For Sale

Listed by Hector David Orton and Justin Lowe from Ellsbury Commerical Group

Source: MIBOR Service Corporation #22099698

APT 1/3527 North College Avenue, Indianapolis, IN, 46205

$905,000

5452 sq. ft.

MultiFam

•

30+ days on the market

What's around APT 1/3527 North College Avenue

About this property

The subject property is a fully renovated multifamily asset consisting of six (6) individual condominium units operated as rental apartments. Originally constructed in 1910, the building underwent a comprehensive gut renovation completed between 2023 and 2024, resulting in modernized interiors and systems while maintaining its underlying structure. The unit mix consists entirely of two-bedroom layouts, averaging approximately 909 square feet, catering to strong rental demand for well-sized units. Situated on a 0.22-acre (9,599 square feet) site, the property also benefits from six (6) gated parking spaces-an increasingly valuable amenity in the market. Following renovation, the asset is considered to be in good overall condition and is classified as a Class B property within its competitive set. The current ownership acquired the property in December 2017, at which time it operated as a 10-unit apartment building. Ownership executed a strategic repositioning by vacating the property, legally converting it into six condominium units, and completing a full-scale rehabilitation at a reported cost of approximately $700,000. Although the original business plan allowed for individual unit sales, ownership elected to retain all units and operate the property as a stabilized multifamily rental asset. A rezoning approval in October 2024 permits this use, with supporting documentation available upon request. A 2025 appraisal concluded a market value of $950,000, further supporting the asset's repositioning and current operational strategy. The property is located within the Indianapolis Metropolitan Statistical Area (MSA), one of the largest multifamily markets in the United States by inventory. The MSA demonstrates strong economic fundamentals, including median household incomes exceeding the state average and projected population growth over the next five years. These trends support sustained rental housing demand. More specifically, the asset is located in Central Mario

Looking for more information on APT 1/3527 North College Avenue?

Explore comparables, sales history and growth for this property.
Learn more

Contact

Similar properties for sale nearby

For Sale
$525,000
2438 Guilford Avenue
Indianapolis IN 46205
Multi-Family
Listing courtesy of RE/MAX Advanced Realty
For Sale
$235,000
2707 North College Avenue
Indianapolis IN 46205
5
4
Multi-Family
Listing courtesy of No Limit Real Estate, LLC
Pending
$1,300,000
3544 Carrollton Ave
Indianapolis IN 46205
Multi-Family
Listing courtesy of F.C. Tucker Company

Other properties for sale by Ellsbury Commerical Group

For Sale
$68,000
715 East 30th Street
Marion IN 46953
3
1
Single-Family
Listing courtesy of Ellsbury Commerical Group
For Sale
$80,000
105 West 36th Street
Marion IN 46953
3
1
Single-Family
Listing courtesy of Ellsbury Commerical Group
For Sale
$120,000
0000 North Street
Austin IN 47102
Land
Listing courtesy of Ellsbury Commerical Group

Browse properties sold in nearby areas

Based on information submitted to the MLS GRID as of 5 May 2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under MLS GRID IDX Rules Updated September 16, 2024 7 U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to: dmca@ratemyagent.com

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

© 2026 RateMyAgent