Rare Investment Opportunity - Duplex + Additional Buildable Lot! Attention investors and developers! This rare opportunity features a 2-bedroom, 2-bath duplex plus an additional large, fully fenced corner lot with the potential to build another duplex or investment property (buyer to verify zoning and approvals). Located in an area experiencing significant growth, this property is surrounded by new construction and offers an excellent opportunity to expand your rental portfolio or develop additional income-producing units. Conveniently situated just minutes from downtown Indianapolis, Eli Lilly, major employers, dining, and entertainment, this location is ideal for attracting future tenants. Whether you're looking for immediate rental income, land for future development, or a value-add investment in a rapidly appreciating area, this property checks all the boxes. Highlights: 2-bedroom, 2-bath duplex Large fenced corner lot included Potential to build an additional duplex (buyer to verify) Surrounded by new construction Minutes from Downtown Indianapolis and Eli Lilly Excellent opportunity for investors and developers Don't miss this chance to invest in one of Indianapolis' growing areas with endless potential!
Active
$170,000
1221 Lee St, Indianapolis, IN 46221
2beds
2baths
--sqft
Multi Family, Duplex
Built in 1938
-- sqft lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
Large fenced corner lot
- 2 days |
- 52 |
- 4 |
Zillow last checked:
Listing updated:
Listed by:
Carolyn Gonzalez 317-937-0095,
The Modglin Group
Source: MIBOR as distributed by MLS GRID,MLS#: 22120028
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 2
Features
- Has basement: Yes
Property
Parking
- Total spaces: 2
- Parking features: Detached
- Garage spaces: 2
Lot
- Size: 0.26 Acres
Details
- Parcel number: 491115136004000101
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family, Duplex
Condition
- New construction: No
- Year built: 1938
Community & HOA
Community
- Subdivision: L C Coburns Sub J F
Location
- Region: Indianapolis
Financial & listing details
- Tax assessed value: $113,400
- Annual tax amount: $2,790
- Date on market: 8/13/2026
- Cumulative days on market: 3 days
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 8/13/2026 | Listed for sale | $170,000 |
Source:  MIBOR as distributed by MLS GRID #22120028 Report a problem | ||
| 8/1/2026 | Listing removed | $170,000 |
Source: MIBOR as distributed by MLS GRID #22097080 Report a problem | ||
| 6/12/2026 | Listed for sale | $170,000 |
Source: MIBOR as distributed by MLS GRID #22097080 Report a problem | ||
| 5/12/2026 | Pending sale | $170,000 |
Source: MIBOR as distributed by MLS GRID #22097080 Report a problem | ||
| 4/23/2026 | Listed for sale | $170,000+58.9% |
Source: MIBOR as distributed by MLS GRID #22097080 Report a problem | ||
| 8/15/2023 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 7/19/2023 | Listed for rent | $725-3.3% |
Source: Zillow Rentals Report a problem | ||
| 6/7/2023 | Sold | $107,000-4.5% |
Source: MIBOR as distributed by MLS GRID #21917182 Report a problem | ||
| 5/31/2023 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 5/19/2023 | Pending sale | $112,000 |
Source: MIBOR as distributed by MLS GRID #21917182 Report a problem | ||
| 5/8/2023 | Listed for sale | $112,000 |
Source: MIBOR as distributed by MLS GRID #21917182 Report a problem | ||
| 5/4/2023 | Pending sale | $112,000 |
Source: MIBOR as distributed by MLS GRID #21917182 Report a problem | ||
| 4/24/2023 | Listed for sale | $112,000+220% |
Source: MIBOR as distributed by MLS GRID #21917182 Report a problem | ||
| 4/13/2023 | Listed for rent | $750 |
Source: Zillow Rentals Report a problem | ||
| 1/14/2016 | Sold | $35,000+150% |
Source: Public Record Report a problem | ||
| 4/9/2014 | Sold | $14,000+33.3% |
Source: Public Record Report a problem | ||
| 1/24/2014 | Sold | $10,500-82.5% |
Source: Public Record Report a problem | ||
| 10/18/2010 | Listing removed | $60,000 |
Source: Weichert Realtors #2951834 Report a problem | ||
| 5/22/2009 | Price change | $60,000+20% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 1/13/2009 | Price change | $50,000+42.9% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 11/23/2008 | Price change | $35,000+40% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 11/19/2008 | Price change | $25,000-37.3% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 11/8/2008 | Price change | $39,900+59.6% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 10/23/2008 | Listed for sale | $25,000-47.6% |
Source: Weichert Realtors** #2859588 Report a problem | ||
| 5/2/2008 | Sold | $47,754-6.2% |
Source: Public Record Report a problem | ||
| 5/2/2000 | Sold | $50,900 |
Source: MIBOR as distributed by MLS GRID #2009420 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $2,430 +16.4% | $113,400 +10.7% |
| 2024 | $2,087 -2.1% | $102,400 +16.4% |
| 2023 | $2,132 +41.1% | $88,000 -2.5% |
| 2022 | $1,511 +26.7% | $90,300 +37.9% |
| 2021 | $1,193 +2.3% | $65,500 +27.2% |
| 2020 | $1,166 +2.2% | $51,500 +4.3% |
| 2019 | $1,141 +18.3% | $49,400 +3.1% |
| 2018 | $964 +0.8% | $47,900 +13% |
| 2017 | $957 +7.8% | $42,400 +3.7% |
| 2016 | $888 +5.3% | $40,900 +4.9% |
| 2014 | $843 -12% | $39,000 -9.5% |
| 2013 | $958 | $43,100 +1.4% |
| 2012 | $958 | $42,500 +10.4% |
| 2011 | -- | $38,500 |
| 2010 | $805 -2.3% | $38,500 |
| 2009 | $825 | $38,500 -21.6% |
| 2007 | -- | $49,100 -5.9% |
| 2006 | -- | $52,200 |
| 2005 | -- | $52,200 |
| 2004 | -- | $52,200 |
| 2003 | -- | $52,200 +101.5% |
| 2002 | -- | $25,900 +199.8% |
| 2001 | -- | $8,640 |
| 2000 | -- | $8,640 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: West Indianapolis
Nearby schools
GreatSchools rating
- 3/10Daniel Webster School 46Grades: PK-5Distance: 0.3 mi
- 4/10William Penn School 49Grades: 6-8Distance: 0.3 mi
- 1/10George Washington Community High School (9-12)Grades: 9-12Distance: 1.1 mi
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A local agent can set up tours, give advice and negotiate with sellers.
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