Building Details

Building Size 5,670 SF

Listing Agency: F.C. Tucker Company

Listed By: Sarah Fishburn · License #RB19001567 Show Phone

Source: Luxcityrealty

Added: Mar 16 Changed: Oct 5 Last Checked: Oct 16 at 4:47PM

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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 F.C. Tucker Company

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Investment Insights

Based on property information with market context.

This nine-unit multifamily property presents an investor opportunity in the historic Woodruff Place neighborhood. The property is available for individual purchase or as part of a portfolio that includes four additional nearby buildings in Woodruff Place. All units are currently leased, providing immediate income. Recent improvements include a new sewer, boiler, and water heater, as well as bathroom updates in one unit and new interior paint in four units. The updates offer a mix of updated living spaces and value-add potential. The property is located minutes from downtown Indianapolis, benefiting from the neighborhood's charm and strong rental demand. The building has a size of 5150 square feet.

Key Highlights

• Immediate income and stable cash flow from 9 currently leased units.
• Rare opportunity to invest in Indianapolis' desirable historic Woodruff Place.
• Potential to acquire as part of a larger portfolio with four additional nearby buildings.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$47,263

Cap Rate

6.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$945,260 $945.3K

Cap Rate 7%

$675,186 $675.2K

Cap Rate 9%

$525,144 $525.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,150 SF

Gross rent

$92.7K $18.00/SF

− Vacancy

−$6.8K −$1.31/SF

EGI

$85.9K $16.69/SF

− OpEx

−$38.7K −$7.51/SF

NOI

$47.3K $9.18/SF

Area

Indianapolis, IN

Vacancy

7.30%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$945,260

Cap Rate 7%

$675,186

Cap Rate 9%

$525,144

Alternative Uses

Best Use

Apartment 5plus

$675.2K

$590.8K – $787.7K (±1% cap)

NOI $47,263 @ 7.0% cap · market cap 6.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.28M

$1.12M – $1.50M (±1% cap)

NOI $89,734 @ 7.0% cap · market cap 11.58%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Accounting Firm Carpet & Flooring Store Tech Support Center Locksmith Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,030

Businesses Nearby

Explore this area Business Placement

Demographics for 46201, IN

31,408

Population

17,145

Households

1.8

Avg Household Size

34

Median Age

26%

College-Educated

78%

High-School Grad

5.6 sq mi

ZIP Area

5,609

Density / Sq Mi

$43,183

Median Household Income

$36,951

Median Earnings

$929

Median Rent

$150,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Nine-unit multifamily property in historic Woodruff Place, Indianapolis.

Where is this apartment building located?

The property is located at 609 Woodruff Place Middle Drive Indianapolis, IN.

What is the asking price?

The asking price for this property is $775,000.

What are key features of this property?

This property features: Immediate income and stable cash flow from 9 currently leased units.; Rare opportunity to invest in Indianapolis' desirable historic Woodruff Place.; Potential to acquire as part of a larger portfolio with four additional nearby buildings.