Townhome Portfolio with Attached
For Sale
Contact for pricing
5500 S Emerson Ave, Indianapolis, IN 46237
66-unit two-site townhome portfolio with attached one- or two-car garages and in-unit laundry connections.
Property Size98,190 SF
Days on Market57
Property Features for 5500 S Emerson Ave
General Information
Standard status
Active
Size
98,190 SF
Property subtype
Multifamily
Occupancy
93%
Additional Details
Highway Access
Yes
Multifamily Units
66
Amenities
2000's Vintage Townhome Product - Rare, Condo-Quality Construction with Large Floorplans and Attached Garages
Proven Value-Add with Remaining Upside 34 of 66 Units have been Renovated Achieving $200/Month Rent Premiums
Attractive In-Place Yield Day-One 6.1 Percent Cap Rate with Upside through Continued Renovations
Proximity to Major Employment Drivers Near Eli Lilly, Amazon Logistics Hubs, and IU Health
Building Details
Building Size
98,190 SF
Units
66
Tenancy
Multi
Listing Agency:
Indianapolis Office
(317) 218-5330
Listed By:
Aaron Kuroiwa · License #License(s): IN: RB17000780
(317) 218-5330
Source:
Marcusmillichap
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 4:39AM
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 Indianapolis Office
Investment Insights
Based on property information with market context.
Coventry Park and Mansfield Village Townhomes offer a 66-unit, two-site residential income portfolio on Indianapolis’ south side. Coventry Park (30 units) was constructed in 2008, and Mansfield Village (36 units, individually parceled) was constructed in 2004. The property features a nearly 50/50 mix of large 2- and 3-bedroom townhomes, each with a spacious layout and attached one- or two-car garages. Unit interiors include vaulted living room ceilings, full-size washer/dryer connections, walk-in closets, pantries, private patios, and private driveways.
Each site is located roughly 15 minutes from the other and provides connectivity via I-65 and I-465 for access to downtown Indianapolis, Greenwood, and the broader metro. The surrounding employment base includes major logistics and distribution operators such as Amazon, FedEx, UPS, and DHL along the I-65 corridor, along with corporate and healthcare employers including Eli Lilly and Company, IU Health, and Salesforce in downtown Indianapolis.
Renovations are already underway across the portfolio, with approximately 51% of units updated (34 units). The seller notes an average $200/month premium across unit types among renovated homes, and highlights an opportunity to complete renovations on the remaining 32 units to align with those improved results.
Each site is located roughly 15 minutes from the other and provides connectivity via I-65 and I-465 for access to downtown Indianapolis, Greenwood, and the broader metro. The surrounding employment base includes major logistics and distribution operators such as Amazon, FedEx, UPS, and DHL along the I-65 corridor, along with corporate and healthcare employers including Eli Lilly and Company, IU Health, and Salesforce in downtown Indianapolis.
Renovations are already underway across the portfolio, with approximately 51% of units updated (34 units). The seller notes an average $200/month premium across unit types among renovated homes, and highlights an opportunity to complete renovations on the remaining 32 units to align with those improved results.
Key Highlights
- Two‑site, 66‑unit Indianapolis south side townhome portfolio with attached one- or two‑car garages per unit
- Coventry Park (30 units) built in 2008 and Mansfield Village (36 individually parceled units) built in 2004
- Nearly 50/50 mix of large 2- and 3‑bedroom townhomes with spacious floor plans (1,335 SF 2BR; 1,650 SF 3BR)
Property Analytics
Property Profile
Current Use
Lease Details
66
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 46237, IN
44,378
Population
17,660
Households
2.5
Avg Household Size
36
Median Age
34%
College-Educated
89%
High-School Grad
14.7 sq mi
ZIP Area
3,019
Density / Sq Mi
$76,676
Median Household Income
$47,742
Median Earnings
$1,272
Median Rent
$216,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - 66-unit two-site townhome portfolio with attached one- or two-car garages and in-unit laundry connections.
Where is this apartment building located?
The property is located at 5500 S Emerson Ave Indianapolis, IN.
What are key features of this property?
This property features: Two‑site, 66‑unit Indianapolis south side townhome portfolio with attached one- or two‑car garages per unit; Coventry Park (30 units) built in 2008 and Mansfield Village (36 individually parceled units) built in 2004; Nearly 50/50 mix of large 2- and 3‑bedroom townhomes with spacious floor plans (1,335 SF 2BR; 1,650 SF 3BR)
