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407 W Washington Street Lebanon, IN $ 525,000
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$ 525,000 Get more info
407 W Washington Street
$ 525,000
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407 W Washington Street

Lebanon, IN, 46052
$ 525,000
Bedrooms-- Baths-- Sq 5,776

Monthly Estimate*

$ 3,626

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Commercial Property for sale in Lebanon, IN

for $525,000. This 5,776 square foot building was built in 1920 on a lot size of 0.14.

PRIME value-add investment opportunity with this 6-unit apartment building in booming Lebanon!! Situated just two blocks from downtown shops and dining, and five minutes to I-65. The property is positioned directly in the growth corridor of the transformational 9,000-acre LEAP Innovation District-home to multibillion-dollar commitments from Eli Lilly ($9B) and Meta-this six-unit property captures surging rental demand from incoming jobs. The asset features two well-maintained structures (4-unit front, 2-unit rear) with dedicated off-street parking, a 2023 roof, individual HVACs, and private in-unit washer/dryer hookups in every unit. Five units have been renovated, offering an immediate upside play: convert one 1-bedroom into a 2-bedroom to achieve an optimal mix of four 2-bed ($1,100/mo) and two 1-bed ($900/mo) floor plans. Professionally managed with five units generating $4,447/mo, leasing the vacant 2-bed unit brings gross rent to $5,547/mo, with a path to $6,200+/mo at market turnover. Substantial NOI expansion awaits by executing remaining utility bill-backs upon lease renewals: electric is separately metered, and passing through common utilities and trash recovers ~$6,000/year. Combining market rents with full utility bill-backs adds over $13,000 annually in revenue, substantially increasing the value of the property!!

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Commercial Pending

Price

$ 525,000

Property Type

Commercial

Taxes

$ 6,654

Style

Multi Family

Lot Size

0.14

Year Built

1920

Town/City

Lebanon

County/Region

Boone

MLS | Web ID

22130014
Features
General
Heating Forced Air
Cooling Central Air
Utilities Electricity Connected Sewer Connected Water Connected
Possession Closing Subject To Tenant Rights
Zoning C-2
Construction Materials Stucco
Year Built 1920
Tenant Pays Other
Township Center
Levels Two
Property Subtype Multi Family
Tax Year 2025
Current Use Apt<20
County Boone
Insurance Expense 3186
New Construction N
Property Type Commercial Sale
Status Pending
Directions GPS Friendly
City Lebanon
High School District Lebanon Community School Corp
Number Of Units Total 6
MLS Area 607 - Boone - Center
Lot Size Square Feet 6098
Property Attached Y/N N
Current Financing Conventional
Additional Parcels Y/N N
Virtual Tour https://indy-realty-pics.aryeo.com/sites/eqlanvmb/unbranded https://indy-realty-pics.aryeo.com/sites/407-w-washington-st-lebanon-in-46052-29747788/branded
Structure Type Apartment Building
Standard Status Pending
Tax Lot 1-2
Legal Description Smith Addition Blk 1 Pt Of Lots 1 & 2
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Interior
Basement Unfinished
Basement (Y/N) Y
Laundry Features Connections All
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Exterior
Parking Features Alley Access Common
Lot Features Curbs Sidewalks
Building Area Total 5776
Lot Size Acres 0.14
Waterfront Y/N N
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* Excluded Features
List By
Keller Williams Indpls Metro N

Broker

peter@peterstewartrealty.com

Email

Affordability Calculator

$4,181
Per Month
87%
13%
0%
Monthly Principal & Interest
$3,626
Monthly Property Taxes
$555
Monthly 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
4045050 Elementary School
4045020 Middle School
Unknown High School High School
See complete school information
Pricing History
Date Price Price Change Description
10/9/2026 $525,000 Listed Price

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407 W Washington Street, Lebanon, IN, 46052 is a Commercial Property for sale at $525,000 with 5,776 sqft and a lot size of 0.14. 407 W Washington Street was built in 1920. The property's zip code is 46052 which is in Lebanon, IN

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