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2457 & 2461 S Shelby Street S

Indianapolis, IN 46203
  • $865,000
  • STATUS: Active
  • ON SITE: 21 Days
  • MLS #: 21981024
Price Reduced
UPDATED: 124 min ago
$865,000
  • 0
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1920
County:

School Ratings & Info

School District:

Description

INVESTOR ALERT!! MASSIVE PRICE REDUCTION!! Presenting a rare opportunity for savvy real estate investors: a renovated 10-unit apartment building in the highly sought-after Garfield Park neighborhood of Indianapolis with value add potential. This near-turnkey property is poised to deliver robust returns and strong cash flow once the final renovations are completed, making it an ideal addition to any investment portfolio. The property consists of 10 units: 5 units with 2 bedrooms and 1 bathroom, 4 units with 1 bedroom and 1 bathroom, and 1 efficiency unit. Currently, two units are rented at $1300 (2br) and $800 (efficiency) per month, respectively. With full occupancy, the estimated gross rents could reach $10k+ per month, significantly exceeding the 1% rule and underscoring the property's strong financial potential. Comprehensive renovations to the property ensure modern, attractive living spaces that appeal to quality tenants. Most of the heavy lifting has been done, but two units still need to be finished out and there are a few misc cosmetic repairs needed on the exterior. Easy work for instant equity! Tenants are responsible for all utility costs, optimizing your net income. An expansive concrete parking pad at the rear of the building provides dedicated parking for 4+ cars, creating the potential for additional income. Professional property management is already in place, offering a seamless transition and continued high-quality oversight. Positioned on a spacious corner lot directly across from the picturesque Garfield Park, this property offers a prime location that enhances tenant appeal and lifestyle. Additionally, it is just minutes from downtown Indy, providing easy access to dining, entertainment, and employment hubs. This property represents a strategic investment with substantial upside potential in one of the city's revitalizing neighborhoods. Don't miss out on this exceptional opportunity to secure a high-performing asset in a prime location!

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© 2024 Metropolitan Indianapolis Board of REALTORS®. IDX information is provided exclusively 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. Information is deemed reliable but is not guaranteed accurate by the BLC® listing service or David Brenton's Team.

Based on information submitted to the MLS GRID as of 2024-06-14T13:26:27.91. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Click here for MLS GRID DMCA Notice
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2457 & 2461 S Shelby Street S Indianapolis, IN 46203

  • Price: $865,000
  • Status: Active
  • On Site: 21 Days
  • Updated: 124 min ago
  • MLS #: 21981024
0
Beds
0
Baths
0
½ Baths
0.21
Acres
1920
Built
Neighborhood:
4913 - Marion - Center Se
County:
Marion
Area:
4913 - Marion - Center Se
School District:
Indianapolis Public Schools
Property Description
INVESTOR ALERT!! MASSIVE PRICE REDUCTION!! Presenting a rare opportunity for savvy real estate investors: a renovated 10-unit apartment building in the highly sought-after Garfield Park neighborhood of Indianapolis with value add potential. This near-turnkey property is poised to deliver robust returns and strong cash flow once the final renovations are completed, making it an ideal addition to any investment portfolio. The property consists of 10 units: 5 units with 2 bedrooms and 1 bathroom, 4 units with 1 bedroom and 1 bathroom, and 1 efficiency unit. Currently, two units are rented at $1300 (2br) and $800 (efficiency) per month, respectively. With full occupancy, the estimated gross rents could reach $10k+ per month, significantly exceeding the 1% rule and underscoring the property's strong financial potential. Comprehensive renovations to the property ensure modern, attractive living spaces that appeal to quality tenants. Most of the heavy lifting has been done, but two units still need to be finished out and there are a few misc cosmetic repairs needed on the exterior. Easy work for instant equity! Tenants are responsible for all utility costs, optimizing your net income. An expansive concrete parking pad at the rear of the building provides dedicated parking for 4+ cars, creating the potential for additional income. Professional property management is already in place, offering a seamless transition and continued high-quality oversight. Positioned on a spacious corner lot directly across from the picturesque Garfield Park, this property offers a prime location that enhances tenant appeal and lifestyle. Additionally, it is just minutes from downtown Indy, providing easy access to dining, entertainment, and employment hubs. This property represents a strategic investment with substantial upside potential in one of the city's revitalizing neighborhoods. Don't miss out on this exceptional opportunity to secure a high-performing asset in a prime location!
Exterior Features

Architectural Style TraditonalAmerican Carport Spaces 0 Construction Materials Cement SidingVinyl Siding Levels Two Lot Information Sidewalks Parking Features Alley Access Roof Flat Structure Type Apartment Complex Unit Parking On StreetParking Lot View YN No Waterfront YN No

Interior Features

Basement Unfinished Basement YN Yes Building Area Total 9391 Cooling None Heating Baseboard

Property Features

Acres <1/4 Acre Current Use Apt<20 Electric 200+ Amp Service Green Certification YN No Laundry No Laundry Facil. Multi Tenants Yes New Construction YN No Number Of Units Total 10 Owner Pays Ins HazardInsuranceLawncareTaxes Possession ClosingSubject To Tenants Rights Property Sub Type Multi-Family 5+ Semi Annual Property Tax Amt 2426 Solid Waste Yes Space Available 6266 Special Listing Conditions As Is Sprinkler None Tax Exemption None Tax Year 2023 Tenant Pays All Utilities Township Center SE Transaction Type Sale Utilities Sep Electric MeterWater Connected Zoning D8

Listing provided courtesy of Keller Williams Indpls Metro N: peter@peterstewartrealty.com. © 2024 Metropolitan Indianapolis Board of REALTORS®. Information Deemed Reliable But Not Guaranteed.


© 2024 Metropolitan Indianapolis Board of REALTORS®. IDX information is provided exclusively 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. Information is deemed reliable but is not guaranteed accurate by the BLC® listing service or David Brenton's Team.

Based on information submitted to the MLS GRID as of 2024-06-14T13:26:27.91. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Click here for MLS GRID DMCA Notice
 
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4741 E Stop 11 Rd.
Indianapolis IN, 46237