2305 E Michigan St, Indianapolis, IN 46201

Excellent investment opportunity featuring a fully renovated mixed-use property completed in 2025. The building consists of one commercial space and three high-quality residential units, offering a balanced income stream with additional upside potential.

All three apartments are currently leased and generate a 5.84% CAP rate based on in-place residential income. Each unit showcases premium finishes throughout, including high-end countertops, stainless steel appliances, modern bathrooms, and quality flooring. The recent renovation delivers a true “like-new” asset with minimal near-term capital expenditures.

The commercial space is intentionally vacant, providing flexibility for an owner-user or the opportunity to lease at market rates. At a projected lease rate of $10.00/SF NNN (approximately $1,500/month), the property achieves an estimated 8.97% CAP rate, creating a clear and immediate value-add opportunity for investors.

Located in a centralized area with strong accessibility, the property supports both residential and retail/office demand. Zoned MU-1 (Marion County), this asset offers versatile use options—ideal for investors seeking stable income with upside potential, or an owner-operator looking to occupy the commercial space while benefiting from in-place residential cash flow.