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Listed by David Orton • Ellsbury Group
$ 849,900
Est. payment /mo
Pending
3527 N College AVE #APT 1 Indianapolis, IN 46205
5,452 SqFt
UPDATED:
Key Details
Property Type Other Types
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
Square Footage 5,452 sqft
Price per Sqft $155
MLS Listing ID 22099698
Tax Year 2024
Property Sub-Type Multi Family
Property Description
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
Location
State IN
County Marion
Zoning D8
Rooms
Basement Cellar
Interior
Heating Forced Air
Cooling Central Air
Fireplace N
Exterior
Exterior Feature Balcony
Utilities Available Electricity Connected, Sewer Connected, Water Connected
View Y/N true
View Neighborhood
Roof Type Metal
Building
Story 2
Foundation Block
Structure Type Stucco
New Construction false
Schools
High Schools Shortridge High School
School District Indianapolis Public Schools
© 2026 All listing information is courtesy of MIBOR Broker Listing Cooperative(R) as distributed by MLS Grid. All rights reserved.
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