Multifamily Housing
3470 North Meridian Street Indianapolis, IN 46208

Details & Description

Price: $1,195,000

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 ID: 259192
Property URL: melqr.com/259192
Generated: 04-29-24

Property Highlights

• The renovation can separately meter HVAC systems
• Proforma Leveraged IRR
• Proforma cash on cash

Additional Photos

Listing Agents

Michael Drew

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.

Indiana / Indianapolis / 46208 / 3470 North Meridian Street

3470 North Meridian Street

Indianapolis, IN 46208

No Longer Listed

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Price

$ /mo

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 Population		15,433	96,043	268,117
Population Median Age		36	35	36
Population by Age	0-9 Yrs	2257 (14%)	12567 (13%)	36084 (13%)
	10-19 Yrs	1580 (10%)	10950 (11%)	31922 (11%)
	20-29 Yrs	3136 (20%)	21043 (21%)	51359 (19%)
	30-39 Yrs	2216 (14%)	14103 (14%)	41330 (15%)
	40-49 Yrs	1783 (11%)	10143 (10%)	30000 (11%)
	50-59 Yrs	1894 (12%)	11532 (12%)	32390 (12%)
	60-69 Yrs	1332 (8%)	8657 (9%)	25866 (9%)
	70+ Yrs	1235 (8%)	7048 (7%)	19167 (7%)

Median HH Income		$33,284	$42,634	$42,672
Total Household Income	< 24K	2506 (38%)	12872 (31%)	33249 (30%)
	25-49K	1750 (26%)	9745 (24%)	27689 (25%)
	50-74K	806 (12%)	6046 (14%)	17487 (16%)
	75-99K	559 (8%)	3767 (9%)	10444 (9%)
	100-199K	601 (9%)	5457 (13%)	14331 (13%)
	200K+	288 (4%)	2528 (6%)	5010 (4%)

Highest Education Level	No Diploma	1184	7176	28199
	Diploma or GED	2625	13593	44918
	Some College	2107	11661	32209
	Assoc. Degree	891	4244	11282
	Bachelors Degree	1965	15335	37336
	Higher Degree	1283	10610	23434

Total Housing Units		8,969	50,522	130,917
--Owner-Occupied		2,554	18,295	51,353
--Renter-Occupied		3,956	22,121	56,857
Owner-Occupied Values	< 100K	819	5569	19604
	100-199K	930	4986	16094
	200-299K	402	3107	7400
	300-399K	189	1882	3697
	400-499K	66	917	1636
	500K+	148	1834	2923

Total Working Age Population		12,297	78,250	213,984
In Work Force		8,390	52,424	140,554
Not In Work Force		3,906	25,827	73,430
Workforce Employed		7,448	48,325	129,612
Workforce Unemployed		940	3,998	10,781
Civlian Workforce		8,387	52,324	140,392
Military Workforce		3	100	162

Total Households		6,511	40,416	108,209
Family Households		2,770	17,593	50,963
Non-Family Households		3,741	22,823	57,246
Married Couple		1,344	10,587	29,810
Other Family		1,426	7,005	21,154
Married w/Child		455	3,613	10,804
Single Male w/Child		92	582	2,410
Single Female w/Child		643	3,157	9,260

Population Change Last Two Decades - Plus Projection

	2000	%	2010	%	2020	%	2030
Indiana	6,080,485	+7	6,483,802	+4	6,738,573	+4	7,014,880
Marion County	860,454	+5	903,393	+7	963,732	+4	1,001,231

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

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.

Common Questions and Answers

What is the asking price for 3470 North Meridian Street in Indianapolis?

The asking price for 3470 North Meridian Street is $1,195,000

What is the building size of this Multifamily property in Indianapolis, IN?

The size of the building/unit at 3470 North Meridian Street in Indianapolis is 59,048 square feet

How much land does the Indianapolis, IN property at 3470 North Meridian Street include?

3470 North Meridian Street in Indianapolis includes 0.744 acres of land

What is the population within 1 mile of 3470 North Meridian Street in Indianapolis?

The population within 1 mile of 3470 North Meridian Street Indianapolis, IN 46208 is 15,433 people.

Who do I contact for questions about 3470 North Meridian Street?

You should contact the listing agent, Michael Drew , for any details regarding this commercial listing.

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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