Craftsman Duplex with Finished
New
For Sale
$675,000
539 E 53rd Street, Indianapolis, IN 46220
Residential Income, Indianapolis, IN
Property Size4,040 SF
Lot Size0.20 Acres
Price / SF$167.08
Days on Market4
Property Features for 539 E 53rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Rooms
Basement
Basement
Finished
Subdivision
Mengs Park Ave
Lot features
Access, City Lot, Corner Lot, Curbs, Sidewalks, Mature Trees
High school
Shortridge 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
490612108002000801
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Mengs Park Ave Sub L1
Legal Description
Mengs Park Ave Sub L1
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
wood burning fireplace
built-in bookcases
screened front porch
fenced yard
central air conditioning
hardwood floors
finished basement
stainless steel kitchen appliances
washer/dryer
Building Details
Year built
1924
Floors in Building
2
Number of units
2
Building materials
Brick, Wood Siding
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
Liberty Real Estate, LLC.
(866) 973-6660
Listed By:
Lisa Meulbroek · License #RB14026284
(317) 570-3639 x227
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 31 at 6:06PM
MLS# 22122959
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.
Investment Insights
Based on property information with market context.
This 1924 Craftsman duplex at 539 E 53rd Street in Indianapolis includes two residential units with approximately 4040 finished square feet. One side contains 5 bedrooms and 2.5 bathrooms, while the other offers 4 bedrooms and 2 bathrooms. Both units feature hardwood floors, a wood-burning fireplace with built-in bookcases, a screened front porch, and a finished basement with a bedroom, egress window, full bathroom, and bonus room. Fenced yards, central air conditioning, natural-gas forced-air heating, and gas water heaters serve both sides. Stainless steel kitchen appliances and 2 sets of washers/dryers are included.
The property sits on an 8590 sq ft corner lot in a residential setting near Broad Ripple and the Monon Trail. Downtown Indianapolis is approximately 15 minutes away, with restaurants, shopping, entertainment, parks, employment centers, and city amenities accessible from the property. The duplex has a documented 26-year rental history.
The property sits on an 8590 sq ft corner lot in a residential setting near Broad Ripple and the Monon Trail. Downtown Indianapolis is approximately 15 minutes away, with restaurants, shopping, entertainment, parks, employment centers, and city amenities accessible from the property. The duplex has a documented 26-year rental history.
Key Highlights
- Approximately 4040 finished square feet across two residential units
- One unit has 5 bedrooms and 2.5 bathrooms; the other has 4 bedrooms and 2 bathrooms
- Two finished basements, each with a bedroom, egress window, full bathroom, and bonus room
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
$42,639
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
6.32%
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%
$852,780
$852.8K
Cap Rate 7%
$609,129
$609.1K
Cap Rate 9%
$473,767
$473.8K
Market Conditions
NOI Build-Up for 4,040 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
$65.4K $16.20/SF
− Vacancy
−$4.5K −$1.12/SF
EGI
$60.9K $15.08/SF
− OpEx
−$18.3K −$4.52/SF
NOI
$42.6K $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%
$852,780
Cap Rate 7%
$609,129
Cap Rate 9%
$473,767
Alternative Uses
Best Use
Multifamily LT 5
$609.1K
$533.0K – $710.7K
NOI $42,639 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$529.7K
$463.5K – $617.9K
NOI $37,076 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$1.01M
$879.9K – $1.17M
NOI $70,393 @ 7.0% cap · market cap 10.43%
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
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 46220, IN
36,078
Population
17,524
Households
2.1
Avg Household Size
37
Median Age
67%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,084
Density / Sq Mi
$103,735
Median Household Income
$58,867
Median Earnings
$1,330
Median Rent
$329,700
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 - Two residential units offer hardwood floors, screened porches, fenced yards, and central air conditioning.
Where is this duplex located?
The property is located at 539 E 53rd Street Indianapolis, IN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Approximately 4040 finished square feet across two residential units; One unit has 5 bedrooms and 2.5 bathrooms; the other has 4 bedrooms and 2 bathrooms; Two finished basements, each with a bedroom, egress window, full bathroom, and bonus room
