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Listed by Todd Burton • EVERGROW Realty Group
$500,000
Est. payment /mo
0.31 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Pending
Purchase Type For Sale
Subdivision Woodruff Place
MLS Listing ID 22123397
Year Built 1910
Tax Year 2025
Lot Size 0.310 Acres
Acres 0.31
Property Sub-Type Quadruplex
Property Description
RARE INVESTMENT OPPORTUNITY IN HISTORIC WOODRUFF PLACE! This distinctive 4-unit property offers an excellent opportunity to acquire an income-producing asset in one of Indianapolis' most historic neighborhoods, with significant upside through the lease-up of 2 currently vacant units & the garage. Situated on an expansive 13600 sq ft lot, this impressive property features four residential units, a functional basement, welcoming porch, and the timeless architectural character of Historic Woodruff Place. 2 units are occupied & generating 3350 per mo. but tenants in unit #1 are vacating in ~60-90 days. The 2 remaining units are vacant, creating an immediate opportunity to increase occupancy and cash flow. 1 vacant unit has been rehabilitated and is rent-ready; the 2nd requires primarily cosmetic improvements. The property is priced substantially below comparable multifamily properties in the area, reflecting the current vacancy and need for additional work & rehabilitation. An investor completing the remaining work and leasing the vacant units has the opportunity to increase rental income and enhance the property's overall value. Located in Historic Woodruff Place, the property offers a unique setting with historic architecture and mature surroundings, while remaining convenient to downtown Indianapolis and numerous employment, dining, entertainment, and cultural amenities. The garage could be leased for additional income. The combination of location, 4-unit configuration, existing income, vacant-unit & garage upside, and below-market pricing makes this a compelling value-add multifamily investment opportunity. DISCLOSURES: Owner pays common area elect. Marion Co. Health Dept. issued a violation letter relating to lead-based paint conditions at the property. The LBP disclosure and Marion Co. Health Dept's violation letter are included in the BLC uploaded documents. Buyers should conduct their own due diligence.
Location
State IN
County Marion
Interior
Cooling Central Air
Fireplace N
Exterior
Garage Spaces 2.0
Building
Story Two
Architectural Style Colonial
New Construction false
Schools
School District Indianapolis Public Schools
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