Property

Indianapolis, IN 46203 1131 Pleasant Street

Pending
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Presented By:
  • MLS# 22070674
  • 10/28/2025
  • Request Tour
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  • SQFT • 2,496

Home Details

Do you hear that bellowing? That's the cash cow of 1129-1131 Pleasant St, calling out to its new owner! This 6-unit apartment building is tucked back off Shelby St, on a quiet street, in the shade of mature hardwoods, in the heart of Fountain Square, & is plum full of satisfied tenants who wish to stay right where they are, even through a transition in ownership. Generating $5100/mo in rental revenue (maybe more, as present rents are somewhat below FMV), the building features 2 spacious main-floor apartments (one w/ 2 BRs, and 1 w/ 1BR + a bonus room), as well as four 1BR efficiency apartments upstairs. This building looks good, lives easily, rents well & will make a NICE addition to any urban Indy portfolio. While the county records say the building was built in 1965, we suspect it was actually *converted* to multi-family in 1965, for many of its architectural features reflect a historic era, including the covered front porch, the fireplace mantels, traces of craftsman woodwork t/o & the soaring ceiling heights. The building has enjoyed many updates under the current ownership, including a new heat pump in 2019, many new windows (2020-2023) + various structural, mechanical & cosmetic updates to all the apartments in recent years. Behind the building is a large green space w/ an alley-load parking lot, and street-parking in the front is abundant & available for all. 5 of the 6 units are presently leased, the 6th has several applications in review right now. If you are going to check out this opportunity, note the local amenities nearby that make this building so appealing, such as public transportation & shops/restaurants/parks/employment w/in walking distance. DO NOT DISTURB THE TENANTS! **Reported size of the building & the apartments is approximate. Marion County says the building is 2156sf, but it looks & feels larger than that**
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Interior Features for 1131 Pleasant Street

Other Interior Features

LivingAreaSourceAssessor
BasementCellar, Unfinished
Basement (Y/N)Yes
Laundry FeaturesCommon Laundry, Connections All, Main Level

General for 1131 Pleasant Street

Additional Parcels Y/NNo
Cap Rate8
CityIndianapolis
Construction MaterialsVinyl Siding
CoolingHeat Pump, Window Unit(s)
CountyMarion
Current FinancingExchange - 1031, Conventional
Current UseApt<20
DirectionsGPS Friendly
Elementary SchoolWilliam McKinley School 39
Facing DirectionNorth
HeatingZoned, Forced Air, Natural Gas, Heat Pump
High SchoolArsenal Technical High School
High School DistrictIndianapolis Public Schools
Insurance Expense1100
Legal DescriptionFletchers Woodlawn Add L30
LevelsTwo
Lot Size Square Feet7480
MLS Area4910 - Marion - Center
Middle/Junior High SchoolHW Longfellow Med/STEM Magnet Midl
New ConstructionNo
Number Of Units Total6
OwnerPaysAll Utilities, Ins Hazard, Insurance, Taxes, Trash Collection
PossessionClosing
Possible UseApt<20
Property Attached Y/NNo
Property SubtypeMulti-Family 5+
Property TypeCommercial Sale
RoofAsphalt
Standard StatusPending
StatusPending
Stories Count2
Structure TypeApartment Building
Tax Lot30
Tax Year2024
Tenant PaysInsurance, Lawncare
TownshipCenter
UtilitiesElectricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Year Built1965
ZoningCommercial General

Exterior for 1131 Pleasant Street

Building Area Total2496
Lot FeaturesCity Lot, Sidewalks, Storm Sewer, Street Lights
Lot Size Acres0.17
Parking FeaturesCommon, Gravel
Road Frontage TypeCity Street
Road Surface TypeAsphalt
Waterfront Y/NNo

Additional Details

Price History

Schools

High School Arsenal Technical High School
Middle School HW Longfellow Med/STEM Magnet Midl
Elementary School William McKinley School 39 Elementary School

Black Oak Agency

Price $350,000
MLS#22070674
List Date 10/28/2025
Property Type Pending
Phone 208.954.2162
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