Updated 1 Hour Ago
Highlights
Pet Friendly
- 1 & 2 bedroom apartments
- High-end apartments
Location
115 N Pennsylvania St, Indianapolis, IN 46204, USA|Downtown Indianapolis
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Property Overview
Penn Street Tower Apartments offers high-end 1 and 2 bedroom apartments with an overall Zumper Expert Rating of 8.3, reflecting strong value, standout amenities, and a well-regarded location. It also stands out for nearby transit, parks, dining, cultural spots, and work-from-home conveniences, with practical perks like a fitness center, recycling options, and a strong value-for-money position.
This summary uses Zumper’s proprietary data. “Zumper Expert Ratings,” “Things you’ll love,” and “Great for” are based on our internal analyses of market trends and renter insights.
Things you’ll love
High school nearby- Less expensive
- Images Available
Great for
Work-from-home
Pet owners
Social life
Floor plans
| Wabash: Floors 02-07 | 1 bed | 1 bath | 788 sqft | $1,199–$2,316 /mo | 3 units available | Standing one block east from Indy's Monument Circle for over a century, Penn Street Tower offers an unbeatable location with incredible views. Originally built as the "Lemcke Annex", the 15-story tower has housed many occupants over the years, but today features 98 high-end 1 & 2 bedroom apartments. Penn Street Tower shows off it’s historical architecture that pulls back the curtain on Indianapolis history while also having updated finishes including stainless steel appliances and granite countertops. Gainbridge Fieldhouse (home to the Indiana Pacers) and Lucas Oil Stadium (home to the Indianapolis Colts) are both less than one mile away. The building also offers a state of the art gym as well as a community room with full kitchen and television for residents to gather at. | |
| Wabash: Floors 08-09 | 1 bed | 1 bath | 788 sqft | $1,249–$2,365 /mo | 1 unit available | Standing one block east from Indy's Monument Circle for over a century, Penn Street Tower offers an unbeatable location with incredible views. Originally built as the "Lemcke Annex", the 15-story tower has housed many occupants over the years, but today features 98 high-end 1 & 2 bedroom apartments. Penn Street Tower shows off it’s historical architecture that pulls back the curtain on Indianapolis history while also having updated finishes including stainless steel appliances and granite countertops. Gainbridge Fieldhouse (home to the Indiana Pacers) and Lucas Oil Stadium (home to the Indianapolis Colts) are both less than one mile away. The building also offers a state of the art gym as well as a community room with full kitchen and television for residents to gather at. | |
| St. Clair: Floors 13-15 | 1 bed | 1 bath | 697 sqft | $1,249–$2,186 /mo | 1 unit available | Standing one block east from Indy's Monument Circle for over a century, Penn Street Tower offers an unbeatable location with incredible views. Originally built as the "Lemcke Annex", the 15-story tower has housed many occupants over the years, but today features 98 high-end 1 & 2 bedroom apartments. Penn Street Tower shows off it’s historical architecture that pulls back the curtain on Indianapolis history while also having updated finishes including stainless steel appliances and granite countertops. Gainbridge Fieldhouse (home to the Indiana Pacers) and Lucas Oil Stadium (home to the Indianapolis Colts) are both less than one mile away. The building also offers a state of the art gym as well as a community room with full kitchen and television for residents to gather at. | |
| Maryland: Floors 13-15 | 2 bed | 1 bath | 1,023 sqft | $1,499–$2,763 /mo | 2 units available | Standing one block east from Indy's Monument Circle for over a century, Penn Street Tower offers an unbeatable location with incredible views. Originally built as the "Lemcke Annex", the 15-story tower has housed many occupants over the years, but today features 98 high-end 1 & 2 bedroom apartments. Penn Street Tower shows off it’s historical architecture that pulls back the curtain on Indianapolis history while also having updated finishes including stainless steel appliances and granite countertops. Gainbridge Fieldhouse (home to the Indiana Pacers) and Lucas Oil Stadium (home to the Indianapolis Colts) are both less than one mile away. The building also offers a state of the art gym as well as a community room with full kitchen and television for residents to gather at. |
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Amenities for Penn Street Tower Apartments
Appliances
| Dishwasher | Garbage Disposal |
| In-Unit Laundry | Microwave |
| Oven | Range |
| Refrigerator | Stove |
| Washer and Dryer |
Building
| Cats OK | Dogs OK |
Units, floor plans, amenities, dimensions, details, availability, and prices may be approximate and subject to change. Please contact a community representative for more information.
Policies and fees
Applicants
Applicants
One-time.
Contact Property
REQUIRED FEES
Security Deposit
One-time. Refundable.
Contact Property
Dog Policy
Allowed
Limit1
Cat Policy
Allowed
Limit1
Questions about this property’s policies and fees?
Building details
Property details
| Units | 98 |
|---|
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About Penn Street Tower Apartments
Standing a block away from Indy's Monument Circle for over a century, Penn Street Tower offers an unbeatable location. Originally built as the "Lemcke Annex", the 15-story tower has housed many occupants over the years, but today features 98 high-end 1 & 2 bedroom apartments.
Zumper Expert Rating
Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
8.3
/10
Very GoodWith a solid 8.3 out of 10 overall, Penn Street Tower Apartments is a great option for renters. While some aspects, like Trustworthiness, might not be as distinguished as other properties nearby, Penn Street Tower Apartments has a number of attractive features—namely its Amenities— so you can be assured your rent will come with a high standard of living.
Price·8A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
Scoring a 8/10, Penn Street Tower Apartments is a great option for renters looking for apartments in Downtown Indianapolis. The rent is significantly lower than the median rent for the area, therefore this property is competitively priced for its location and its features. Residents here will find a home that meets their needs with few trade-offs.
Amenities·10A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
Penn Street Tower Apartments stands out as a premier property with an impressive array of amenities and an excellent standard of living. Residents here have access to many of the most popular and desired perks—pets allowed—making this one of the top choices for renters seeking unparalleled comfort and convenience.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
Penn Street Tower Apartments is exceptional when it comes to location and conveniences. Communication with management or leasing staff is usually quick and easy and they often use advanced scheduling and communication tools to streamline the process. The location of this property offers easy access to popular points of interest in the area and options for getting around.
Quality·7A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
While it may not have as many distinctive features as similar properties in the surrounding area, renters can trust Penn Street Tower Apartments to provide reasonable accomodations and accurate details about its community.
Trustworthiness·7A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
Penn Street Tower Apartments provides some information about the features available in the community and its apartments, making it a reliable option for prospective renters. Renters should ask additional questions about amenities and non-negotiable items they are looking for.
Reviews from the web
Showing 8 highest rated
I lived at this apartment complex for two years and loved the location. The apartment units are nicely renovated and you truly get the most space for your money when it comes to downtown living. The building manager (Jason) was extremely attentive any time I had an issue and any service requests I put in were resolved quickly. In addition the building is pet friendly. I would recommend this complex to young professionals and grad students who want a quiet, clean place to call home!
Alexa Zambory
Jul 15, 2021
I just moved out after living here for almost 3 years. This has been by far the best apartment complex I’ve lived in. Jason in the leasing office was a big part of that. He was always responsive and helped me with whatever I needed. He made sure that my apartment was always in good shape and was always very friendly whenever I ran into him in the hallway. Maintenance was also on top of the few issues that came up and took care of everything in a very professional manner. I would definitely recommend living here!
Arnold Schaefer
Dec 10, 2021
We’re sharing just 8 of many, sorted highest to lowest. Visit the Google business profile to view all reviews.
Penn Street Tower Apartments is great for:
Property highlights
We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.How Penn Street Tower Apartments compares to other nearby properties.
Positives
- High school nearby
- There is a high school 0.2 mile away
- Less expensive
- The 1-bedrooms are cheaper than other similar listings nearby
- Less expensive
- The 2-bedrooms are cheaper than other similar listings nearby
- Images Available
- There are at least 10 photos of this address
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Rent trends in Downtown Indianapolis
1-bedroom apartments here are priced 26% lower than 1-bedrooms in Downtown Indianapolis.
If you decide to upgrade your space, you can expect 2-bedrooms at Penn Street Tower Apartments to be 36% less than the average for similarly sized apartments in Downtown Indianapolis.
Median rents as of Jul 4 2026.
Downtown Indianapolis
Indianapolis
| Month | Median Rent |
|---|---|
| July 2024 | $1,026 |
| August 2024 | $1,047 |
| September 2024 | $1,090 |
| October 2024 | $1,131 |
| November 2024 | $1,126 |
| December 2024 | $1,105 |
| January 2025 | $1,194 |
| February 2025 | $1,191 |
| March 2025 | $1,151 |
| April 2025 | $1,121 |
| May 2025 | $1,139 |
| June 2025 | $1,158 |
| July 2025 | $1,185 |
| August 2025 | $1,178 |
| September 2025 | $1,065 |
| October 2025 | $1,063 |
| November 2025 | $1,048 |
| December 2025 | $1,029 |
| January 2026 | $1,039 |
| February 2026 | $1,034 |
| March 2026 | $1,004 |
| April 2026 | $955 |
| May 2026 | $951 |
| June 2026 | $892 |
| July 2026 | $850 |
| Month | Median Rent |
|---|---|
| July 2024 | $1,357 |
| August 2024 | $1,361 |
| September 2024 | $1,359 |
| October 2024 | $1,327 |
| November 2024 | $1,338 |
| December 2024 | $1,332 |
| January 2025 | $1,349 |
| February 2025 | $1,352 |
| March 2025 | $1,376 |
| April 2025 | $1,553 |
| May 2025 | $1,707 |
| June 2025 | $1,456 |
| July 2025 | $1,477 |
| August 2025 | $1,450 |
| September 2025 | $1,413 |
| October 2025 | $1,414 |
| November 2025 | $1,425 |
| December 2025 | $1,424 |
| January 2026 | $1,502 |
| February 2026 | $1,519 |
| March 2026 | $1,507 |
| April 2026 | $1,467 |
| May 2026 | $1,507 |
| June 2026 | $1,537 |
| July 2026 | $1,550 |
Affordability calculator
Can I afford to live at 115 N Pennsylvania St?
Bedrooms
Rent-to-income ratio
30%
Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income
$49,960/yr
With your selected rent-to-income ratio, you'd ideally want to make $49,960 annually to afford this 1-bedroom median monthly rent price of $1,249.
For more information on rent affordability, visit our rent calculator.
Schools near Penn Street Tower Apartments
Frederick Douglass School 19
2020 dawson st
indianapolis, IN, 46203
PK, K-8Public
C-
Impact Academy
320 n tibbs ave
indianapolis, IN, 46222
K-12Public
D
Impact Academy 3
320 n tibbs ave
indianapolis, IN, 46222
K-12Public
Impact Academy 2
320 n tibbs ave
indianapolis, IN, 46222
K-12Public
Ips - Butler Lab at William Bell 60
3330 n pennsylvania
indianapolis, IN, 46205
PK, K-8Public
C+
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Internet available near Penn Street Tower Apartments
Getting around Indianapolis near 115 N Pennsylvania St
Walking
10/10
No car? No problem. Everything you need is within a few blocks.
Driving
6/10
This area is close to freeways and has adequate parking options.
Transit
8/10
Getting around is a breeze; rapid transit and bus lines are a few blocks away.
Points of interest for 115 N Pennsylvania St, Indianapolis
Groceries
9/10
At least one grocery store within a few minutes' walk
Shopping
7/10
Variety of shops within walking distance
Cafes
6/10
Some cafés within walking distance
Restaurants
8/10
Variety of restaurants within a few minutes' walk
Primary schools
7/10
At least one elementary school within a 20-minute walk
High schools
2/10
No high schools within a 30-minute walk
Parks
7/10
Moderate amount of park space nearby
Nightlife
10/10
Variety of bars right on the street
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