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2101 N Pennsylvania St 6 Unit Apartment Building $1,555,000 ($259,167/Unit) 7% Cap Rate Indianapolis, IN 46202
Executive Summary
Rare opportunity to acquire a landmark multifamily asset in the heart of Herron-Morton. This stately all-brick six-unit building offers over 13,500 square feet of historic character, scale, and long-term investment potential in one of Indianapolis’ most sought-after neighborhoods.
Each residence features an expansive 3-bedroom floorplan of approximately 2,000 square feet — a rare offering in today’s rental market that appeals to residents seeking the feel of a private home within an urban lifestyle setting. The property is fully occupied with rents currently below prevailing market levels, creating meaningful future income upside through natural turnover and strategic rental repositioning.
Recent improvements have enhanced operational stability while preserving the timeless architectural character that makes properties of this scale increasingly difficult to replicate. Located just minutes from downtown, major hospitals, dining, and the thriving 16th Street corridor, the property benefits from strong long-term demand drivers and exceptional neighborhood appeal.
The lower level offers substantial additional space for storage, amenity, workspace, or other potential future uses subject to buyer verification and approvals.
This is a rare chance to acquire a true legacy asset in one of Indianapolis’ premier historic neighborhoods.
Each residence features an expansive 3-bedroom floorplan of approximately 2,000 square feet — a rare offering in today’s rental market that appeals to residents seeking the feel of a private home within an urban lifestyle setting. The property is fully occupied with rents currently below prevailing market levels, creating meaningful future income upside through natural turnover and strategic rental repositioning.
Recent improvements have enhanced operational stability while preserving the timeless architectural character that makes properties of this scale increasingly difficult to replicate. Located just minutes from downtown, major hospitals, dining, and the thriving 16th Street corridor, the property benefits from strong long-term demand drivers and exceptional neighborhood appeal.
The lower level offers substantial additional space for storage, amenity, workspace, or other potential future uses subject to buyer verification and approvals.
This is a rare chance to acquire a true legacy asset in one of Indianapolis’ premier historic neighborhoods.
Property Facts
| Price | $1,555,000 | Apartment Style | Low-Rise |
| Price Per Unit | $259,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 7% | Building Size | 18,032 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1935/2019 |
| Zoning | Apartments - 4-19 units allowed in zoning. Building has 6 tenanted units each over 2000 sq ft. | ||
| Price | $1,555,000 |
| Price Per Unit | $259,167 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 18,032 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1935/2019 |
| Zoning | Apartments - 4-19 units allowed in zoning. Building has 6 tenanted units each over 2000 sq ft. |
Amenities
- Smoke Detector
Unit Amenities
- Microwave
- Heating
- Ceiling Fans
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sunroom
- Walk-In Closets
- Built-In Bookshelves
- Linen Closet
Site Amenities
- Laundry Facilities
- Individual Locking Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1.5 | 6 | $2,300 | 2,000 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 49-06-36-176-184.000-101 | Improvements Assessment | $501,700 |
| Land Assessment | $60,600 | Total Assessment | $562,300 |
Property Taxes
Parcel Number
49-06-36-176-184.000-101
Land Assessment
$60,600
Improvements Assessment
$501,700
Total Assessment
$562,300
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2101 N Pennsylvania St