3460 W 16th Street Indianapolis, IN
$ 159,900
Property Attributes
  • MLS#21829390
  • TypePending
  • CountyMARION
  • CityIndianapolis
  • AreaWayne
  • NeighborhoodRAINBOW RIDGE
  • Zip46222
  • Style
  • Year Built1924
  • Taxes$ 1654
  • Price$ 159,900
  • Bedrooms5
  • Full Bathrooms5
  • Half Bathrooms0
  • Sqr Footage2600
  • Lot Size5,741 SqFt
Listing Provided Courtesy Of:
Sharon Stamper Thompson with Keller Williams Indy Metro NE
Data Source:
Metropolitan Indianapolis MLS (MIBOR)
Property Description

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!

Price History
12/17/2021 Listed $159,900

General Features

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 No
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 Units 5
Township Wayne
Year Built 1924
Zoning C-4

Interior Features

Basement (Y/N) Yes
Street Suffix Street

Exterior Features

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


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 46222

AVG $130K
AVG $918
AVG 72
Year Built
AVG 1944
AVG 49
Data Provided by Walkscore ® not using MLS data

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