Zumper
modified
19 Hours Ago

Highlights

  • Pet Friendly
  • Community amenities
  • Premier apartment living

Location

530 Massachusetts Ave, Indianapolis, IN 46204, USA|Downtown Indianapolis
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Contact

Management

Penrose on Mass

Leasing office

(844) 334-5739 ext. 9977

Open today 

11:00 am–6:00 pm ET

Property Overview

Penrose on Mass features an impressive overall rating of 8.7 out of 10 from Zumper, reflecting its competitive pricing and high-quality amenities. With a prime location rated 9 out of 10, residents enjoy easy access to cultural venues, restaurants, and recreational spaces, enhancing social life and pet-friendly options. Additional strengths include transparency in property management and detailed visuals, making it an appealing choice for renters seeking a vibrant living experience.

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.

Zumper Expert Rating

8.7
Very Good
With a solid 8.7 out of 10 overall, Penrose on Mass is a great option for renters. While some aspects, like Trustworthiness, might not be as distinguished as other properties nearby, Penrose on Mass has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.

Things you’ll love

  • Elementary school nearby
  • More space
  • High school nearby

Great for

  • Pet owners
  • Social life

Floor plans

Studio B Courtyard (shower/no balc/cy)Studio1 bath505 sqft$1,190–$1,240 /mo7 units available
Studio C Courtyard (tub/split/no balc/cy)Studio1 bath589 sqft$1,310–$1,360 /mo
Studio A NJ/North Street (tub/no balc)Studio1 bath584 sqft$1,350 /mo2 units available
Studio A Courtyard (tub/no balc)Studio1 bath584 sqft$1,360–$1,410 /mo
Studio D Courtyard (shower/balc/cy)Studio1 bath688 sqft$1,570–$1,620 /mo
Studio Loft A Mass Ave Curtain Wall (shower/balc/mass)Studio1 bath592 sqft$1,740 /mo
Studio E Mass Ave Curtain Wall (tub/split/lrg balc/mass)Studio1 bath743 sqft$1,900–$1,950 /mo
Studio Loft D Mass Ave Curtain Wall (tub/balc/mass)Studio1 bath972 sqft$2,190 /mo
Studio Loft B Mass Ave Curtain Wall (shower/balc/mass)Studio1 bath975 sqft$2,220 /mo
Studio Loft E Mass Ave Curtain Wall (tub/balc/mass)Studio1 bath936 sqft$2,250 /mo
Studio Loft C Mass Ave Curtain Wall (tub/upper balc/mass)Studio1 bath997 sqft$2,290 /mo1 unit available
1BR/1B D NJ/North St Balcony (shower/balcony)1 bed1 bath820 sqft$1,710–$1,760 /mo
1BR/1B B Courtyard Balcony (tub/balc)1 bed1 bath840 sqft$1,780 /mo1 unit available
1BR/1B A Courtyard Balcony (tub/island/balc)1 bed1 bath842 sqft$1,790–$1,840 /mo
1BR/1B H Courtyard Balcony (shower/island/balc)1 bed1 bath879 sqft$1,790–$1,840 /mo
1BR/1B J Courtyard Balcony + Den (shower/balc)1 bed1 bath879 sqft$1,830–$1,880 /mo
1BR/1B B NJ/North Street (tub/juliet)1 bed1 bath840 sqft$1,850–$1,900 /mo
1BR/1B A NJ/North St (tub/island/juliet)1 bed1 bath842 sqft$1,850 /mo1 unit available
1BR/1B C NJ/North St Balcony (shower/island/balc)1 bed1 bath798 sqft$1,920 /mo1 unit available
1BR/1B K Mass Ave Curtain Wall (shower/balc/mass)1 bed1 bath777 sqft$1,940 /mo1 unit available
1BR/1B A Mass Ave Premium (tub/island/juliet)1 bed1 bath842 sqft$1,960–$2,010 /mo
1BR/1B B Mass Ave Premium (tub/juliet)1 bed1 bath840 sqft$1,960–$2,010 /mo
1BR/1B E Mass Ave Premium1 bed1 bath989 sqft$1,970 /mo
1BR/1B F Mass Ave Curtain Wall (shower/balc/mass)1 bed1 bath797 sqft$2,000 /mo
1BR Loft E Mass Ave Curtain Wall (tub/loft/mass)1 bed1 bath1,175 sqft$2,310 /mo
1BR/1.5B G Mass NE Corner Curtain (shower/balc/corner)1 bed1.5 bath1,222 sqft$3,090 /mo2 units available
1BR Loft G Mass Ave Curtain Wall (shower/corner/mass)1 bed1.5 bath1,482 sqft$4,050 /mo
2BR/2B B NJ/North St. Balcony (tubs/island/balc)2 bed2 bath1,188 sqft$2,500 /mo3 units available
2BR/2B A Mass Ave Premium (tubs/balc/mass)2 bed2 bath1,210 sqft$2,570 /mo
2BR/2B F Mass Ave Curtain Wall (tubs/balc/mass)2 bed2 bath1,182 sqft$2,820–$2,870 /mo
2BR/2B C NJ/North St Corner Premium (island/balc)2 bed2 bath1,335 sqft$2,890–$2,940 /mo
2BR LOFT D (balc/corner/mass)2 bed2 bath1,725 sqft$3,000 /mo
2BR/2B E Mass Corner Curtain Media (corner/2 balc)2 bed2 bath1,725 sqft$3,200 /mo
2BR/2B D North St/Mass Corner Curtain (balc/corner)2 bed2 bath1,465 sqft$3,500 /mo
2BR LOFT E (penthouse/full corner balc/mass)2 bed2 bath1,911 sqft$4,450 /mo

Let's explore this property.

Amenities for Penrose on Mass

Building

Cats OKDogs OK

Grounds

Assigned ParkingGarage Parking
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

Dog policy

Allowed 
Fee$300
Monthly Rent$30

Cat policy

Allowed 
Fee$300
Monthly Rent$30

Parking

Garage Lot$200
Assigned. Reserved Garage Parking.

Required one-time fees

Security Deposit$250
Refundable amount: 100%
Building details

Property details

Units235
Lease terms3–15 months
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About Penrose on Mass

HomeApartments in IndianapolisDowntown Indianapolis Penrose on Mass

Penrose on Mass Apartments was built in 2018, and since then has become synonymous with premier apartment living here in Indianapolis. From accommodating floor plans ranging from Studio apartments to 2 bedroom apartments, to a large collection of community amenities, we’ve built one of the top living communities in Indianapolis, and we want you to take advantage of it.


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.
8.7
/10
Very Good
With a solid 8.7 out of 10 overall, Penrose on Mass is a great option for renters. While some aspects, like Trustworthiness, might not be as distinguished as other properties nearby, Penrose on Mass has a number of attractive features—namely its Price— so you can be assured your rent will come with a high standard of living.
How we rated Penrose on Mass
Price·9A 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.
Penrose on Mass stands out with a remarkable rating of 9/10 for its cost per bedroom compared to other rentals in the area. Considering the excellent balance between price, convenience, and comfort that it provides, residents enjoy a high-quality living experience.
Amenities·8A 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.
With multiple in-demand amenities, Penrose on Mass is committed to enhancing the renting experience. And while it may have fewer total conveniences and features than similar rentals nearby, it remains a top choice for renters wanting an specific standard of living.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
Penrose on Mass 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·9A 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.
Penrose on Mass has a few standout characteristics that set it apart from similar properties nearby. Having both verified status and features that cater to discerning renters, this is a great option for renters looking for a specific and exceptional lifestyle.
Trustworthiness·8A 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.
The level of transparency this property provides distinguishes it as a great rental. With a high attention to detail and desirable features, renters can be sure they will get an accurate picture of their potential new home.

Reviews from the web

Showing 8 highest rated

I would absolutely recommend renting at Penrose on Mass! The price point is perfectly aligned with for the area and the amenities just add to the value! The location is perfect! Right in the heart of Mass ave! I love that the office is on the 2nd floor right next to the mail boxes, gym, pool and resident lounge where I can grab a cup of coffee. If I am working out, getting my mail etc, I can conveniently check in with the office if I need anything! A few other things I love about this building is the convenient package locker one the first floor, the convenient parking and being able to walk out of the building and having so many local businesses at my finger tips! Also, they host the best resident events I have ever attended! Management and maintenance is amazing! The office staff is always so nice and willing to help where they can! Anytime something needs repaired- maintenance is on it right away! You will not be disappointment renting here! It is truly amazing!

Kay

Kay

Mar 26, 2024

Lived here for two years and, after seeing other complexes in other states, I can confidently say that my experience was ideal. The hallways and common areas are always clean. The staff is super nice, communicative and very informed of what’s going on locally. The garage is clutch — no better feeling than being in the heart of downtown and being able to get in and out quickly. I lived here while in my 20s but I’d say the community was happily mixed. Some families, some singles, grad students to retirees. I’d recommend anybody to splurge on this place and get an apartment with a Mass Ave view.

Malik O

Malik O

Feb 10, 2024

We’re sharing just 8 of many, sorted highest to lowest. Visit the Google business profile to view all reviews.

Penrose on Mass is great for:

Pet owners

  • 3 dog parks within 1 mile
  • 4 pet hospitals in the area
  • 8 pet supply stores near the property
  • 3 pet grooming services nearby

Social life

  • 346 restaurants within 1 mile of this property
  • 501 mixed-use spaces nearby
  • 59 theaters, music venues, or sports arenas nearby
  • 211 museums, art galleries, or cultural centers within 1 mile

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 Penrose on Mass compares to other nearby properties.

Positives

Elementary school nearby
There is an elementary school 0.1 mile away
More space
The 1-bedroom is 142 sqft larger than other listings nearby
More space
Studio is 160 sqft larger than other listings nearby
More space
The 2-bedroom is 215 sqft larger than other listings nearby
High school nearby
There is a high school 1 mile away
Images Available
There are at least 10 photos of this address

Considerations

No in-unit dishwasher
Dishwashers aren't available

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Rent trends in Downtown Indianapolis

Studio apartments at Penrose on Mass cost about 24% more than the average rent price for studios in Downtown Indianapolis.

1-bedroom apartments here are priced 33% higher than 1-bedrooms in Downtown Indianapolis.

If you decide to upgrade your space, you can expect 2-bedrooms at Penrose on Mass to be 33% more than the average for similarly sized apartments in Downtown Indianapolis.

Median rents as of Sep 13 2025.
Downtown Indianapolis
Indianapolis
A table of studio rental data trends in Indianapolis
MonthMedian Rent
September 2023$1,147
October 2023$1,162
November 2023$1,024
December 2023$972
January 2024$900
February 2024$908
March 2024$1,040
April 2024$1,074
May 2024$1,117
June 2024$1,171
July 2024$1,091
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$1,063
A table of studio rental data trends in Downtown Indianapolis
MonthMedian Rent
September 2023$1,280
October 2023$1,266
November 2023$1,253
December 2023$1,288
January 2024$1,383
February 2024$1,354
March 2024$1,337
April 2024$1,324
May 2024$1,309
June 2024$1,335
July 2024$1,350
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$1,428

Affordability calculator

Can I afford to live at 530 Massachusetts Ave?

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

$54,000/yr

With your selected rent-to-income ratio, you'd ideally want to make $54,000 annually to afford this studio median monthly rent price of $1,350.
For more information on rent affordability, visit our rent calculator.

Schools near Penrose on Mass

Frederick Douglass School 19

2020 dawson st

indianapolis, IN, 46203

PK, K-8Public
C-

Ips - Butler Lab at William Bell 60

3330 n pennsylvania

indianapolis, IN, 46205

PK, K-8Public
C+

Francis Bellamy Pre-School Center

9501 e 36th st

indianapolis, IN, 46236

PKPublic
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Internet available near Penrose on Mass

Getting around Indianapolis near 530 Massachusetts Ave

Walking

8/10
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

6/10
Popular public transit options are just a short walk from this location.

Points of interest for 530 Massachusetts Ave, Indianapolis

Groceries

9/10
At least one grocery store within a few minutes' walk

Shopping

6/10
Variety of shops within walking distance

Cafes

6/10
Some cafés within walking distance

Restaurants

8/10
Variety of restaurants within walking distance

Primary schools

10/10
At least one elementary school within a 5-minute walk

High schools

5/10
At least one high school within a 30-minute walk

Parks

7/10
Moderate amount of park space nearby

Nightlife

9/10
Variety of bars within a few minutes' walk

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