Brick Duplex with Finished
New
For Sale
$799,000
6209 Riverview Drive, Indianapolis, IN 46260
MULTI_FAMILY - Contemporary, Modern, Split Level - Indianapolis, IN
Property Size5,470 SF
Lot Size0.57 Acres
Price / SF$146.07
Days on Market5
Property Features for 6209 Riverview Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Rooms
Basement
Parking features
Open, Guest
Exterior features
Barn Mini
Basement
Partial, Finished
Subdivision
Warfleigh
Lot features
Access, City Lot, Corner Lot, Curbs, Not In Subdivision, Sidewalks, Mature Trees
View
City
Elementary school district
Indianapolis Public Schools
Middle school district
Indianapolis Public Schools
High school district
Indianapolis Public Schools
Directions
GPS Friendly
Standard status
Active
APN
490335109004000801
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Warfleigh 125Ft N End L33 & 125Ft N End L34
Legal Description
Warfleigh 125Ft N End L33 & 125Ft N End L34
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
in-ground pool
Building Details
Year built
1941
Floors in Building
2
Number of units
2
Building materials
Brick, Cement Siding
Roof type
Shingle
Architectural style
Modern, Contemporary, Split Level
Listing Agency:
Liberty Real Estate, LLC.
(866) 973-6660
Listed By:
Lisa Meulbroek · License #RB14026284
(317) 570-3639 x227
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 16 at 6:06PM
MLS# 22120000
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex comprises two residential units, each with 4 bedrooms, 2.5 bathrooms, hardwood floors, and a finished basement. The basement areas include egress windows, full bathrooms, and additional finished living space. The property is constructed with brick and cement siding and includes forced-air natural gas heating, central air, a detached garage, open and guest parking, and a mini barn. Stainless steel appliances, four refrigerators, and two washer-and-dryer sets are included.
Outdoor features include a 30,000 gallon in-ground Gunite pool with concrete repairs, replacement decorative tile, a refreshed pool surface, and a custom-fitted cover. The property has been continuously rented for 30 years. Capital work identified for 2025 includes basement and pool improvements, while 2026 improvements include new shingle roofing, 6-inch gutters, and Hardi Board siding on five dormers and other siding areas.
Outdoor features include a 30,000 gallon in-ground Gunite pool with concrete repairs, replacement decorative tile, a refreshed pool surface, and a custom-fitted cover. The property has been continuously rented for 30 years. Capital work identified for 2025 includes basement and pool improvements, while 2026 improvements include new shingle roofing, 6-inch gutters, and Hardi Board siding on five dormers and other siding areas.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2.5 bathrooms per side
- Finished basements include egress windows, full bathrooms, and additional living space
- 30,000 gallon in‑ground Gunite pool with updated surface and custom‑fitted cover
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
$57,731
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
7.23%
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%
$1,154,620
$1.2M
Cap Rate 7%
$824,729
$824.7K
Cap Rate 9%
$641,456
$641.5K
Market Conditions
NOI Build-Up for 5,470 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
$88.6K $16.20/SF
− Vacancy
−$6.1K −$1.12/SF
EGI
$82.5K $15.08/SF
− OpEx
−$24.7K −$4.52/SF
NOI
$57.7K $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%
$1,154,620
Cap Rate 7%
$824,729
Cap Rate 9%
$641,456
Alternative Uses
Best Use
Multifamily LT 5
$824.7K
$721.6K – $962.2K
NOI $57,731 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$717.1K
$627.5K – $836.7K
NOI $50,200 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,309 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 46260, IN
34,188
Population
16,376
Households
2.1
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.4 sq mi
ZIP Area
3,287
Density / Sq Mi
$70,642
Median Household Income
$38,682
Median Earnings
$1,080
Median Rent
$271,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer spacious layouts, updated basements, outdoor amenities, and extensive on-site parking.
Where is this duplex located?
The property is located at 6209 Riverview Drive Indianapolis, IN.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2.5 bathrooms per side; Finished basements include egress windows, full bathrooms, and additional living space; 30,000 gallon in‑ground Gunite pool with updated surface and custom‑fitted cover
