Duplex with Basement
New
For Sale
$399,900
4026 Central Avenue, Indianapolis, IN 46205
Residential Income, Indianapolis, IN
Property Size2,088 SF
Lot Size0.14 Acres
Price / SF$191.52
Days on Market1
Property Features for 4026 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 2, Basement
Subdivision
Chester Place
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
490613114013000801
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Chester Place L23
Tax Annual Amount
4008
Legal Description
Chester Place L23
Utilities
Heating system
Forced Air, Zoned, Natural Gas
Cooling system
Central Air
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Building materials
Brick
Roof type
Asphalt, Shingle
Architectural style
Craftsman
Buildings
1
Listing Agency:
CENTURY 21 Scheetz · Century 21 Real Estate
Listed By:
Jeanne Morton
(317) 844-5111
Added: Oct 23
Last Checked: Oct 23 at 7:06PM
MLS# 22130250
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.
This 1928 Craftsman duplex contains 2,088 square feet across two residential units, one on each level. The first-floor unit has two bedrooms, a dining room, and a living room; the upper unit includes three bedrooms and additional living space. A shared basement provides large storage areas that can be secured. The brick exterior, forced-air natural gas heating, zoned heating, and central air conditioning serve the building. Recent work includes fresh paint and new flooring.
The property occupies a 6,229-square-foot lot at 4026 Central Avenue in Indianapolis. The two-unit configuration and separate bedroom layouts are complemented by shared storage space in the basement.
The property occupies a 6,229-square-foot lot at 4026 Central Avenue in Indianapolis. The two-unit configuration and separate bedroom layouts are complemented by shared storage space in the basement.
Key Highlights
- Two units in a 2,088‑square‑foot, two‑story building
- First‑floor unit has 2 bedrooms, a dining room, and a living room
- Upper unit includes 3 bedrooms and additional living space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,037
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,740
$440.7K
Cap Rate 7%
$314,814
$314.8K
Cap Rate 9%
$244,856
$244.9K
Market Conditions
NOI Build-Up for 2,088 SF
Gross rent
$33.8K $16.20/SF
− Vacancy
−$2.3K −$1.12/SF
EGI
$31.5K $15.08/SF
− OpEx
−$9.4K −$4.52/SF
NOI
$22.0K $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%
$440,740
Cap Rate 7%
$314,814
Cap Rate 9%
$244,856
Alternative Uses
Best Use
Multifamily LT 5
$314.8K
$275.5K – $367.3K
NOI $22,037 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$273.7K
$239.5K – $319.4K
NOI $19,162 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$519.7K
$454.8K – $606.4K
NOI $36,381 @ 7.0% cap · market cap 9.10%
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
691
Businesses Nearby
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Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
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 - Two units offer distinct bedroom layouts, with shared basement space for lockable storage.
Where is this duplex located?
The property is located at 4026 Central Avenue Indianapolis, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two units in a 2,088‑square‑foot, two‑story building; First‑floor unit has 2 bedrooms, a dining room, and a living room; Upper unit includes 3 bedrooms and additional living space
