Historic Woodruff Place Multifamily
For Sale
$775,000
609 Woodruff Place Middle Drive, Indianapolis, IN 46201
Nine-unit multifamily property in historic Woodruff Place, Indianapolis.
Property Size5,670 SF
Price / SF$150.49
Days on Market170
Property Features for 609 Woodruff Place Middle Drive
General Information
Standard status
Active
Size
5,670 SF
Property subtype
Multi-Family 5+
Building Details
Building Size
5,670 SF
Listing Agency:
F.C. Tucker Company
(317) 989-5613
Listed By:
Sarah Fishburn · License #RB19001567
Source:
Luxcityrealty
Added: Mar 16
Changed: Aug 23
Last Checked: Aug 30 at 10:46PM
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
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 = 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
$47,263
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
6.10%
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%
$945,260
$945.3K
Cap Rate 7%
$675,186
$675.2K
Cap Rate 9%
$525,144
$525.1K
Market Conditions
NOI Build-Up for 5,150 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
$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 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%
$945,260
Cap Rate 7%
$675,186
Cap Rate 9%
$525,144
Alternative Uses
Best Use
Apartment 5plus
$675.2K
$590.8K – $787.7K
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
NOI $89,734 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
