1635 Central Ave

Indianapolis IN 46202

5032 sq. ft.

Duplex

Currently for sale - view listing

Overview

Over 6% cap rate! Located at the intersection of the highly desirable Herron Morton and Old Northside neighborhoods, AND in a designated Opportunity Zone, this property offers a prime opportunity for experienced landlords, or investors entering the multifamily market. The complex consists of three all brick buildings, four units each. Buildings can be purchased together as a 12 unit complex, or split into four plexes. Each building already has its own parcel number and legal description. (See BLC#22103331 for commercial 12 unit listing.) Each unit features a spacious two bedroom, one bath layout with lots of natural light. Units are currently leased for $895-$995 per month. All leases will renew at $995. With a fantastic 95% occupancy rate maintained over the past several years, this proven income-producing asset delivers consistent cash flow, long term stability, and strong investment potential. Inquire for rent roll, expenses, and utilities. Residents pay their own electric; all units are individually metered. No gas. Owner pays water, sewer, & common area electric bills, and residents pay $50/month for utilities on top of rents listed above. Residents with pets pay additional $25/month. Each unit has its own furnace, central air, and water heater. Refrigerators and ovens in each unit. Coin operated laundry units and more storage in the basements of each building. Water heaters are located in basements. All units share one large trash dumpster in the alley. Current lease rates and dates by request. One unit is recently vacant and available for showings. (Other units can be accessed upon accepted offer.) Current property management company is willing to continue management.

Features

5032 sq. ft. lot size

Duplex

Property history for 1635 Central Ave

2024

Sold

$1,200,000

28 Mar 2024 by Kathryn Teltow, of Highgarden Real Estate

2021

Rented

Undisclosed

26 Mar 2021 by Alpine Leasing

2017

Rented

Undisclosed

12 Apr 2017 by Alpine Realty, LLC

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