3750 Meridian StIndianapolis, IN 46217

Property Details for 3750 Meridian St

Year built

1957

Construction

TYPE NOT SPECIFIED

Lot size

0.16 AC

Property size (Sq ft)

10,964 SF

Property type

Office properties

Property subtype

Other office properties

APN

49-06-24-158-035.000-101

APU

490624158035000101

Description

This fully-entitled 3.44-acre site in Indianapolis, Indiana (APN 5001560), is zoned D7, SU-34 and offers a prime opportunity for multifamily development. Plans are approved for a 56-unit, three-story walk-up building featuring a mix of studio, one-, and two-bedroom units, each with in-unit laundry and (where applicable) patios/balconies. Amenities include a dog park, pickleball court, flexible community room, covered parking, and electric vehicle charging stations. The property enjoys a convenient location less than 15 minutes from downtown Indianapolis and just over a mile from Interstate 465, with nearby retail and substantial employment opportunities. Its location within both an Opportunity Zone (18097380200) and a Qualified Census Tract (3802) provides significant tax and development benefits. The address is 3750 S Meridian St, Indianapolis, IN 46217, in Marion County. The site is fee simple ownership. Efficiently designed floor plans and a generally level site contribute to the project's viability. This is a rare opportunity to develop a high-demand multifamily project in a thriving location with substantial added incentives.

• CAP approach

  CAP return

  Valuation

  6%

  $1,425,129

  6.5%

  $1,315,503

  7%

  $1,221,539

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,033,063

  Geo Method

  $1,033,063

• Alternative Use

  Use

  Valuation

  Residential

  $1,631,224

  Hospitality

  $1,494,193

  Educational

  $1,243,151

  Medical

  $1,285,905

  Retail

  $1,933,790

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.8239

Longitude

-86.1573

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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