1515 E Michigan ST Indianapolis, IN 46201 Active
UPDATED: 03/06/2026 10:34 PM ON MARKET: 13 days on market
$419,000
2,774 SqFt
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 2,774 sqft
Price per Sqft $151
MLS Listing ID 22087337
Year Built 1921
Tax Year 2024
Lot Size 6,534 Sqft
Acres 0.15
Property Sub-Type Multi-Family 5+
Property Description
1515 E Michigan St is a well-maintained 5-unit multifamily investment opportunity located just minutes from downtown Indianapolis. The property sits in a strong rental corridor near Holy Cross, Arsenal Heights, Cottage Home, and the Mass Ave corridor, with continued residential and commercial development throughout the surrounding area. The front building consists of four units, with a fifth unit created from a converted garage, offering a functional and efficient unit mix attractive to long-term tenants. The current owner has consistently maintained the property during their ownership, supporting stable operations and long-term tenant retention. The property is primarily tenant-occupied with one unit currently available for immediate showings, offering flexibility for investors or owner-occupants. Strong rental demand and convenient access to downtown, major thoroughfares, and neighborhood amenities support long-term performance.
