Harmony and Emerson Apartments 5080 Roselawn Dr 165 Unit Apartment Building $5,737,500 ($34,773/Unit) Indianapolis, IN 46226

**Great opportunity for LIHTC**
This property consists of 165 units across two separately branded properties, spread over four parcels located in close proximity within the Devonshire neighborhood of Northeast Indianapolis. Positioned inside the I-465 "loop", a key boundary for rent growth and valuation metrics, these properties enjoy a strategic location that enhances their long-term investment potential.
The two properties are located at 5080 Roselawn Dr, Indianapolis, IN 46226 and 3840 N Emerson Ave, Indianapolis, IN 46226. Situated just 10 minutes from downtown and 15 minutes from the airport, the properties offer excellent accessibility while being nestled in a stable, residential submarket. The property includes a mix of studios, one-bedroom units, and two-bedroom units. Along with the 165 units, a buyer would have the opportunity to increase the unit count, by building an additional 100+ units on the open land on Roselawn Dr.
Indianapolis continues to present one of the best multifamily demographics in the country, and these assets are ideally situated to serve the city’s growing renter base. Indianapolis is facing a well-documented shortage of affordable rental housing, with demand consistently outpacing supply. As the city’s population continues to grow and housing affordability becomes increasingly strained, there is a rising need for high-quality, affordable units—especially in well-located neighborhoods like Devonshire.
This property presents a fantastic value-add opportunity, perfect for investors looking to reposition, maximize returns, and address the growing demand for affordable housing in this market.