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Listed by Ashley Mullin • FS Houses LLC
$399,000
Est. payment /mo
2,774 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 2,774 sqft
Price per Sqft $143
MLS Listing ID 22087337
Year Built 1921
Tax Year 2024
Lot Size 6,534 Sqft
Acres 0.15
Property Sub-Type Multi-Family 5+
Property Description
1515 E Michigan St is a well-maintained 5-unit multifamily investment opportunity located just minutes from downtown Indianapolis. The property sits in a strong rental corridor near Holy Cross, Arsenal Heights, Cottage Home, and the Mass Ave corridor, with continued residential and commercial development throughout the surrounding area. The front building consists of four units, with a fifth unit created from a converted garage, offering a functional and efficient unit mix attractive to long-term tenants. The current owner has consistently maintained the property during their ownership, supporting stable operations and long-term tenant retention. The property is primarily tenant-occupied with one unit currently available for immediate showings, offering flexibility for investors or owner-occupants. Strong rental demand and convenient access to downtown, major thoroughfares, and neighborhood amenities support long-term performance.
Location
State IN
County Marion
Zoning MU1
Rooms
Basement Unfinished
Interior
Heating Forced Air, Natural Gas
Cooling None
Fireplace N
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
Story Two
New Construction false
Schools
Elementary Schools Washington Irving Neighborhood School
Middle Schools H L Harshman Middle School
High Schools Arsenal Technical High School
School District Indianapolis Public Schools
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