BlumLux | 740 E North St
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BlumLux 740 E North St
5 Unit Apartment Building For Sale Indianapolis, IN 46202
Investment Highlights
- https://my.rcm1.com/buyer/agreement?pv=-g7-cnrXBh-llcWfF8IpBgLgLc_x-2AspB30g1nQOc_eOIUbPUv9hBB8TkyupMkS
- Additional Income through charging for garage parking: There are two garage spaces that could be converted for tenant use. Both spaces are currently u
- Opportunity for Condo Conversion with Pre-divided Parcels: Situated near the Mass Ave Cultural District, The Blumlux Building presents an enticing con
- Additional Income Through Utility Reimbursement: currently the landlord covers all utility expenses, including electric, water, sewer, gas, trash, and
- Prime Signage Opportunity: The current owner uses the signage to promote both his jewelry brand and the building itself, but a new owner could unlock
- Airbnb and Short Term Rental Potential in Heart of Indianapolis: Blumlux is uniquely positioned within a mile of Indianapolis’s cultural hub, Mass Ave
Executive Summary
Colliers is pleased to present BlumLux, a stunning property consisting of 6-units with occupied first floor retail space. The building had a complete gut rehab down to the masonry with impeccably maintained state-of-the-art high-end modern finishes and attributes.
Originally built in 1898, the property has been well-maintained over the years and underwent a complete gut rehab in 2016/2017. Current ownership has made significant investments in replacing all windows, upgrading electrical and plumbing systems, resulting in a modern and hassle-free asset for the new owner to operate and maintain.
Blumlux presents an outstanding opportunity for an entrepreneurial investor to acquire a trophy asset in a prime location, offering significant investment flexibility and upside potential. Revenue growth can be achieved through pushing rents, implementing utility bill-backs, shortterm rentals, and leasing signage at a major intersection. With multiple avenues for value creation, this asset is well-suited for a strategic investment that maximizes income and capitalizes on its desirable location.
Located on the northeast side of downtown Indianapolis, Blumlux, is near Mass Ave - Indianapolis’ most vibrant and electric, known for its unique blend of art, culture, dining, and nightlife. This lively, walkable neighborhood is home to indie boutiques, art galleries, theaters, and a wide range of restaurants and breweries, making it a go-to spot for both locals and visitors. Historic architecture lines the avenue, with buildings showcasing Indianapolis’s past while housing modern businesses and art installations.
Contact Bryce Wetzel or Rachel Patten to get access to deal room
Originally built in 1898, the property has been well-maintained over the years and underwent a complete gut rehab in 2016/2017. Current ownership has made significant investments in replacing all windows, upgrading electrical and plumbing systems, resulting in a modern and hassle-free asset for the new owner to operate and maintain.
Blumlux presents an outstanding opportunity for an entrepreneurial investor to acquire a trophy asset in a prime location, offering significant investment flexibility and upside potential. Revenue growth can be achieved through pushing rents, implementing utility bill-backs, shortterm rentals, and leasing signage at a major intersection. With multiple avenues for value creation, this asset is well-suited for a strategic investment that maximizes income and capitalizes on its desirable location.
Located on the northeast side of downtown Indianapolis, Blumlux, is near Mass Ave - Indianapolis’ most vibrant and electric, known for its unique blend of art, culture, dining, and nightlife. This lively, walkable neighborhood is home to indie boutiques, art galleries, theaters, and a wide range of restaurants and breweries, making it a go-to spot for both locals and visitors. Historic architecture lines the avenue, with buildings showcasing Indianapolis’s past while housing modern businesses and art installations.
Contact Bryce Wetzel or Rachel Patten to get access to deal room
Property Facts
| Sale Type | Investment | Lot Size | 0.24 AC |
| No. Units | 5 | Building Size | 13,307 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1898/2016 |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Building Class | B |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.24 AC |
| Building Size | 13,307 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1898/2016 |
| Opportunity Zone |
Yes |
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Walk Score ®
Very Walkable (89)
Bike Score ®
Biker's Paradise (90)
zoning
| Zoning Code | CBD-2 |
| CBD-2 |
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