611 E 34th Street, Indianapolis, IN 46218
      View Details
    • $560,000
      5,530 SF

      Broad Ripple Commercial Building Available

      5,530 SF building in Indianapolis with flexible layout.
      2131 E 54th Street, Indianapolis, IN 46220
      View Details
    • $399,000
      2,274 SF

      Freestanding Office Building on Shadeland

      Single-story office building with C-1 zoning in Indianapolis.
      1101 N Shadeland Avenue, Indianapolis, IN 46219
      View Details
    • $1,000,000
      3,828 SF

      Indianapolis Retail Corner Location

      Remodeled two-tenant retail building in Garfield Park neighborhood.
      1121 E Troy Avenue, Indianapolis, IN 46203
      View Details
    • $450,000
      6,644 SF

      East 10th Street Redevelopment Opportunity

      Prime commercial property in thriving Brookside/East 10th Street corridor.
      2828 E 10th Street, Indianapolis, IN 46201
      View Details
    • $1,400,000
      6,232 SF

      Fountain Square Redevelopment Opportunity

      Prime investment in Indianapolis's active growth corridor near downtown.
      1628 Bates Street, Indianapolis, IN 46201
      View Details
    • $750,000
      8,637 SF

      Indianapolis Office Building For Sale

      Commercial property in a vibrant business district with versatile space.
      1300 N Pennsylvania Street, Indianapolis, IN 46202
      View Details
    • $149,000
      6,022 SF

      Value-Add Commercial Opportunity in Indianapolis

      Four-unit commercial property for renovation and repositioning near downtown.
      3427 W Michigan Street, Indianapolis, IN 46222
      View Details
    • $1,200,000
      9,000 SF

      Established Auto Shop For Sale

      Long-standing auto shop with strong reputation and versatile facilities.
      7086 Southeastern Avenue, Indianapolis, IN 46239
      View Details

    FAQs

    What type of property is this?
    Duplex - Classic duplex with original features and value-add potential.
    Where is this duplex located?
    The property is located at 3251 Broadway Street Indianapolis, IN.
    What is the asking price?
    The asking price for this property is $309,900.
    What are key features of this property?
    This property features: Strong potential for value‑add improvements and equity building.; Solid foundation and dry basement for age of property.; Original character with **9‑foot ceilings, hardwood floors, and wood‑burning fireplace.**
    (317) 847-8873
    We can help!
    Listing Contact
    Mamadou Gueye
    Real Estate License ID: RB17001215
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3251 Broadway Street, Indianapolis, IN 46205
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!