The Noble Flats, a 6-unit apartment building located at 505 N College Ave, Indianapolis, IN 46202, presents a compelling investment opportunity. This 7,800 square foot, three-story building, constructed in 1900, sits on a 0.16-acre lot (APN: 49-11-01-122-145.000-101) and is zoned CBD2. Each of the six units boasts two bedrooms and two bathrooms, complemented by spacious balconies. Currently 100% occupied, the property offers eight convenient surface parking spaces directly adjacent to the building. Its prime location within the Bottleworks/Mass Ave district places it within easy walking distance of a vibrant array of dining and entertainment options. This area is experiencing significant population growth and ongoing revitalization, making it an attractive investment prospect. The property's strategic position between the Lockerbie and Chatham-Arch neighborhoods provides further appeal. Excellent interstate access via I-65, I-70, and I-465 adds to its convenience and accessibility. This multifamily building represents a strong investment in a thriving Indianapolis neighborhood.

Property type Apartment buildings

Year built 1900

Total area 7,800 SF

Lot 0.16 ac (6,970 SF)

UPID US31-0017518

Implied cap rate, NOI & suggested price

Cap rate vs submarket · NOI estimate · 3 price anchors

Apartment Building

505 College Ave Indianapolis, IN 46202

Indianapolis metro

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