8-Unit Multifamily with
5925-5935 Devington Road Indianapolis, IN 46226
For Sale
$850,000
Well-maintained 8-unit property with fully occupied 2-bedroom units and detached one-car garages.
Property Size5,760 SF
Price / SF$147.57
Days on Market195
Property Features for 5925-5935 Devington Road
General Information
- Standard status
- Active
- Size
- 5,760 SF
- Property subtype
- Commercial Sale / Multi-Family 5+
Building Details
- Year Built
- 1966
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Martha Hernandez · License #RB22001159
(888) 611-3912
Source:
Compass
Added: Jan 10
Changed: Jul 23
Last Checked: Jul 23 at 6:41PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This well-cared-for 8-unit multifamily property is offered for sale and is currently 100% occupied. Each unit features two bedrooms and one bathroom, along with access to a detached one-car garage. Updates have been completed throughout the property, supporting its overall condition and day-to-day manageability.
The building includes a basement area, which the owner has identified as a place to add coin-operated laundry. There is also potential to create and/or rent storage space to generate additional income. Current rents are described as three units at $900 per month and five units at $950 per month, with planned rent increases this year.
Overall, the configuration is straightforward for investors seeking a maintained residential income property with established in-place tenants and opportunities to expand ancillary revenue through laundry and storage.
The building includes a basement area, which the owner has identified as a place to add coin-operated laundry. There is also potential to create and/or rent storage space to generate additional income. Current rents are described as three units at $900 per month and five units at $950 per month, with planned rent increases this year.
Overall, the configuration is straightforward for investors seeking a maintained residential income property with established in-place tenants and opportunities to expand ancillary revenue through laundry and storage.
Key Highlights
- 8‑unit multifamily property built in 1966
- All units are 2‑bedroom/1‑bath and the property is 100% occupied
- Current rents: 3 units at $900/month and 5 units at $950/month, with planned rent increases this year
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $121.7k | $21.12 |
| − Vacancy | −$8.9k | −$1.54 |
| EGI | $112.8k | $19.58 |
| − OpEx | −$50.7k | −$8.81 |
| NOI | $62.0k | $10.77 |
5,760 SF · lease $21.12/SF/yr · vacancy 7.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$886.1K
$775.3K – $1.03M
NOI $62,024 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,754 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Well-maintained 8-unit property with fully occupied 2-bedroom units and detached one-car garages.
Where is this apartment building located?
The property is located at 5925-5935 Devington Road Indianapolis, IN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 8‑unit multifamily property built in 1966; All units are 2‑bedroom/1‑bath and the property is 100% occupied; Current rents: 3 units at $900/month and 5 units at $950/month, with planned rent increases this year
