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3527 N College Avenue # APT 1 Indianapolis, IN ^$ 849,900

3527 N College Avenue # APT 1

^$ 849,900

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3527 N College Avenue # APT 1

Indianapolis, IN, 46205

^$ 849,900

Bedrooms-- Baths-- Sq 5,452

Monthly Estimate*

^$ 5,870

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Commercial Property for sale in Indianapolis, IN

for $849,900. This building is 5,452 square feet.

The subject property is a fully renovated multifamily asset consisting of six (6) individual condominium units operated as rental apartments. Originally constructed in 1910, the building underwent a comprehensive gut renovation completed between 2023 and 2024, resulting in modernized interiors and systems while maintaining its underlying structure. The unit mix consists entirely of two-bedroom layouts, averaging approximately 909 square feet, catering to strong rental demand for well-sized units. Situated on a 0.22-acre (9,599 square feet) site, the property also benefits from six (6) gated parking spaces-an increasingly valuable amenity in the market. Following renovation, the asset is considered to be in good overall condition and is classified as a Class B property within its competitive set. The current ownership acquired the property in December 2017, at which time it operated as a 10-unit apartment building. Ownership executed a strategic repositioning by vacating the property, legally converting it into six condominium units, and completing a full-scale rehabilitation at a reported cost of approximately $700,000. Although the original business plan allowed for individual unit sales, ownership elected to retain all units and operate the property as a stabilized multifamily rental asset. A rezoning approval in October 2024 permits this use, with supporting documentation available upon request. A 2025 appraisal concluded a market value of $950,000, further supporting the asset's repositioning and current operational strategy. The property is located within the Indianapolis Metropolitan Statistical Area (MSA), one of the largest multifamily markets in the United States by inventory. The MSA demonstrates strong economic fundamentals, including median household incomes exceeding the state average and projected population growth over the next five years. These trends support sustained rental housing demand. More specifically, the asset is located in Central Mario

Commercial Pending

Price

^$ 849,900

Property Type

Commercial

Taxes

^$ 1,430

Style

Multi Family

Town/City

Indianapolis

County/Region

Marion

MLS | Web ID

22099698

Features

General

Heating Forced Air

Cooling Central Air

Utilities Electricity Connected Sewer Connected Water Connected

Possession Closing Negotiable Subject To Tenant Rights

Roof Metal

Zoning D8

Construction Materials Stucco

Tenant Pays All Utilities

View Neighborhood

Stories Count 2

Township Center

Levels Two

Unit Number APT 1

Property Subtype Multi Family

Tax Year 2024

Current Use Apt<20

Additional Parcels Description 6 Parcels Total

County Marion

Net Operating Income 72325

New Construction N

Property Type Commercial Sale

Facing Direction East

Status Pending

Directions GPS Friendly

High School Shortridge High School

City Indianapolis

High School District Indianapolis Public Schools

Number Of Units Total 6

MLS Area 4910 - Marion - Center

Current Financing Exchange - 1031 Conventional Exchange

Additional Parcels Y/N Y

Structure Type Apartment Building

Standard Status Pending

Tax Lot 1108347

Legal Description 3527 College Avenue Condominiums Unit 1

Interior

Basement Cellar

Basement (Y/N) Y

Exterior

Exterior Amenities Balcony

Fencing Front Yard

Foundation Details Block

Building Area Total 5452

Lot Size Acres 0

* Excluded Features

List By

Ellsbury Group

Broker

david.orton@ellsburygroup.com

Affordability Calculator

$5,989

Per Month

Monthly Principal & Interest: $5,870
Monthly Property Taxes: $119
Monthly Home Insurance: --

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Loan Term

Interest Rate

Yearly Property Taxes

Yearly Home Insurance

Default based on a 30-year fixed rate of 7.375% 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 ^$885,848

Percent of Sale Price 4%

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

Shortridge High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
8/13/2026	$849,900	-6.09%	Price Down
5/4/2026	$905,000		Listed Price

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3527 N College Avenue # APT 1, Indianapolis, IN, 46205 is a Commercial Property for sale at $849,900 with 5,452 sqft. The property's zip code is 46205 which is in Indianapolis, IN

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 7.375% 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 10/15/2026.

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3527 N College Avenue # APT 1

Commercial Property for sale in Indianapolis, IN

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