Description

INCREDIBLE opportunity that only comes around once in a blue moon in the Indianapolis area! Rare, lakehouse investment property with four units including a 5-bedroom high-performing STR unit. The Airbnb/STR features a game room overlooking the lake, bunkhouse room (unit can sleep 22 total), large dining area with two banquet tables, multiple decks for lounging / taking in views, recreational equipment (kayaks, row boats, etc.), and more! Perched on the southwest corner of the lake with a stunning view Morse Reservoir, this property comes with 7 boat slips, allowing immediate access onto the waters for boating. Let’s talk numbers because property cranks cash flow — the STR unit grossed over $129K in 2024 (~$10,800 / mo). With over $97K in revenue on the books in 2025, is set to out-compete this year. Two of the units are rented to long-term residents, bringing in a stable backbone of cash flow — 2-bedroom unit rented for $2000 / month, and a Studio apartment rented for $1100 / month. The last unit, the “Owner’s Suite” is vacant, and ready for personal use or another rental income source (estimated at $1700 / mo). This one bedroom unit features a recently high-end remodeled bathroom w/ tiled surround, as well as a comfy loft for more heads to sleep. The projected revenue is $16,300 / mo, or just over $195K / year for this high-performing investment property. Use for personal recreational use just 30 mins outside Indy, further optimize it for a lucrative multifamily/STR investment, or buy it and convert to a single family home with ADU… Endless options here! Updates include roof, siding, gutters (’23), 74 new vinyl windows, 2 units have new HVAC, upgraded docks w/ floaters, new LVP flooring in Airbnb unit. Noblesville has recently completed a boardwalk & retaining wall along Little Chicago Rd. Property sits 13 mins to Grand Park in Westfield, which hosts over 5 million annual visitors / yr. Snag this one while you can!

Address

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Address: 20620 Little Chicago Road
City: Noblesville
State/county: IN
Zip/Postal Code: 46062
Area: No Subdivision

Details

Updated on June 27, 2025 at 3:57 pm

Property ID 22038527
Price $1,550,000
Land Area 0.47 Acres
Garages 3
Garage Size x x
Year Built 1973
Property Type Fourplex, Residential Income
Property Status Closed

Additional details

Roof Asphalt
Cooling Window Unit(s)
Heating Forced Air,Natural Gas
County Hamilton
Property Type Residential Income
Parking Attached
Elementary School Hinkle Creek Elementary School
Middle School Noblesville West Middle School
High School Noblesville High School
Waterfront Lake Front,On Reservoir,Water Access,Water View,Waterfront,Dock,Lake Privileges,Seawall
Architectural Style Contemporary

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Preeti Chaggar
+15109262125WhatsApp

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