All-Brick Duplex with
For Sale
$775,000
6209 Riverview Drive, Indianapolis, IN 46260
Residential Income, Indianapolis, IN
Property Size5,470 SF
Lot Size0.57 Acres
Price / SF$141.68
Days on Market52
Property Features for 6209 Riverview Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 6, Bedroom 8, Bathroom 5, Basement, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 7, Bathroom 6, Bedroom 3, Bedroom 2
Parking features
Guest, Open
Exterior features
Barn Mini
Basement
Finished, Partial
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
Tax Annual Amount
7568
Legal Description
Warfleigh 125Ft N End L33 & 125Ft N End L34
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
pool
detached garage
Building Details
Year built
1941
Floors in Building
2
Number of units
2
Building materials
Brick, Cement Siding
Roof type
Shingle
Architectural style
Split Level, Modern, Contemporary
Listing Agency:
Liberty Real Estate, LLC.
(866) 973-6660
Listed By:
Lisa Meulbroek · License #RB14026284
(317) 570-3639 x227
Added: Aug 12
Changed: Sep 29
Last Checked: Oct 2 at 11:06AM
MLS# 22120000
Copyright © 2026 Broker Listing Cooperative®. 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 5,470-square-foot duplex, built in 1941, contains two residential units. Each side offers 4 bedrooms and 2.5 bathrooms, with hardwood floors, finished basements, egress windows, and additional basement living space. The property includes stainless steel appliances, four refrigerators, and two sets of washers and dryers. Brick and cement siding, natural gas forced-air heat, central air, and a shingle roof serve the home. A detached garage, shed, open parking, guest parking, and a 30,000-gallon in-ground Gunite pool are included.
Recent capital work includes finished basement areas with drywall, finished ceilings, laminate flooring, egress windows, three basement bedrooms, and two full bathrooms. Pool improvements include concrete repairs, replacement decorative blue tile, a repainted pool surface, and a custom-fitted cover. The house, garage, and shed received new dimensional shingle roofs and 6-inch gutters in 2026, while Hardi Board siding was added to five dormers and other siding areas. The property has a 30-year rental history and is zoned Residential.
Recent capital work includes finished basement areas with drywall, finished ceilings, laminate flooring, egress windows, three basement bedrooms, and two full bathrooms. Pool improvements include concrete repairs, replacement decorative blue tile, a repainted pool surface, and a custom-fitted cover. The house, garage, and shed received new dimensional shingle roofs and 6-inch gutters in 2026, while Hardi Board siding was added to five dormers and other siding areas. The property has a 30-year rental history and is zoned Residential.
Key Highlights
- 5,470 SF duplex with two residential units
- Each unit includes 4 bedrooms and 2.5 bathrooms
- 30,000‑gallon in‑ground Gunite pool
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
7.45%
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 7.45%
Second Best
Apartment 5plus
$717.1K
$627.5K – $836.7K
NOI $50,200 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,309 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units with finished basements, extensive parking, and a detached garage.
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 $775,000.
What are key features of this property?
This property features: 5,470 SF duplex with two residential units; Each unit includes 4 bedrooms and 2.5 bathrooms; 30,000‑gallon in‑ground Gunite pool
