5128 Washington StIndianapolis, IN 46219

Property Details for 5128 Washington St

Year built

1930

Lot size

0.15 AC

Property size (Sq ft)

9,771 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7705

Longitude

-86.082

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