Historic Duplex with Private
For Sale
$280,000
Pending
615 W 10th St, Indianapolis, IN 46202
Up-and-down layout includes two units, a low-maintenance yard, and a private patio.
Property Size1,938 SF
Days on Market23
Property Features for 615 W 10th St
General Information
Standard status
Pending
Size
1,938 SF
Property subtype
Multi-Family
Amenities
private patio
shade tree
tranquil water feature
Building Details
Year Built
1920
Listing Agency:
Crm Properties, Inc
(317) 903-0262
Listed By:
The James Embry Team · License #1999023818
(317) 903-0262
Source:
Jamesembry
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 2:58PM
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 Crm Properties, Inc
Investment Insights
Based on property information with market context.
This historic up-and-down duplex contains 1,938 square feet and was built in 1920. The two-unit configuration includes distinct interiors with individual character, along with a low-maintenance yard, private patio, shade tree, and water feature. Recent improvements include a roof, skylights, gutters, sewer and water lines, air-duct cleaning, stair carpeting, exterior paint, and a dryer completed or installed from 2024 through 2026.
The property is at 615 W 10th St in Indianapolis, near the Stutz, the Cultural Trail, hospitals, and fast-casual dining. Its central setting and two-unit layout provide flexibility for an owner occupant or rental operation, subject to applicable requirements.
The property is at 615 W 10th St in Indianapolis, near the Stutz, the Cultural Trail, hospitals, and fast-casual dining. Its central setting and two-unit layout provide flexibility for an owner occupant or rental operation, subject to applicable requirements.
Key Highlights
- Two‑unit up‑and‑down duplex totaling 1,938 square feet
- Built in 1920 with distinctive interior character
- New roof, skylights, gutters, sewer lines, and water lines in 2024
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
$20,454
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
7.31%
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%
$409,080
$409.1K
Cap Rate 7%
$292,200
$292.2K
Cap Rate 9%
$227,267
$227.3K
Market Conditions
NOI Build-Up for 1,938 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
$31.4K $16.20/SF
− Vacancy
−$2.2K −$1.12/SF
EGI
$29.2K $15.08/SF
− OpEx
−$8.8K −$4.52/SF
NOI
$20.5K $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%
$409,080
Cap Rate 7%
$292,200
Cap Rate 9%
$227,267
Alternative Uses
Best Use
Multifamily LT 5
$292.2K
$255.7K – $340.9K
NOI $20,454 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$254.1K
$222.3K – $296.4K
NOI $17,786 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$482.4K
$422.1K – $562.8K
NOI $33,768 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 46202, IN
22,217
Population
12,297
Households
1.8
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,039
Density / Sq Mi
$61,082
Median Household Income
$40,499
Median Earnings
$1,258
Median Rent
$420,200
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?
Duplex - Up-and-down layout includes two units, a low-maintenance yard, and a private patio.
Where is this duplex located?
The property is located at 615 W 10th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit up‑and‑down duplex totaling 1,938 square feet; Built in 1920 with distinctive interior character; New roof, skylights, gutters, sewer lines, and water lines in 2024
