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 two units 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.
Active
$384,000
1515 E Michigan St, Indianapolis, IN 46201
5beds
5baths
--sqft
Multi Family, Quadruplex, Apartment
Built in 1910
-- sqft lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
- 35 days
- 534
- 33
Zillow last checked:
Listing updated:
Listed by:
Ashley Mullin 317-760-2897,
FS Houses LLC,
Ryan Mullin 317-965-8708,
FS Houses LLC
Source: MIBOR as distributed by MLS GRID,MLS#: 22091061
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 5
- Main level bathrooms: 1
Features
- Has basement: Yes
Property
Features
- Levels: Two
- Stories: 2
Lot
- Size: 6,534 Square Feet
Details
- Parcel number: 491006132018000101
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family, Quadruplex, Apartment
Condition
- New construction: No
- Year built: 1910
Community & HOA
Community
- Subdivision: No Subdivision
Location
- Region: Indianapolis
Financial & listing details
- Tax assessed value: $177,000
- Annual tax amount: $4,704
- Date on market: 7/30/2026
- Cumulative days on market: 36 days
Estimated market value
Not available
Estimated sales range
Not available
$1,060/mo
Price history
| Date | Event | Price |
|---|---|---|
| 7/30/2026 | Listed for sale | $384,000+1.1% |
Source:  MIBOR as distributed by MLS GRID #22091061 Report a problem | ||
| 7/26/2024 | Listing removed | -- |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 7/3/2024 | Pending sale | $380,000 |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 7/1/2024 | Listing removed | -- |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 6/11/2024 | Price change | $380,000-4.8% |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 5/6/2024 | Price change | $399,000-4.8% |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 3/6/2024 | Listed for sale | $419,000+376.1% |
Source: MIBOR as distributed by MLS GRID #21966692 Report a problem | ||
| 2/2/2017 | Sold | $88,000+134.7% |
Source: Public Record Report a problem | ||
| 5/26/2016 | Sold | $37,500 |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $4,703 +60.7% | $177,000 -10.7% |
| 2024 | $2,927 +26.2% | $198,200 +60.6% |
| 2023 | $2,318 -35.8% | $123,400 +25.7% |
| 2022 | $3,613 +41.3% | $98,200 -37.3% |
| 2021 | $2,557 +5.5% | $156,600 +41.8% |
| 2020 | $2,422 +4.4% | $110,400 +7.6% |
| 2019 | $2,320 -21.8% | $102,600 +5.3% |
| 2018 | $2,969 +54.6% | $97,400 +5.1% |
| 2017 | $1,920 +0.4% | $92,700 +4.4% |
| 2016 | $1,912 +4% | $88,800 +4.5% |
| 2014 | $1,838 -3.9% | $85,000 |
| 2013 | $1,912 | $85,000 -7% |
| 2011 | -- | $91,400 |
| 2010 | $1,910 -2.4% | $91,400 |
| 2009 | $1,956 | $91,400 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: Near Eastside
Nearby schools
Schools provided by the listing agent
- Elementary: Theodore Potter School 74
- Middle: H L Harshman Middle School
- High: Arsenal Technical High School
Source: MIBOR as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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