Remodeled Residential Income
New
For Sale
$329,999
9046 Mercer Drive, Fishers, IN 46038
A three-level condominium features a renovated kitchen with an island, soft-close cabinets, and stainless steel appliances.
Property Size1,844 SF
Price / SF$178.96
Days on Market1
Property Features for 9046 Mercer Drive
General Information
Standard status
Active
Size
1,844 SF
Property subtype
Commercial
Additional Details
Multifamily Units
1
Building Details
Year Built
2015
Year Renovated
2025
Listing Agency:
Bif Ward Real Estate Group
Listed By:
Bif Ward
(317) 580-7871
Source:
Bifward
Added: Nov 3
Last Checked: Nov 3 at 2:27PM
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 Bif Ward Real Estate Group
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Investment Insights
Based on property information with market context.
This 1,844-square-foot condominium spans three levels and was built in 2015. A 2025 remodel updated the interior with laminate flooring, new lighting and hardware, refreshed bathroom fixtures, and accent walls. The kitchen includes soft-close cabinets, countertops, an island with an integrated sink, and stainless steel appliances. Its open layout connects the kitchen and living area, while built-in shelving adds storage and display space.
The primary bedroom has a tray ceiling and private bathroom with a double vanity and walk-in shower. Two additional half bathrooms serve the home, and the loft and first floor offer flexible room for bedrooms or office use. The property also includes a garage with an epoxy-coated floor, plus a washer and dryer.
The primary bedroom has a tray ceiling and private bathroom with a double vanity and walk-in shower. Two additional half bathrooms serve the home, and the loft and first floor offer flexible room for bedrooms or office use. The property also includes a garage with an epoxy-coated floor, plus a washer and dryer.
Key Highlights
- 1,844 square feet across three levels
- Remodeled in 2025; built in 2015
- Kitchen with soft‑close cabinetry, island sink, and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,615
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,300
$372.3K
Cap Rate 7%
$265,929
$265.9K
Cap Rate 9%
$206,833
$206.8K
Market Conditions
NOI Build-Up for 1,844 SF
Gross rent
$36.5K $19.80/SF
− Vacancy
−$2.7K −$1.45/SF
EGI
$33.8K $18.35/SF
− OpEx
−$15.2K −$8.26/SF
NOI
$18.6K $10.10/SF
Area
Fishers, IN
Vacancy
7.30%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,300
Cap Rate 7%
$265,929
Cap Rate 9%
$206,833
Alternative Uses
Best Use
Apartment 5plus
$265.9K
$232.7K – $310.3K
NOI $18,615 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$454.0K
$397.3K – $529.7K
NOI $31,780 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
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Business Placement
Demographics for 46038, IN
42,694
Population
17,738
Households
2.4
Avg Household Size
36
Median Age
60%
College-Educated
98%
High-School Grad
15.5 sq mi
ZIP Area
2,754
Density / Sq Mi
$105,092
Median Household Income
$61,220
Median Earnings
$1,489
Median Rent
$301,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A three-level condominium features a renovated kitchen with an island, soft-close cabinets, and stainless steel appliances.
Where is this residential income property located?
The property is located at 9046 Mercer Drive Fishers, IN.
What is the asking price?
The asking price for this property is $329,999.
What are key features of this property?
This property features: 1,844 square feet across three levels; Remodeled in 2025; built in 2015; Kitchen with soft‑close cabinetry, island sink, and stainless steel appliances
