397 S 10th Street, Noblesville, IN 46060

Property Description

Victorian charm and excellent rental income potential across from Seminary Park! This six-unit property includes three units in the nearly 3,000 SF main home and three in a separate carriage house of nearly 1,300 SF. Five units are currently rented; reported cap rate is approximately 8.5%. Set on a corner lot with mature trees, this well-maintained 1900's Victorian features classic architectural details, two covered porches, gingerbread trim, two gorgeous staircases with hand carved detail, beautiful unpainted woodwork throughout, solid oak doors, original built-ins, and even some original hardwood flooring in one living space. All units have updated flooring, fresh paint, and newer pex plumbing. The roof and boiler are approximately five years old and there are even new windows in the carriage house! To further improve rental income, there is more potential with some kitchen and bathroom updating and also exterior paint touch-ups. Continue the rental use, explore living in one unit while renting the others, or consider restoring the main home to a single-family residence while retaining carriage-house rentals, subject to required approvals and existing leases. Original doors and doorways remain behind drywall. Walkability to downtown Noblesville's shopping, dining, historic courthouse, walking trails and nearby parks make it attractive to tenants who want to be part of the very special culture this town brings. Many festivals, farmers markets, music in the park, first Fridays, all make it a very fun and inviting community. Noblesville is highly rated for it's schools and is also well known as one of the best communities to invest in nationwide.