Renovated Victorian
New
For Sale
$499,000
715-717 E 15th St, Indianapolis, IN 46202
Two updated units retain original character with heart-pine floors, covered porches, and refreshed kitchens.
Property Size4,661 SF
Price / SF$107.06
Days on Market2
Property Features for 715-717 E 15th St
General Information
Standard status
Active
Size
4,661 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
covered front and back porches
Building Details
Year Built
1910
Buildings
1
Construction
Victorian
Listing Agency:
Kovener & Associates Real Esta
Listed By:
Tony Reffeitt
(317) 520-8980
Source:
Realintegrity
Added: Sep 18
Last Checked: Sep 19 at 8:57AM
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 Kovener & Associates Real Esta
Investment Insights
Based on property information with market context.
Built in 1910, this 4,661-square-foot duplex combines Victorian-era character with recent interior improvements. Each unit includes light-filled living and dining areas, an updated kitchen, and a new half-bath on the main level. Covered front and rear porches serve both residences, while refinished original heart-pine flooring remains on the main floors. Both units have been freshly renovated while preserving elements of the original construction.
The property is located in Indianapolis’s Historic Old Northside neighborhood near downtown. O’Bannon Park is one block east and provides access to the Monon Trail, playgrounds, a splash pad, soccer fields, and skyline views. The duplex configuration supports separate residential use, including short- or long-term rental arrangements, or occupancy of one unit alongside use of the other.
The property is located in Indianapolis’s Historic Old Northside neighborhood near downtown. O’Bannon Park is one block east and provides access to the Monon Trail, playgrounds, a splash pad, soccer fields, and skyline views. The duplex configuration supports separate residential use, including short- or long-term rental arrangements, or occupancy of one unit alongside use of the other.
Key Highlights
- Duplex totals 4,661 square feet
- Built in 1910 in Indianapolis’s Historic Old Northside neighborhood
- Both units include covered front and back porches
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
$42,775
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
8.57%
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%
$855,500
$855.5K
Cap Rate 7%
$611,071
$611.1K
Cap Rate 9%
$475,278
$475.3K
Market Conditions
NOI Build-Up for 4,661 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
$83.9K $18.00/SF
− Vacancy
−$6.1K −$1.31/SF
EGI
$77.8K $16.69/SF
− OpEx
−$35.0K −$7.51/SF
NOI
$42.8K $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%
$855,500
Cap Rate 7%
$611,071
Cap Rate 9%
$475,278
Alternative Uses
Best Use
Multifamily LT 5
$702.8K
$614.9K – $819.9K
NOI $49,193 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$611.1K
$534.7K – $712.9K
NOI $42,775 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,213 @ 7.0% cap · market cap 16.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,326
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated units retain original character with heart-pine floors, covered porches, and refreshed kitchens.
Where is this duplex located?
The property is located at 715-717 E 15th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Duplex totals 4,661 square feet; Built in 1910 in Indianapolis’s Historic Old Northside neighborhood; Both units include covered front and back porches
