505 W 40th St

Indianapolis, IN 46208

$195,000
Price
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Beds
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Baths
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Description

Incredibly rare, 2-story historic multi-family property in Butler-Tarkington neighborhood. Minutes from mid-town, Broad Ripple, interstate access, parks, schools, and much more! Enclosed, private back yard and separate enclosed front porches. 2-car detached garage for off-street parking. Appears to have been previously been 3 Bedrooms per side, but now converted to one unit having an extra large Primary Bedroom. 3 Bedroom/1 Bathroom and 2 Bedroom/1.5 Bathrooms on each side. Ability to finish off...Incredibly rare, 2-story historic multi-family property in Butler-Tarkington neighborhood. Minutes from mid-town, Broad Ripple, interstate access, parks, schools, and much more! Enclosed, private back yard and separate enclosed front porches. 2-car detached garage for off-street parking. Appears to have been previously been 3 Bedrooms per side, but now converted to one unit having an extra large Primary Bedroom. 3 Bedroom/1 Bathroom and 2 Bedroom/1.5 Bathrooms on each side. Ability to finish off full basement space. Original woodwork, ornate brick fire places on each side, clawfoot tubs, raised ceilings and tons of Old World charm. Could be a great house hack to live in one side and pay the mortgage on the other; or an amazing long-term buy and hold. This is a must see!

Property Details for 505 West 40th Street

Subdivision Name
Columbia Place
Township
Washington
Waterfront
No
Zoning
Multi
LISTING UPDATED: 11/21/2025 09:53 AM

Property Details for 505 West 40th Street

StatusActive
MLS #22032052
Days on Market228
Taxes$1,472 semi-annually
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Duplex
Year Built1915
Lot Size0.12 AC / 5,227 SF
CountyMarion County

Location

Listing Courtesy of Keller Williams Indy Metro S
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Building Information for 505 West 40th Street

Stories-Residences2Year Built1915Building Size-Lot Size0.12 AC / 5,227 SF

Payment Calculator

$1,209 per month

30 year fixed, 6.28% Interest

Principal and Interest

$964

Property Taxes

$245

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 505 West 40th Street

Summary
Location and General Information
  • City: Indianapolis
  • County Or Parish: Marion
  • Directions: From 38th Street, turn North onto Rookwood Avenue. Property sits on the corner of Rookwood Avenue and West 40th Street.
  • Postal Code: 46208
  • Postal Code Plus4: 3953
  • Road Access: Access Rd
  • Road Frontage Type: City Street
  • State Or Province: IN
  • View: City, Neighborhood, Trees/Woods
  • View: Yes
Taxes and HOA Information
  • Parcel Number: 490614152019000801
  • Semi Annual Property Tax Amt: 1472
  • Tax Year: 2024
  • TaxLot: 30
School Information
  • Elementary School: James Whitcomb Riley School 43
  • High School: George Washington High School
  • Middle Or Junior School: James Whitcomb Riley School 43
  • School District: Indianapolis Public Schools
Parking
  • Garage Spaces: 2.0
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Property
Lot Information
  • Acreage: <1/4 Acre
  • Current Use: Vacant
  • Lot Description: Access, City Lot, Corner Lot, Sidewalks, Mature Trees
  • Lot Size Square Feet: 5097.0
  • Lot Size Acres: 0.12
  • New Construction: False
  • Possible Use: Comm Mul Ten
  • Year Built Numeric: 1915
  • Living Area Source: Assessor
Property and Assessments
  • Affected by Disclosures: Yes
  • Conversion: No
  • DPRYN: Yes
  • Legal Subdivision: Columbia Place Pt L30 Beg Ne Cor P.O.B. S40' W127.5' N40' E127.5' To Beg
  • Photos Count: 46
  • Property Attached: Yes
  • Property Sub Type: Duplex
  • Property Type: Residential Income
  • Road Surface Type: Asphalt
  • Transaction Type: Sale
  • Web Link: www.TheIndyPropertySource.com
Utilities
  • Solid Waste: Yes
Interior and Exterior Features
Exterior Features
  • Fencing: Full
Interior Features
  • Basement YN: Yes
  • Levels: Two
  • Multi Baths: 2
  • Multi Beds: 6
Multi Family
Multi-Family Information
  • Total Units: 2
  • Garage Parking: 2 Car Garage
Income & Expenses
  • Expenses: 0
  • Gross Income: $.00
Unit 1
  • Unit Kitchen: 12x8
  • Unit Levels: 2
  • Unit Rent Frequency: Monthly
  • Unit Type Type: 3 Bedroom
Unit 2
  • Unit Kitchen: 12x9
  • Unit Levels: 2
  • Unit Rent Frequency: Monthly
  • Unit Type Type: 2 Bedroom

Property History for 505 West 40th Street

DateEvent & SourcePriceAppreciation
Nov 14, 2025

Price Change

MIBORMLS #22032052

$195,000—
Jul 8, 2025

Price Change

MIBORMLS #22032052

$225,000—
Apr 25, 2025

Listed (Active)

MIBORMLS #22032052

$250,000—
DateEvent & SourcePrice
11/14/2025

Price Change

MIBORMLS #22032052

$195,000
07/08/2025

Price Change

MIBORMLS #22032052

$225,000
04/25/2025

Listed (Active)

MIBORMLS #22032052

$250,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 505 West 40th Street

This home is within Indianapolis Public Schools.
Rating
School
Type
Grades
Distance
Louis B. Russell Jr. School 48
Charter - PK to 6
Robert Lee Frost School 106
Public - PK to 6
Charles Warren Fairbanks School 105
Public - PK to 6
James Whitcomb Riley School 43
Public - PK to 8
Rating
School
Distance
Louis B. Russell Jr. School 48
CharterPK to 6

Robert Lee Frost School 106
PublicPK to 6

Charles Warren Fairbanks School 105
PublicPK to 6

James Whitcomb Riley School 43
PublicPK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 505 West 40th Street, Indianapolis, IN 46208

505 West 40th Street is a multi-family home for sale in Indianapolis, IN 46208. This property was listed for sale on April 25, 2025 by Keller Williams Indy Metro S, it's currently listed at $195,000. This listing's school district is Indianapolis Public Schools. Nearby schools include Louis B. Russell Jr. School 48, Robert Lee Frost School 106 and Charles Warren Fairbanks School 105. 505 West 40th Street is a 0-bed, 0-bath, multi-family home built in 1915.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Indy Metro S

Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 12/15/2025 06:08 PM. All data is obtained from various sources and may not have been verified by broker orMLS GRID. Supplied Open House Information is subject to change without notice. All informationshould be independently reviewed and verified for accuracy. Properties may or may not be listed bythe office/agent presenting the information.