1137 W 21 St
Multifamily | 2 Units | $202,500/unit
Marketing description
Located just northwest of Downtown Indianapolis, 1137 W 21st Street sits in the heart of Riverside, a neighborhood balancing architectural charm with future-forward development. Bordered by the White River and steps from Riverside Park, this area is home to early 20th-century Craftsman and American Foursquare homes, with a growing appetite for renovation, infill, and rental housing.
The Riverside neighborhood benefits from easy access to I-65, 16th Street, and the booming 16 Tech Innovation District, a 50-acre tech and research hub bringing jobs, talent, and increased housing demand to the area. This proximity makes Riverside increasingly attractive to professionals, students, and families seeking access to downtown and nearby institutions like IUPUI and IU Health.
Public and private reinvestment in the area is transforming Riverside’s infrastructure, while the multi-phase Riverside Park Master Plan is further enhancing trails, greenways, and recreational amenities. These developments not only enrich quality of life but also boost long-term rental appeal and equity growth potential.
With a strong average cash-on-cash return over 10% and a 10-year appreciation projection of over $139,000, 1137 W 21st St is a high-performing duplex in a submarket poised for lasting appreciation.
Investment highlights
💼 Investment Highlights
🏘️ Stabilized Duplex Asset
Unit Mix: (1) 3 Bed / 2 Bath + (1) 2 Bed / 4 Bath
Total Square Footage: 2,500 SF (1,250 SF per unit)
Monthly Rent: $5,196 ($3,464 + $1,732)
Fully leased and professionally managed
📍 Prime Riverside Location
Adjacent to Riverside Park, with access to trails and greenways
Minutes to IUPUI, IU Health, and 16 Tech Innovation District
Surrounded by both historic homes and new infill development
💰 Attractive Returns & Long-Term Growth
Average Cash-on-Cash Return: 10.25% over 10 years
Average Annual Cap Rate: 8.25%
10-Year Appreciation Projection: $139,286+
Year 1 Net Operating Income: $32,066
📈 Equity Building & Depreciation
Debt Coverage Ratio improving from 1.39 to 1.58
Total 10-Year Equity Accumulation (3% annual appreciation): $544,286
Significant annual tax deductions averaging $42,335/year
🌆 Neighborhood Revitalization in Motion
Benefiting from Riverside Park master plan upgrades
Near the 16 Tech job engine and medical/bioscience institutions
Strong tenant pool driven by proximity to downtown and urban amenities
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