For Sale
$1,260,000

5128 Washington StIndianapolis, IN 46219

Historic Irvington, high-demand rental.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 16-unit apartment building, located at 5128/5140 E Washington St in Indianapolis, Indiana's historic Irvington neighborhood, presents a compelling value-add investment opportunity. Priced at $1,260,000, the property comprises two, two-story buildings totaling 9,771 square feet on a 0.15-acre lot. Built in 1930 and renovated in 2024, the property is currently vacant and zoned ZO01. The building's design is well-suited for group home operations, assisted living, or other residential care services. Each of the 16 units offers a functional and comfortable layout, promising strong rental demand and long-term stability. Irvington's vibrant community, convenient amenities, and proximity to public transportation further enhance the property's appeal and potential for high returns. This property offers investors a chance to capitalize on a sought-after location and strong rental market within a well-established neighborhood with growth potential. The property's current vacancy allows for immediate implementation of a new rental strategy. This is a rare opportunity to acquire a substantial multifamily asset in a desirable Indianapolis neighborhood.

Highlights

  • Prime Irvington location: 16-unit building at 5128/5140 E Washington St, Indianapolis, offering strong rental demand and convenient amenities.
  • 16-unit group home setup: Two buildings totaling 9,771 sq ft, ideal for assisted living or similar uses.
  • Strong income potential: $1,260,000 asking price with attractive cap rate in a high-demand rental market.
  • Well-maintained units: Functional layouts designed for comfortable living, minimizing operator upkeep.
  • Established market with growth potential: Desirable Irvington neighborhood with consistent rental demand.

Property Details for 5128 Washington St

Property type
Apartment buildings
Square Feet
9,771 SF
Class
B
Year Built/Renovated
1930/2024
Buildings
2
Stories
2
Lot Size (sq. ft)
6,534 SF
Units
16

Location Insight

City
Indianapolis
County
Marion
State
Indiana
Latitude
39.7705495
Longitude
-86.0819768
5128 Washington St, Indianapolis, Indiana

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5128 Washington St
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