PRIME value-add investment opportunity with this 6-unit apartment building in booming Lebanon!! Situated just two blocks from downtown shops and dining, and five minutes to I-65. The property is positioned directly in the growth corridor of the transformational 9,000-acre LEAP Innovation District-home to multibillion-dollar commitments from Eli Lilly ($9B) and Meta-this six-unit property captures surging rental demand from incoming jobs. The asset features two well-maintained structures (4-unit front, 2-unit rear) with dedicated off-street parking, a 2023 roof, all-new windows, individual HVACs, and private in-unit washer/dryer hookups in every unit. Five units have been renovated, offering an immediate upside play: convert one 1-bedroom into a 2-bedroom to achieve an optimal mix of four 2-bed ($1,100/mo) and two 1-bed ($900/mo) floor plans. Professionally managed with five units generating $4,447/mo, leasing the vacant 2-bed unit brings gross rent to $5,547/mo, with a path to $6,200+/mo at market turnover. Substantial NOI expansion awaits by executing remaining utility bill-backs upon lease renewals: electric is separately metered, and passing through common utilities and trash recovers ~$6,000/year. Combining market rents with full utility bill-backs adds over $13,000 annually in revenue, substantially increasing the value of the property!!
Listing Courtesy of: Keller Williams Indpls Metro N
317-450-9202
Agent licensed in IN
| Listing Id: | 22130014 |
|---|---|
| List Price: | $525,000 |
| Property Type: | Commercial Sale |
| Property Sub Type: | Multi Family |
| Status: | Active |
| Bathrooms Full: | 0 |
| Bathrooms Half: | 0 |
| Semi Annual Property Tax Amt: | $3,327 |
| Lot Size Acres: | 0.14 |
| Waterfront?: | No |
| City: | Lebanon |
| County Or Parish: | Boone |
| Postal Code: | 46052 |
| Year Built: | 1920 |
| Number Of Units Total: | 6 |
| Basement: | Yes |
| Basement: | Unfinished |
| Building Area Source: | Assessor |
| High School District: | Lebanon Community School Corp |
| Building Area Total: | 5,776 |
| Construction Materials: | Stucco |
| MLS Area Major: | Center |
| Cooling: | Central Air |
| Current Financing: | Conventional |
| Current Use: | Apt<20 |
| Directions: | GPS Friendly |
| Heating: | Forced Air |
| Levels: | Two |
| Acres: | <1/4 Acre |
| Affectedby Disclosures: | No |
| Insurance Expense: | $3,186 |
| Laundry Features: | Connections All |
| Conversion: | No |
| Lot Features: | Curbs, Sidewalks |
| DPRYN: | No |
| Parking Features: | Alley Access, Common |
| Price Acre: | 3750000 |
| Price Unit: | 87500 |
| Solid Waste: | No |
| Space Available: | 0 |
| Tax Exemption: | None |
| Trans Type: | Sale |
| Unit Parking: | On Street, Paved Area |
| Original List Price: | $525,000 |
| Owner Pays: | Other |
| Parcel Number: | 061036001031022002 |
| Possession: | Closing, Subject To Tenant Rights |
| Postal Code Plus4: | 2167 |
| State Or Province: | IN |
| Structure Type: | Apartment Building |
| Tax Year: | 2025 |
| Tenant Pays: | Other |
| Utilities: | Electricity Connected, Sewer Connected, Water Connected |
| Zoning: | C-2 |
| Fence Yn: | No |
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MIBOR Broker Listing Cooperative® data last updated on October 10, 2026 03:03 AM - ET
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Property Last Updated: October 10, 2026 03:03 AM - ET
