2101 N Pennsylvania Street, Indianapolis, IN 46202
sale
$1,555,000
|
Other
Courtesy Of NO LIMIT Real Estate, LLC
Rare opportunity to own a true showpiece income property in one of Indianapolis' most desirable neighborhoods. This majestic full-brick six-unit building spans more than 13,500 square feet and offers a powerful combination of size, stability, and future upside. Each unit is a spacious 3-bedroom, 1.5-bath floorplan with approximately 2,000 sq. ft., delivering the feel of a private residence within a solid, historically significant structure. The property is currently 100% occupied, producing strong, consistent income with rents supported by Herron-Morton's premium location - just minutes from downtown, hospitals, IUPUI, and the thriving 16th Street corridor. Recent capital improvements in the past two years ensure smooth operations and low maintenance moving forward. With over 4,000 sq. ft. of basement space, investors have the unique opportunity to add 3-4 additional units or finish the lower level for additional income streams. Evidence of prior basement units indicates the conversion potential is both realistic and value-enhancing. Financially, the property performs impressively: Current NOI: approximately $95,000 Cap Rate: near 6% at list price Projected NOI (with basement conversion): well over $130,000, positioning this asset for 7%+ cap rate performance in a blue-chip location For developers, the structure's design and footprint also lend themselves to an attractive condo conversion - creating luxury residences in one of the city's most walkable, high-demand districts. Key Highlights: 6 large 3BD/1.5BA units (~2,000 SF each) All-brick exterior with historic character and curb appeal 4,000+ SF basement with expansion potential 100% occupancy and strong rental history Prime Herron-Morton location near downtown, hospitals, and dining Rare multifamily scale in an owner-occupant or investor-friendly area This is the kind of investment property that seldom hits the market - large, stable, well-located, and teeming with up
Read More About This Property
Read Less About This Property
Copyright © 2025 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Property Features
- Architecture Style: Other
- Building Units: 6
- Legal Description: Eliz Talbotts Revised Add L65 Also 22Ft S Side L64
- MLSID: 22067612
Data powered by Attom Data Solutions. Copyright© 2025. Information deemed reliable but not guaranteed.
You may also be interested in...
sale
$1,575,000
Retail
1000 N State Road 135
Greenwood, IN 46142
Building: 5,000 sq. ft.
|
Land: 2 Acres
Courtesy Of Keller Williams Indy South
sale
$1,500,000
Business
7086 Southeastern Avenue
Indianapolis, IN 46239
Building: 9,000 sq. ft.
|
Land: 0.3 Acres
Courtesy Of Blooming Wilderness Cedar Real Estate Brokerage LLC
sale
$1,300,000
Other
3805 Biscayne Road
Indianapolis, IN 46226
Building: 13,400 sq. ft.
Courtesy Of Indy Metro Northeast dba Keller Williams Realty
sale
$1,250,000
Retail
2102 N Arlington Avenue
Indianapolis, IN 46218
Building: 1,743 sq. ft.
|
Land: 0.43 Acres
Courtesy Of Indy Metro Northeast dba Keller Williams Realty