32
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$315,000
Est. payment /mo
2,288 SqFt
Active
3614 E Washington ST Indianapolis, IN 46201
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Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 2,288 sqft
Price per Sqft $137
MLS Listing ID 22042720
Year Built 1925
Tax Year 2024
Lot Size 0.280 Acres
Acres 0.28
Property Sub-Type Multi-Family 5+
Property Description
Turnkey 6-unit multifamily investment opportunity on Washington Street! This well-maintained property features six studio-style units with strong in-place rents and reliable tenants. Current gross rental income is $4,207/month or $50,484/year, with three units rented at $680/month, one at $340 every two weeks ($737/month), one at $300 every two weeks ($650/month), and one at $180/week (~$780/month). The owner pays all utilities, including gas, electric, water, sewer, and trash, with average monthly expenses of just $588 and estimated annual expenses of $7,056. Financials project a net operating income of $43,428, delivering a cap rate of 12.77% at the $340,000 price point. With 20% down, investors can expect an impressive 30.37% cash-on-cash return, based on an estimated annual cash flow of $20,651 after debt service. The property offers off-street parking and is ideally situated in a high-growth corridor, walkable to retail, restaurants, and public transit. With minimal overhead, steady cash flow, and clear value in place, this is a rare opportunity to secure a high-yield asset in a rapidly appreciating area. No showings without an accepted offer. Please do not disturb tenants.
Location
State IN
County Marion
Zoning commercial
Rooms
Basement Storage Space, Unfinished
Interior
Heating Forced Air
Cooling None
Fireplace N
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building
Story Two
New Construction false
Schools
School District Indianapolis Public Schools
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