3527 N COLLEGE AVE INDIANAPOLIS IN 46205-3756
3 Miles from IU Health Downtown Hospital Campus
Marketing description
Location. Location. Location.
Just 3 miles from the new IU Health downtown hospital campus—this is your opportunity to invest in the path of progress.
With a $4.3 billion, 16-story medical hub rising at 16th Street & Capitol Avenue in Indianapolis (opening late 2027), the surrounding area is primed for continued growth, demand, and long-term value.
Now Available: Fully Renovated Multifamily Asset
• Six (6) condominium units operated as rental apartments
• Originally built in 1910, fully gut-renovated (2023–2024)
• Spacious 2-bedroom units averaging ~909 SF
• Situated on a 0.22-acre lot with 6 gated parking spaces
• Strong rental demand for well-sized units in this location
This Class B property has undergone a strategic transformation:
Originally a 10-unit building, it was converted into six condos and completely repositioned with ~$700K in renovations. Ownership chose to stabilize and operate as a multifamily rental asset rather than sell units individually—now supported by rezoning approval (Oct 2024).
2025 Appraised Value: $950,000
Modern systems. Solid fundamentals. Prime location near one of the largest healthcare investments in the region.
Opportunities like this don’t sit still—position yourself where the future is being built.
Investment highlights
- Complete Value-Add Transformation with Condo Conversion
- Originally a 10-unit apartment building, the asset has been strategically repositioned into six high-quality condominium units following a full gut renovation completed in 2024. With approximately $700,000 invested, the property offers modern interiors and systems while benefiting from a legally established condo structure—providing optionality for future unit sales or continued rental operation.
- Stabilized, Efficient Unit Mix with Parking Amenity
- The property features six spacious two-bedroom units averaging 909 SF, a highly desirable layout for renters seeking functional living space. The inclusion of six gated parking spaces further enhances tenant appeal and supports strong occupancy potential in a competitive rental market.
- Strong Market Fundamentals in a Growing MSA
- Located in the Indianapolis MSA—one of the nation’s largest multifamily markets—the property benefits from above-average median household incomes and projected population growth. Positioned within Central Marion County, the metro’s largest submarket by inventory and a top-tier rental rate area, the asset is well-placed for continued demand and stable long-term performance.
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