Updated Duplex with Attached
New
For Sale
$485,000
4850 N Carrollton Ave, Indianapolis, IN 46205
Two three-bedroom units offer attached garage access and recent updates to kitchens, baths, flooring, and appliances.
Property Size3,615 SF
Price / SF$134.16
Days on Market3
Property Features for 4850 N Carrollton Ave
General Information
Standard status
Active
Size
3,615 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1930
Listing Agency:
RE/MAX Tower
Listed By:
Streamlined Realty
(317) 721-2274
Source:
Streamlinedrealty
Added: Sep 6
Changed: Sep 7
Last Checked: Sep 7 at 7:09AM
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 RE/MAX Tower
Investment Insights
Based on property information with market context.
This 3,615-square-foot duplex, built in 1930, includes two three-bedroom, two-bath units and an attached garage. Unit 4852 has a renovated kitchen with quartz countertops, upgraded LVP flooring, and an upstairs bath updated with new flooring, a bath, and shower in 2023. New appliances were added in 2025. At 4850, the floors were sanded and refinished in 2024, and new appliances were installed. A waterproofing system was completed in 2025 in preparation for a family room and wet bar, which remain unfinished.
The property is located at 4850 N Carrollton Ave in Indianapolis, within two blocks of the Monon Trail and near Butler University. Bus service provides access to downtown, while neighborhood restaurants and bars and Broad Ripple are nearby.
The property is located at 4850 N Carrollton Ave in Indianapolis, within two blocks of the Monon Trail and near Butler University. Bus service provides access to downtown, while neighborhood restaurants and bars and Broad Ripple are nearby.
Key Highlights
- 3,615‑square‑foot duplex with two 3‑bedroom, 2‑bath units
- Built in 1930 with an attached garage
- Unit 4852 includes quartz countertops, upgraded LVP flooring, and a 2023 upstairs bath update
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
$38,153
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
7.87%
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%
$763,060
$763.1K
Cap Rate 7%
$545,043
$545.0K
Cap Rate 9%
$423,922
$423.9K
Market Conditions
NOI Build-Up for 3,615 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
$58.6K $16.20/SF
− Vacancy
−$4.1K −$1.12/SF
EGI
$54.5K $15.08/SF
− OpEx
−$16.4K −$4.52/SF
NOI
$38.2K $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 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%
$763,060
Cap Rate 7%
$545,043
Cap Rate 9%
$423,922
Alternative Uses
Best Use
Multifamily LT 5
$545.0K
$476.9K – $635.9K
NOI $38,153 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$473.9K
$414.7K – $552.9K
NOI $33,176 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$899.8K
$787.4K – $1.05M
NOI $62,988 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer attached garage access and recent updates to kitchens, baths, flooring, and appliances.
Where is this duplex located?
The property is located at 4850 N Carrollton Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 3,615‑square‑foot duplex with two 3‑bedroom, 2‑bath units; Built in 1930 with an attached garage; Unit 4852 includes quartz countertops, upgraded LVP flooring, and a 2023 upstairs bath update
