Two-Unit Bungalow
New
For Sale
$185,000
37 S Rural Street, Indianapolis, IN 46201
Residential Income, Indianapolis, IN
Property Size1,107 SF
Lot Size0.14 Acres
Price / SF$167.12
Days on Market2
Property Features for 37 S Rural Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
C1 - Res Two Family 520
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Fencing
Gate
Subdivision
No Subdivision
Lot features
City Lot, Sidewalks, Mature Trees, Trees- Small ( Under 20 Ft)
Elementary school
William Penn School 49
High school
Arsenal Technical High School
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
491005221024000101
Lot size
0.14 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Description
Christians E Wash St Add L11
Tax Annual Amount
1992
Legal Description
Christians E Wash St Add L11
Utilities
Heating system
Forced Air
Building Details
Year built
1915
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Bungalow
Listing Agency:
Keller Williams Indy Metro NE · Keller Williams Realty
Listed By:
Stacey Brown · License #RB21000092
(317) 564-7100
Added: Oct 29
Last Checked: Oct 30 at 9:06AM
MLS# 22132942
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.
Built in 1915, this single-story bungalow is configured as a duplex with two occupied units. The building contains 1,107 square feet and sits on a 6,011-square-foot lot, or 0.14 acres. Vinyl siding, forced-air heating, an asphalt roof, and a gated fence are among its physical features.
The property is located at 37 S Rural Street in Indianapolis, Indiana. Its two-unit layout and two-family zoning are supported by the C1 - Res Two Family 520 designation.
The property is located at 37 S Rural Street in Indianapolis, Indiana. Its two-unit layout and two-family zoning are supported by the C1 - Res Two Family 520 designation.
Key Highlights
- Two occupied residential units
- 1,107‑square‑foot building on a 6,011‑square‑foot lot (0.14 acres)
- Built in 1915; single‑story bungalow
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,683
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$233,660
$233.7K
Cap Rate 7%
$166,900
$166.9K
Cap Rate 9%
$129,811
$129.8K
Market Conditions
NOI Build-Up for 1,107 SF
Gross rent
$17.9K $16.20/SF
− Vacancy
−$1.2K −$1.12/SF
EGI
$16.7K $15.08/SF
− OpEx
−$5.0K −$4.52/SF
NOI
$11.7K $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%
$233,660
Cap Rate 7%
$166,900
Cap Rate 9%
$129,811
Alternative Uses
Best Use
Multifamily LT 5
$166.9K
$146.0K – $194.7K
NOI $11,683 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$145.1K
$127.0K – $169.3K
NOI $10,159 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$275.5K
$241.1K – $321.5K
NOI $19,288 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - C1 - Res Two Family 520 zoning supports the property's two-family configuration.
Where is this duplex located?
The property is located at 37 S Rural Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two occupied residential units; 1,107‑square‑foot building on a 6,011‑square‑foot lot (0.14 acres); Built in 1915; single‑story bungalow
