Indianapolis - multi-family property

7 Replies

The Devington neighborhood is solid C, B- class with rents ranging from $500-800 give or take. Whether or not it's good for multi-family depends on the deal, condition, financing, tenant screening, property management, etc. Without any details we can't give you much advice. It's been said a million times that if you're an out-of-state investor be prepared to travel here. Indy is really street-by-street and neighborhood class/rental rates vary greatly. 

Devington is probably 95% SFR and the multi family I really wouldnt recommend.. there are several 4 plexes by arlington high school that have been historically about 50% vacant for as long as I can remember. They are on Dickson and Laurel hall. constantly changing hands and foreclosing. Those are the only multi family I can think of off the top of my head.

I completely agree with @Ryan Mullin 's post. I can't think of any nice mult-family apartments over there. I drive all the time on Arlington Ave and it's all SFR. There's a few properties near 38th street but nobody has touched them for years. I'm surprised the city hasn't demolished those dumps yet.

Are you looking for duplexes? or multi unit? There are some 30-60 unit complexes around 38th and Keystone, and you can find duplexes all over indy. But like Jaron said it can be street by street in Indy.

Looking to purchase an apartment building in the 1 million price range with 1031 exchange from Denver Co. Curious about Broad Ripple, Irvington, Keystone, Garfield Park and Space Park. I want to have high score in walkability, up and coming gentrification, strong employment, great transportation and prefer a historic building with character.

Thanks in advance