118 E Palmer St, Indianapolis, IN 46225 For Sale

OM & Deal Room:

https://www.marcusmillichap.com/properties/197589/volrath

Investment Overview:

Marcus & Millichap is pleased to present Volrath Apartments, a 22-unit mixed-use multifamily asset located at 118 Palmer Street in Downtown Indianapolis. Built in 1925, the property includes 21 residential units and one commercial space within a single two-story brick building, offering investors a stable urban infill asset with diverse income streams.

Volrath Apartments is strategically situated just east of the Central Business District, giving residents instant access to downtown employment centers, major entertainment venues, and cultural attractions. The property benefits from close proximity to Lucas Oil Stadium, the Indiana Convention Center, and the Wholesale District, while remaining within a residential corridor that sustains steady renter demand. This walkable, central location continues to attract workforce renters seeking affordability without sacrificing access to downtown.

The offering presents an attractive value-add opportunity through rent growth and operational improvements. Current residential rents average around $783 per unit, significantly below comparable properties in the surrounding submarket. Studio and one-bedroom units have rent gaps exceeding 35% below market, creating a clear opportunity for revenue growth through continued stabilization, interior upgrades, and professional management. Additionally, the on-site commercial space offers extra income and further diversification of the cash flow profile.