1859 N Pennsylvania Street, Indianapolis, IN 46202

Property Description

Not your typical triplex. This impressive duplex plus separate carriage house offers the combination investors rarely find: character, scale, strong current income and significant recent improvements-all three residences already leased into spring 2027. The main building is filled with architectural details that set it apart, including beautiful original woodwork, hardwood floors, substantial room sizes, distinctive staircase and decorative fireplaces. The property includes an approximately 1,730 SF 3BR/1BA upper residence leased at $1,825/month, an approximately 1,450 SF 2BR/1BA lower residence leased at $1,680/month, and a separate approximately 1,100 SF 3BR/1.5BA carriage house leased at $1,600/month. Current scheduled rent totals $5,105 per month/$61,260 annually. Major recent improvements include new high-efficiency HVAC systems and water heaters for both duplex units in 2026 and foundation tuckpointing in 2025. The carriage house offers additional independence with its own laundry and tenant-paid gas, electric and water. The upper-unit electric is separately metered but is included under the current lease and may be shifted to the tenant at renewal. Seller is willing to consider a contribution toward future exterior painting with an acceptable offer. An exceptional opportunity for an investor seeking an occupied three-unit property with established income, larger units, architectural character and substantial improvements already completed.