$159,900 3460 W 16th Street Indianapolis, IN

MLS: 21829390   Type:   County: Marion   City: Indianapolis   Area: Wayne   Neighborhood: Rainbow Ridge   Zip: 46222     Stories: 1   Taxes: $1,654

Mortgage $751 /mo



Half Baths

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Walk to the Racetrack or catch the bus from this conveniently located Speedway property. Rainbow Apartments is a 5 unit property managed by the same owner for over 35 years. There are currently 5 studio units with kitchenettes and bathrooms. There is gravel parking lot in back. Total of 2100 sf. Storage space in the downstairs bombshell shelter. 2019 furnace, 2016 AC and 2009 roof. Security system inside and outside is negotiable. Has 4 current tenants. Great potential for apartments or airbnb. Zoned C-4. Looking for a quick as is sale. Could close by the end of the year for a great offer!

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Price History

12/17/2021 Listed $159,900

Architectural Style Other
City Indianapolis
Construction Materials Aluminum Siding
County Marion
Current Use Apt<20
Days on Market 3
Directions 465 S to Crawfordsville Road East. Through roundabout to 16th Street Eastbound. Property is on the left.
Disclosures Not Applicable
Exterior Features Fence Partial
Levels One
MBR_SchoolDistrict Speedway
Net Operating Income 22648
New Construction N
Ownerpays AlarmSec, Electricity, Gas, Lawncare, Trash Collection, All Utilities, Water
Possession Close of Escrow
Possible Use Apt>20
Property SubType Commercial Units - 5+
Property Type Residential Income
Standard Status Pending
Status Pending
Street Name 16th
Structure Type Apartment Building, FreeStand
Subdivision Name RAINBOW RIDGE
Tax Year 2020
Tenant Pays Cable TV
Total Rooms 0
Total Units 5
Township Wayne
Year Built 1924
Zoning C-4

Interior Features

Basement (Y/N) Y
Full Baths 0
Half Baths 0
Street Suffix Street
Total Baths 0
Total Bedrooms 0

Exterior Features

Building Area Total 0
Foundation Details Concrete Perimeter, Partial
Lot Size Acres 0.1318
Road Frontage Type FrontageRd, City Street
Road Surface Type Asphalt

Property Schools

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Gallery (13 photos)

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Property vs Zip Code Avg (46222)

Price 159K Avg 130K

Sqr Feet 2,600 Avg 6,230

Cost / Sqr Ft $62 Avg $21

Taxes $1,654 Avg $909

Acres 0.1318 Avg 0.2

Visits 43 Avg 65

Days on Site 33 Avg 110

Walkscore® 65 Avg 48

Data Provided by Walkscore ® not using MLS data

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Listing Provided Courtesy Of: Sharon Stamper Thompson with Keller Williams Indy Metro NE

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Location & Address

Dr. Tom Galovic
107 N State Road 135, Suite 101-5
Greenwood, IN