40 42 W 56th Street
Indianapolis, IN 46208
Map
- – beds
- – baths
- – sqft
- 11,761 sqft lot
- 1938 build
Discover an exceptional investment opportunity with this well-maintained duplex, perfectly situated just steps away from The Shoppes at 56th & Illinois. This unique property offers a blend of residential & commercial potential, with one side of the duplex benefiting from a commercial variance, a rare find in today's market. The duplex features two bedrooms, an updated bath, a spacious living room, and a fully equipped kitchen on each side. The clean and finished basement presents an excellent value-add opportunity, featuring a half bath ready for a full bedroom conversion. One side has a wet bar as well. Both units have been thoughtfully updated with modern kitchens, including appliances, and contemporary bathrooms. Recent updates to the fireplaces (converted to ventless gas) mechanical systems, electrical, plumbing, and roofing provide peace of mind and low maintenance for future owners. A standout feature is the detached garage, offering a potential third revenue stream. This turnkey property is ideal for investors seeking a steady income stream, new investors venturing into the market, or house hackers aiming to subsidize their mortgage. Don't miss this unique opportunity to secure a prime piece of real estate with immense potential in a walkable and vibrant neighborhood. For further details and a comprehensive list of updates, please refer to the property supplements.
Last checked:
As a licensed real estate brokerage, Estately has access to the same database professional Realtors use: the Multiple Listing Service (or MLS). That means we can display all the properties listed by other member brokerages of the local Association of Realtors—unless the seller has requested that the listing not be published or marketed online.
The MLS is widely considered to be the most authoritative, up-to-date, accurate, and complete source of real estate for-sale in the USA.
Estately updates this data as quickly as possible and shares as much information with our users as allowed by local rules. Estately can also email you updates when new homes come on the market that match your search, change price, or go under contract.
Checking…
•
Last updated Jul 16, 2025
•
MLS# 22047130 —
The Building
-
Year Built:1938
-
New Construction:false
-
Construction Materials:Brick
-
Architectural Style:Cape Cod
-
Roof:Asphalt
-
Foundation Details:Block
-
Levels:One
-
Basement:true
-
Basement:Storage Space
-
Exterior Features:Sprinkler System
-
Direction Faces:South
Interior
-
Laundry Features:In Basement
Location
-
Directions:GPS Friendly
-
Latitude:39.854393
-
Longitude:-86.158732
The Property
-
View:true
-
Property Type:Residential Income
-
Property Subtype:Duplex
-
Parcel Number:490601220005000801
-
Acres:1/4-1/2 Acre
-
Lot Features:Corner Lot, Mature Trees
-
Lot Size Acres:0.27
-
Lot Size SqFt:11,761 Sqft
-
Price Per Acre:2129630
-
Structure Type:FreeStand
-
Current Use:Residential, Retail
-
Road Access:Not Applic
Listing Agent
- Contact info:
- Agent phone:
- (317) 340-8337
- Office phone:
- (317) 563-5051
Taxes
-
Tax Lot:8030851
-
Tax Year:2024
-
Tax Exemptions:None
-
Semi Annual Property Tax Amt:3586
Heating & Cooling
-
Heating:Forced Air
-
Cooling:Central Air
Utilities
-
Building Utilities:Municipal Storm Connected,Sump Pump
-
Solid Waste:Yes
Schools
-
High School District:Indianapolis Public Schools
The Community
-
Subdivision Name:North Butler Terrace
Parking
-
Parking:2 Car Garage,Parking Lot
-
Parking Features:Assigned, Detached
-
Garage Spaces:2
Extra Units
-
# of Units Total:2
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
7/16/25
Jul 16, 2025
|
Listed / Active | MIBOR | $575,000 |
