Briggs Flats 550 Fletcher Ave 22 Unit Apartment Building For Sale Indianapolis, IN 46203

Marcus & Millichap is pleased to present Briggs Flats, a 22-unit multifamily community located in the heart of Downtown Indianapolis, just outside the CBD in the highly desirable Fletcher Place / Fountain Square corridor. Built in 1920 across two buildings, the property offers a well-balanced mix of one, two, and three-bedroom floor plans with an average unit size of approximately 711 square feet, catering to the tenant profile seeking walkability, character, and an urban lifestyle.
Briggs Flats benefits from an irreplaceable urban infill location within walking distance of the Central Business District, Lucas Oil Stadium, the Indiana Convention Center, and the Wholesale District, placing residents at the center of the city’s primary employment and entertainment base. Downtown Indianapolis continues to benefit from a diverse, recession-resistant economy anchored by major corporate and institutional demand drivers, including Eli Lilly & Company, Farmers Insurance, and other Fortune 500 and investment-grade employers across healthcare, finance, logistics, and professional services. This employment density, paired with limited infill supply, supports durable rental demand and long-term occupancy.
In addition, the property sits immediately adjacent to Fountain Square, one of Indianapolis’ most dynamic and rapidly evolving neighborhood: known for its restaurants, nightlife, music venues, and local retail. The district’s ongoing revitalization and strong “live-workplay” appeal continue to attract young professionals and high-income renters who prioritize proximity to downtown while still wanting a true neighborhood feel.
The offer provides investors with a clear value-add runway through the capture of meaningful mark to market rental increases. Current average rents trail the submarket by approximately $400+ per unit, with renovated and stabilized comparable assets in Fletcher Place/Fountain Square achieving materially higher rent levels. Through targeted interior upgrades and continued operational optimization, a new owner can drive NOI growth while maintaining exposure to one of the Midwest’s most liquid multifamily markets and a metro recognized for its pro-landlord operating environment.