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2457 & 2461 S Shelby Street S Indianapolis, IN ^$ 865,000

2457 & 2461 S Shelby Street S

^$ 865,000

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2457 & 2461 S Shelby Street S

Indianapolis, IN, 46203

^$ 865,000

Studio Baths0.0 Sq 9,391

Monthly Estimate*

^$ 5,749

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Studio

Commercial Property for sale in Indianapolis, IN

for $865,000. This 9,391 square foot building was built in 1920 on a lot size of 0.21.

INVESTOR ALERT!! MASSIVE PRICE REDUCTION!! Presenting a rare opportunity for savvy real estate investors: a renovated 10-unit apartment building in the highly sought-after Garfield Park neighborhood of Indianapolis with value add potential. This near-turnkey property is poised to deliver robust returns and strong cash flow once the final renovations are completed, making it an ideal addition to any investment portfolio. The property consists of 10 units: 5 units with 2 bedrooms and 1 bathroom, 4 units with 1 bedroom and 1 bathroom, and 1 efficiency unit. Currently, two units are rented at $1300 (2br) and $800 (efficiency) per month, respectively. With full occupancy, the estimated gross rents could reach $10k+ per month, significantly exceeding the 1% rule and underscoring the property's strong financial potential. Comprehensive renovations to the property ensure modern, attractive living spaces that appeal to quality tenants. Most of the heavy lifting has been done, but two units still need to be finished out and there are a few misc cosmetic repairs needed on the exterior. Easy work for instant equity! Tenants are responsible for all utility costs, optimizing your net income. An expansive concrete parking pad at the rear of the building provides dedicated parking for 4+ cars, creating the potential for additional income. Professional property management is already in place, offering a seamless transition and continued high-quality oversight. Positioned on a spacious corner lot directly across from the picturesque Garfield Park, this property offers a prime location that enhances tenant appeal and lifestyle. Additionally, it is just minutes from downtown Indy, providing easy access to dining, entertainment, and employment hubs. This property represents a strategic investment with substantial upside potential in one of the city's revitalizing neighborhoods. Don't miss out on this exceptional opportunity to secure a high-performing asset in a prime location!

Commercial Active

Price

^$ 865,000

Bedrooms

Studio

Property Type

Commercial

Taxes

^$ 4,852

Style

Multi-Family 5+

Lot Size

0.21

Year Built

1920

Town/City

Indianapolis

County/Region

Marion

MLS | Web ID

21981024

Features

General

Heating Baseboard

Cooling None

Utilities Sep Electric Meter Water Connected

Possession Closing Subject To Tenants Rights

Roof Flat

Zoning D8

Architectural Style TraditonalAmerican

Construction Materials Cement Siding Vinyl Siding

Year Built 1920

Electric 200+ Amp Service

Tenant Pays All Utilities

Stories 2

Township Center SE

Levels Two

Property SubType Multi-Family 5+

Tax Year 2023

Current Use Apt<20

Additional Parcels Description 49-10-19-139-008.000-101

County Marion

New Construction N

Property Type Commercial Sale

Status Active

Directions GPS Friendly

City Indianapolis

Buyer Agent Compensation 2.5

View Y/N N

High School District Indianapolis Public Schools

NumberOfUnitsTotal 10

MLS Area 4913 - Marion - Center Se

Lot Size Square Feet 9295

Waterfront Y/N N

Carport Spaces 0

Additional Parcels Y/N Y

Virtual Tour https://indy-realty-pics.aryeo.com/sites/ypklkgk/unbranded https://indy-realty-pics.aryeo.com/sites/2457-2461-shelby-st-indianapolis-in-46203-9593416/branded

Days on Market 15

Structure Type Apartment Complex

Standard Status Active

Tax Lot 7 8

Buyer Agent Compensation Type %

Legal Description SPANN & HOLLOWAYS SHELBY ST ADD L7 and SPANN & HOLLOWAYS SHELBY ST ADD L8

Interior

Basement Unfinished

Basement (Y/N) Y

Laundry Features No Laundry Facil.

Exterior

Parking Features Alley Access

Lot Features Sidewalks

Building Area Total 9391

Lot Size Acres 0.21

* Excluded Features

List By

Keller Williams Indpls Metro N

Broker

peter@peterstewartrealty.com

Affordability Calculator

$6,153

Per Month

Monthly Principal & Interest: $5,749
Monthly Property Taxes: $404
Monthly Home Insurance: --

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Down Payment

Loan Term

Interest Rate

Yearly Property Taxes

Yearly Home Insurance

Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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Nearby

Trends
Schools

Commerical listings in Indianapolis, IN

Average List Price ^$743,188

Percent of Sale Price 14%

About Indianapolis, IN

843,184 Population

8% Since 2002

^$43,160 Median Income

35.24 Median Age

29% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

4044905 Elementary School

4044909 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
6/6/2024	$865,000	-8.95%	Price Down
5/23/2024	$950,000		Listed Price

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2457 & 2461 S Shelby Street S, Indianapolis, IN, 46203 is a Commercial Property for sale at $865,000 with 9,391 sqft and a lot size of 0.21. 2457 & 2461 S Shelby Street S is a studio with 0.0 baths and was built in 1920. The property's zip code is 46203 which is in Indianapolis, IN

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Property information provided courtesy of the Internet Exchange Program of the Metropolitan Indianapolis Board of REALTORS® Broker Listing Cooperative® listing service.

The 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.

Data is updated as of 6/16/2024.

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2457 & 2461 S Shelby Street S

Commercial Property for sale in Indianapolis, IN

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