Updated Duplex with Finished
For Sale
$417,000
515 Sutherland Ave, Indianapolis, IN 46205
Two-unit property with separate living spaces, finished attic areas, and extensive improvements to both residences.
Property Size3,311 SF
Price / SF$125.94
Days on Market9
Property Features for 515 Sutherland Ave
General Information
Standard status
Active
Size
3,311 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Keller Williams Indy Metro Partners
Listed By:
Crossroads Real Estate Group
(317) 696-9087
Source:
Crossroadsrealestategroup
Added: Sep 7
Changed: Sep 13
Last Checked: Sep 14 at 9:27AM
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 Keller Williams Indy Metro Partners
Investment Insights
Based on property information with market context.
Built in 1900, this 3,311-square-foot duplex at 515-517 Sutherland Ave includes two separate residences, each with 2 bedrooms, 1.5 baths, and finished third-floor attic space. The attic areas add flexible room for offices, hobbies, dressing areas, or storage. Both units have received meaningful improvements, including updated kitchens, plumbing, lighting, carpeting, and appliances. The 515 side also features renovated bathrooms, a repaired rear porch, and replacement of part of the exterior sewer line approximately two years ago. The 517 side has fresh interior paint, an updated upstairs bathroom, newer stairway and third-floor carpeting, and repairs and fresh paint to the rear deck.
The property is listed on the Indiana Historic Landmark Registry and includes a related covenant. Separate living areas and two individual units support owner occupancy, rental use, or multigenerational living arrangements.
The property is listed on the Indiana Historic Landmark Registry and includes a related covenant. Separate living areas and two individual units support owner occupancy, rental use, or multigenerational living arrangements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1.5 baths in each residence
- 3,311 SF property built in 1900
- Finished third‑floor attic space in both units
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
$34,945
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
8.38%
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%
$698,900
$698.9K
Cap Rate 7%
$499,214
$499.2K
Cap Rate 9%
$388,278
$388.3K
Market Conditions
NOI Build-Up for 3,311 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
$53.6K $16.20/SF
− Vacancy
−$3.7K −$1.12/SF
EGI
$49.9K $15.08/SF
− OpEx
−$15.0K −$4.52/SF
NOI
$34.9K $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%
$698,900
Cap Rate 7%
$499,214
Cap Rate 9%
$388,278
Alternative Uses
Best Use
Multifamily LT 5
$499.2K
$436.8K – $582.4K
NOI $34,945 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$434.1K
$379.8K – $506.4K
NOI $30,386 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$824.2K
$721.1K – $961.5K
NOI $57,691 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
710
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate living spaces, finished attic areas, and extensive improvements to both residences.
Where is this duplex located?
The property is located at 515 Sutherland Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $417,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1.5 baths in each residence; 3,311 SF property built in 1900; Finished third‑floor attic space in both units
