Renovated Foursquare
New
For Sale
$474,900
333 S State St, Indianapolis, IN 46201
Updated two-unit residence with a private yard, rear parking, and welcoming front porch.
Property Size4,443 SF
Price / SF$106.89
Days on Market3
Property Features for 333 S State St
General Information
Standard status
Active
Size
4,443 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
private yard
welcoming porch
Building Details
Year Built
1910
Construction
Foursquare
Listing Agency:
Sadler Real Estate
(317) 721-2274
Listed By:
Streamlined Realty
(317) 721-2274
Source:
Streamlinedrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 3:14PM
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 Sadler Real Estate
Investment Insights
Based on property information with market context.
This renovated Foursquare duplex combines a 1910 construction date with updated interiors and a traditional exterior. The property includes a private yard, a front porch, and private rear parking for two vehicles. Its two-unit configuration supports residential occupancy, while the current offering references Airbnb and corporate travel use.
Located at 333 S State St in Indianapolis, the property is positioned near the center of Fountain Squares. The classic form, outdoor space, and dedicated parking create a practical combination for a residential income property. With 4,443 square feet across the duplex, the asset retains its historic character while presenting a refreshed physical profile.
Located at 333 S State St in Indianapolis, the property is positioned near the center of Fountain Squares. The classic form, outdoor space, and dedicated parking create a practical combination for a residential income property. With 4,443 square feet across the duplex, the asset retains its historic character while presenting a refreshed physical profile.
Key Highlights
- Renovated Foursquare duplex with 4,443 square feet
- 1910 construction date with updated interiors
- Private rear parking for 2 vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,775
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$815,500
$815.5K
Cap Rate 7%
$582,500
$582.5K
Cap Rate 9%
$453,056
$453.1K
Market Conditions
NOI Build-Up for 4,443 SF
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.
Gross rent
$80.0K $18.00/SF
− Vacancy
−$5.8K −$1.31/SF
EGI
$74.1K $16.69/SF
− OpEx
−$33.4K −$7.51/SF
NOI
$40.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$815,500
Cap Rate 7%
$582,500
Cap Rate 9%
$453,056
Alternative Uses
Best Use
Multifamily LT 5
$669.9K
$586.2K – $781.5K
NOI $46,892 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$582.5K
$509.7K – $679.6K
NOI $40,775 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$1.11M
$967.7K – $1.29M
NOI $77,415 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit residence with a private yard, rear parking, and welcoming front porch.
Where is this duplex located?
The property is located at 333 S State St Indianapolis, IN.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Renovated Foursquare duplex with 4,443 square feet; 1910 construction date with updated interiors; Private rear parking for 2 vehicles
