This triplex located at 228 South Madison Street in Knightstown, Indiana. Built in 1950, the property features three units with efficient layouts and offers significant value-add potential. With one unit already renovated and ready for immediate occupancy, an investor can generate rental income while completing the remaining two units. The property consists of two 2-bedroom units and one 1-bedroom unit, appealing to a wide range of tenants. The two-bedroom units include dedicated laundry hookups, a highly desirable amenity that enhances convenience and increases tenant demand. This asset presents a clear opportunity to maximize rental income through strategic renovations and operational improvements, allowing investors to capitalize on existing market inefficiencies. With its efficient unit mix, modern amenities, and substantial upside, this triplex represents a compelling investment opportunity for buyers seeking a high-potential asset
Active
$120,000
228 S Madison St, Knightstown, IN 46148
3beds
2baths
--sqft
Est.:
Multi Family, Triplex
Built in 1950
-- sqft lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
Modern amenitiesDedicated laundry hookups
- 2 days |
- 317 |
- 22 |
Zillow last checked:
Listing updated:
Listing Provided by:
Justin Lowe 765-401-1122,
Ellsbury Group,
David Orton 317-412-1572,
Ellsbury Group
Source: MIBOR as distributed by MLS GRID,MLS#: 22098161
Tour with a local agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 2
Heating
- Natural Gas, Baseboard
Features
- Has basement: Yes
Property
Features
- Levels: One and One Half
- Stories: 1
Lot
- Size: 7,405.2 Square Feet
Details
- Additional structures: Storage
- Parcel number: 331633430415000030
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family, Triplex
Materials
- Brick, Stucco
Condition
- New construction: No
- Year built: 1950
Community & HOA
Community
- Security: Smoke Detector(s)
- Subdivision: No Subdivision
Location
- Region: Knightstown
Financial & listing details
- Tax assessed value: $140,100
- Annual tax amount: $1,248
- Date on market: 4/27/2026
- Cumulative days on market: 4 days
- Tenant pays: Electricity, Gas, Trash Collection
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 4/27/2026 | Listed for sale | $120,000 |
Source:  MIBOR as distributed by MLS GRID #22098161 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $904 +4.6% | $140,100 +17.4% |
| 2023 | $864 +30.5% | $119,300 +6% |
| 2022 | $663 -1.6% | $112,600 +10.7% |
| 2021 | $673 +9.2% | $101,700 -1.7% |
| 2020 | $616 -35.6% | $103,500 +2.5% |
| 2019 | $957 +24.4% | $101,000 +9% |
| 2017 | $769 +10.7% | $92,700 +3.1% |
| 2016 | $695 -2.9% | $89,900 +2.6% |
| 2014 | $716 +9.3% | $87,600 +2.7% |
| 2013 | $655 +13.8% | $85,300 +3.8% |
| 2012 | $576 +24.8% | $82,200 +13.5% |
| 2011 | $461 -19.5% | $72,400 -10.6% |
| 2010 | $573 -1.2% | $81,000 -3.9% |
| 2009 | $580 +2.6% | $84,300 +2.4% |
| 2007 | $565 -32.2% | $82,300 |
| 2006 | $833 | $82,300 -0.2% |
| 2005 | -- | $82,500 |
Find assessor info on the county website
Climate risks
Neighborhood: 46148
Nearby schools
GreatSchools rating
- 5/10Knightstown Intermediate SchoolGrades: 4-8Distance: 1 mi
- 4/10Knightstown High SchoolGrades: 9-12Distance: 0.6 mi
- 7/10Knightstown Elementary SchoolGrades: PK-3Distance: 1.1 mi
Schools provided by the listing agent
- Elementary: Knightstown Elementary School
- High: Knightstown High School
Source: MIBOR as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
- Indiana
- Henry County
- Knightstown
- 46148
- 228 S Madison St
Nearby cities
Nearby zip codes
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