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1340 N Park Avenue, Indianapolis, IN 46202

Marion County

Key Facts

1890Year Built
0.33Lot (acres)
4Garage

Description

5 UNIT INVESTMENT BRINGING IN $13,100 A MONTH - FULLY LEASED, TURNKEY, AND POSITIONED FOR LONG-TERM APPRECIATION. 1340 N Park Ave is a heavily updated five-unit building located in the heart of the Old Northside, one of Indianapolis' most historic, walkable, and consistently appreciating neighborhoods. Producing $13,100 in monthly income ($157,200 annually), this stabilized asset delivers immediate cash flow with strong tenant demand and minimal operational lift. Each spacious residence offers two bedrooms and two bathrooms with updated kitchens, refreshed baths, modern layouts, and in-unit laundry hookups. The penthouse stands out with a private rooftop deck and downtown views, while all residents benefit from assigned off-street parking - amenities that continue to support premium rents and retention. This is not a "chase yield" property - it is a wealth preservation and appreciation play. Assets like this are typically acquired by investors who prioritize location, tenant quality, and long-term equity growth over short-term returns. The building is 100% occupied, creating dependable income from day one, with additional upside through future rent growth and expense optimization. Situated just minutes from the Bottleworks District, tenants enjoy some of the city's best dining, entertainment, and boutique retail, reinforcing the area's desirability and long-term value. Ideal for a 1031 exchange buyer, high-income professional, or portfolio investor looking to anchor their holdings with a blue-chip multifamily asset, 1340 N Park Ave represents a rare opportunity to acquire a clean, high-performing property in a premier Indianapolis location.

Property Information

Property Type

Residential Income

Sub-Type

Multi Family

Year Built

1890

Lot Size

0.33 acres

Garage Spaces

4

Zoning

D8

Days on Market

101

MLS® Listing#

22075708

Property Features

Cooling

DuctlessHeat Pump

Heating

Heat Pump

Parking

CommonGarage Door Opener

Fencing

Front Yard

Construction

Brick

Security

Smoke Detector(s)

Utilities

Natural Gas ConnectedSewer ConnectedWater Connected

Financial Details

Parcel Number

490636192005004101

Directions

GPS Friendly

Affordability Calculator

$320,000

Estimated monthly payment

$8,516/mo

Principal $1,279,999 · Est. interest $1,785,713 over 30 yrs

Neighborhood Market Statistics

How this home compares to active listings in Indianapolis, IN

$275,725
Median Listing Price
54
Median Days on Market
1,632
Median Sq Ft
$159
Median Price / Sq Ft
3,260
Active Listings
  • This home’s price is 480% above the area median.

Market statistics compiled from active EXIT Realty® and MLS listings in Indianapolis, IN.

Location

Map showing the location of 1340 N Park Avenue, Indianapolis, IN 46202

Points of Interest in Indianapolis, IN

Showing the Indianapolis area map.

Nearby Schools

  • Indianapolis Christian School

    School · 0.3 mi away

  • Center for Inquiry III

    Elementary · 0.4 mi away

  • Herron High School

    Secondary · 0.5 mi away

  • Center for Inquiry School 2

    Elementary · 0.6 mi away

  • John Hope Education Center

    School · 0.6 mi away

  • The Oaks Academy - Middle School

    Elementary · 0.6 mi away

  • Indianapolis Public Schools

    Secondary · 0.7 mi away

  • Paramount Cottage Home

    Elementary · 0.8 mi away

  • H L Harshman Middle School

    Secondary · 0.9 mi away

  • Theodore Potter School 74

    Elementary · 0.9 mi away

  • Arsenal Technical High School

    Secondary · 1.0 mi away

  • The Oaks Academy

    School · 1.0 mi away

  • Capitol City Seventh-Day Adventist School

    Elementary · 1.1 mi away

  • Phalen Leadership Academies

    School · 1.1 mi away

  • Crispus Attucks High School

    Secondary · 1.2 mi away

  • Urban Act Academy

    School · 1.3 mi away

  • Kipp Indy Legacy High School

    Secondary · 1.3 mi away

  • Holy Cross Central School

    School · 1.3 mi away

  • Believe Circle City High School

    Secondary · 1.5 mi away

  • Fall Creek Academy

    School · 1.5 mi away

Commute Calculator

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Nearby Homes

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Moving Cost Estimate

EXIT Agents in Indianapolis

Listing Courtesy: @properties - max@atpropertiesind.com

Listings courtesy of MIBOR as distributed by MLS GRID. IDX information is provided exclusively for consumers’ personal non-commercial use. This data may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is deemed reliable but is not guaranteed by MLS GRID, use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time. MLS GRID may, at its discretion, require use of other disclaimers as necessary to protect Member Participant, and/or their MLS from liability. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Last Updated: 2025-12-04

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Data provided by MIBOR. MLS® Listing#22075708. © 2026EXIT Realty®. All rights reserved.