SQUARE FEET5,776
MLS#22130014
STATUSPending
PROPERTY TYPECommercial -
SCHOOLLebanon Community School Corp
Property Description
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, 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!!
Property Features
Property Type: Commercial -
Cooling: Central Air
Heating: Forced Air
Lot Size: 0.14 Acres
Taxes: $6,654
Year Built: 1920
Feature Descriptions
Basement: Unfinished
Days on Site: 14
Exterior: Stucco
Utility Options: Electricity Connected, Sewer Connected, Water Connected
Local Schools
School District: Lebanon Community School Corp
Listed By / Shown By
Listed By
Agency Name: Keller Williams Indpls Metro N
Agency Phone: 317-846-6300
Shown By
Agent Name: Brent Rickards
Agent Phone: (317) 969-5959
Agency Title: Key Realty
Member Participants (and their affiliated licensees, if applicable) shall indicate on their websites that IDX information is provided exclusively for consumers’ personal non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID, and that the 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.
Based on information submitted to the MLS GRID. 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.
Privacy Policy / DMCA Notice / ADA Accessibility
This site is hosted, designed and copyright
© 1994 - 2026 by
Delta Media Group, Inc. -- Patent Pending --
Agency License Information: 1-877-539-7589 | Ohio Lic# REC.2010002888 6800 W Central Ave #B, Toledo, OH 43617 | Michigan Lic# 6505366134 8040 Summerfield Rd, Lambertville, MI 48144 | Indiana Lic# RC52400106 3029 W Smith Valley Rd #211, Greenwood, IN 46142 | West Virginia LIC# 010306 Erin Rickman, Broker. 410 Market St #3, Parkersburg, WV, 26101 | Colorado LIC# EC.100108419 603 Rood Ave, Grand Junction, CO 81501 | Nevada LIC# B.0146350.LLC 9190 Double Diamond Pwky, Reno, NV 89521 | Florida LIC# CQ1073507 16638 Mooner Plank Cir, Wimauma, FL 33598 | Illinois LIC# 481014661 640 S Washington St. Suite 212, Naperville, IL 60540
Agent License Information: Brokerage/Company License Number: RC52400106
407 W Washington Street | MLS# 22130014
This commercial property located at 407 W Washington Street, Lebanon, IN 46052 is currently listed for sale with an asking price of $525,000. W Washington Street is located within the Lebanon Community School Corp school district. Search Lebanon real estate on www.brentrickards.com today.