3102 Central Avenue, Indianapolis, IN 46205

Property Description

Exceptional investor opportunity with immediate income and significant upside in the heart of Mapleton-Fall Creek! This 1910 side-by-side duplex offers a turnkey, cash-flowing asset priced more than $100K below its recent purchase price for an expedited sale. Each mirrored 3BR/1.5BA unit offers approximately 1,700 sq ft across multiple levels, featuring spacious open-concept main floors with high ceilings, decorative fireplaces, upper-level laundry, full unfinished basements, third-floor bonus/flex rooms, and a rare attached garage. Cosmetically updated in 2022, including kitchens, baths, flooring, and more, the property is fully occupied with tenant-paid utilities and leases running into mid-to-late 2027. Currently professionally managed by Polaris for a seamless transition, both units rent for $1,095/month-well below market, with Rentometer showing 3BR rents in this pocket can exceed $1,900/month. Additional value-add potential exists by adding central AC to the existing ductwork, which could further boost rent, tenant appeal, and property value. While the roof, furnaces, and water heaters are older, all are functioning properly with no known issues; the 3104 water heater is approximately 5 years old. Positioned in a high-demand D-8 zone between Downtown and Broad Ripple, tenants enjoy convenient access to IU Health, 16 Tech, the Monon Trail, State Fairgrounds, Newfields, Butler & Marian College, the Children's Museum, and more. This is a compelling multifamily asset with strong tenant appeal, immediate cash flow, below-market rents, and long-term upside, making it the perfect portfolio builder. Property is being sold as-is.