1340 N Park Avenue, Indianapolis, IN 46202

Property Description

1340 N Park Avenue is a heavily updated five-unit 1890 brick Victorian with a corner turret in the heart of the Old Northside, one of Indianapolis' most historic, walkable and consistently appreciating neighborhoods. Each spacious residence offers two bedrooms and two bathrooms (1,110 to 2,498 sf) with updated kitchens, refreshed baths, exposed original brick, modern layouts and in-unit laundry. The two-level penthouse stands out with a private rooftop deck and downtown views, and residents enjoy off-street parking. Four units are leased at $11,110/month. Unit 3 was just renovated and is listed for rent at $2,000/month with the tenant paying utilities, bringing scheduled rent to $13,110/month ($157,320/year) at full occupancy. Projected NOI of $94,049 is a 6.27% cap rate at list. Each unit is condo-platted on its own tax parcel, and 2026 capital work includes exterior repairs and a full Unit 3 make-ready. This is a wealth preservation and appreciation play for investors who prioritize location, tenant quality and long-term equity growth. Minutes from Mass Ave, the Bottleworks District and downtown dining, entertainment and retail. Ideal for a 1031 exchange buyer, owner-occupant or portfolio investor seeking a blue-chip asset in a premier Indianapolis location.