Multifamily Housing - For Sale
3470 North Meridian Street Indianapolis, IN 46208
Details & Description
Price: $1,195,000
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.744
  • Building Sq Ft 59,048
  • Building Price per Sq Ft $20.24
  • Land Sq Ft 32,408
  • Land Price per Sq Ft $36.87
The Grand Meridian Apartments is a 100 Unit Nine Story High Rise Apartment Building located on the new Red Line mass transit route on the north side of Indianapolis. The address is 3470 North Meridian Street, Indianapolis, IN 46208. The gross square footage is approximately 59,048 square feet including 29 One Bedroom units, 69 Studios. One Studio and one 1 Bedroom unit are used as a management and leasing office. The property is located on a .744 +/- acre site and is constructed with a brick exterior and mostly concrete and steel. The building has a private roof top deck on the 9th floor and an additional roof top deck unit that could be used as a Common Area Deck for the tenants. The property has been vacant for several years and needs a total renovation. There are plans for 52 parking spaces on site and street parking is free on 35th Street. Since the property is on the new Red Line many tenants will not need to own a car. The Grand Meridian was built in 1951 and needs a complete renovation.
Property Highlights
Additional Photos
Listing Agents
Michael Drew
Bradley Company
O: 317-663-6079
M: 317-255-3900
mdrew@bradleyco.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

3470 North Meridian Street

Indianapolis, IN 46208

Listing ID: 259192
$1,195,000
For Sale
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.744
  • Building Sq Ft 59,048
  • Building Price per Sq Ft $20.24
  • Land Sq Ft 32,408
  • Land Price per Sq Ft $36.87
  • 3470 North Meridian Street Indianapolis, IN 46208 | for Sale | Photo 1
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Property Highlights
 The property is located on the New Red Line Mass Transit Bus System with a stop just steps away from the front door.
 Will deliver the property free and clear for $11,950unit.
 The property is vacant so renovations can start immediately.
 Convenient to shopping, restaurants, schools, and downtown Indianapolis is only 10 minutes away.
 The neighborhood is in the process of re-gentrification appealing to middle class income.
 The renovation can separately meter HVAC systems
 Proforma Leveraged IRR
 Proforma cash on cash
Description

The Grand Meridian Apartments is a 100 Unit Nine Story High Rise Apartment Building located on the new Red Line mass transit route on the north side of Indianapolis. The address is 3470 North Meridian Street, Indianapolis, IN 46208. The gross square footage is approximately 59,048 square feet including 29 One Bedroom units, 69 Studios. One Studio and one 1 Bedroom unit are used as a management and leasing office. The property is located on a .744 +/- acre site and is constructed with a brick exterior and mostly concrete and steel. The building has a private roof top deck on the 9th floor and an additional roof top deck unit that could be used as a Common Area Deck for the tenants. The property has been vacant for several years and needs a total renovation. There are plans for 52 parking spaces on site and street parking is free on 35th Street. Since the property is on the new Red Line many tenants will not need to own a car. The Grand Meridian was built in 1951 and needs a complete renovation.

Listing Demographics for 3470 North Meridian Street Indianapolis, IN 46208

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population15,43396,043268,117
Population Median Age363536
Population by Age0-9 Yrs2257 (14%)12567 (13%)36084 (13%)
10-19 Yrs1580 (10%)10950 (11%)31922 (11%)
20-29 Yrs3136 (20%)21043 (21%)51359 (19%)
30-39 Yrs2216 (14%)14103 (14%)41330 (15%)
40-49 Yrs1783 (11%)10143 (10%)30000 (11%)
50-59 Yrs1894 (12%)11532 (12%)32390 (12%)
60-69 Yrs1332 (8%)8657 (9%)25866 (9%)
70+ Yrs1235 (8%)7048 (7%)19167 (7%)
Median HH Income$33,284$42,634$42,672
Total Household Income< 24K2506 (38%)12872 (31%)33249 (30%)
25-49K1750 (26%)9745 (24%)27689 (25%)
50-74K806 (12%)6046 (14%)17487 (16%)
75-99K559 (8%)3767 (9%)10444 (9%)
100-199K601 (9%)5457 (13%)14331 (13%)
200K+288 (4%)2528 (6%)5010 (4%)
Highest Education LevelNo Diploma1184717628199
Diploma or GED26251359344918
Some College21071166132209
Assoc. Degree891424411282
Bachelors Degree19651533537336
Higher Degree12831061023434
Total Housing Units8,96950,522130,917
--Owner-Occupied2,55418,29551,353
--Renter-Occupied3,95622,12156,857
Owner-Occupied Values< 100K819556919604
100-199K930498616094
200-299K40231077400
300-399K18918823697
400-499K669171636
500K+14818342923
Total Working Age Population12,29778,250213,984
In Work Force8,39052,424140,554
Not In Work Force3,90625,82773,430
Workforce Employed7,44848,325129,612
Workforce Unemployed9403,99810,781
Civlian Workforce8,38752,324140,392
Military Workforce3100162
Total Households6,51140,416108,209
Family Households2,77017,59350,963
Non-Family Households3,74122,82357,246
Married Couple1,34410,58729,810
Other Family1,4267,00521,154
Married w/Child4553,61310,804
Single Male w/Child925822,410
Single Female w/Child6433,1579,260

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Indiana6,080,485+76,483,802+46,738,573+47,014,880
Marion County860,454+5903,393+7963,732+41,001,231

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Listing Location & Map Views
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Closest Commercial Airports
Airport Distance (mi)
Indianapolis International Airport (IND) 10
Fort Wayne International Airport (FWA) 95
Cincinnati Northern Kentucky International Airport (CVG) 96
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