Zumper
modified
8 Hours Ago

Highlights

  • Pet Friendly
  • Community amenities
  • Premier apartment living

Location

530 Massachusetts Ave, Indianapolis, IN 46204, USA|Downtown Indianapolis
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Tour Penrose on Mass

Contact

Management

Penrose on Mass

Leasing office

(844) 334-5739 ext. 9977

Open 

Monday 11:00 am–5:00 pm ET

Property Overview

Penrose on Mass receives a strong Zumper Expert Rating of 8.7 out of 10, indicating it is a prime option for renters due to its competitive pricing and high-quality amenities. The property excels in location, with a rating of 9 out of 10, providing easy access to educational institutions, cultural venues, and dining options. Additionally, it is recognized for its community features and pet-friendly environment, further enhancing its appeal to potential residents.

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
  • Middle school nearby

Great for

  • Pet owners
  • Social life

Floor plans

Studio B Courtyard (shower/no balc/cy)Studio1 bath505 sqft$1,190 /mo1 unit available
Studio A NJ/North Street (tub/no balc)Studio1 bath584 sqft$1,350–$1,400 /mo4 units available
Studio C Courtyard (tub/split/no balc/cy)Studio1 bath589 sqft$1,360 /mo1 unit 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 /mo
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 /mo2 units 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 /mo1 unit available
1BR/1B B NJ/North Street (tub/juliet)1 bed1 bath840 sqft$1,850 /mo1 unit available
1BR/1B A NJ/North St (tub/island/juliet)1 bed1 bath842 sqft$1,850–$1,900 /mo
1BR/1B C NJ/North St Balcony (shower/island/balc)1 bed1 bath798 sqft$1,920–$1,970 /mo4 units 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 /mo1 unit available
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 /mo1 unit 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

Applicants

Application Fee

One-time. Agent application fee.

Contact Property

REQUIRED FEES

Admin Fee

One-time.

$250

Deposit

One-time. Refundable: 100%.

$250

OPTIONAL FEES

Parking Policy

Garage Lot

Come and Go Garage Parking.

Garage Lot

Parking Fee

Monthly. 2 garage lots max. Unassigned parking.

$150

Dog Policy

Allowed
Breed restrictionsYes

We allow dogs up to 30 lbs.

Cat Policy

Allowed

Cat

Pet Rent

Monthly. 2 cats max.

$30

Pet Fee

One-time fee per pet.

$300

Dog

Pet Rent

Monthly. 2 dogs max.

$30

Pet Fee

One-time fee per pet.

$300

SITUATIONAL FEES

Questions about this property’s policies and fees?

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

  • 6 pet hospitals in the area
  • 1 dog park within 1 mile
  • 3 pet grooming services nearby
  • 7 pet supply stores near the property

Social life

  • 403 restaurants within 1 mile of this property
  • 466 mixed-use spaces nearby
  • 200 museums, art galleries, or cultural centers within 1 mile
  • 69 theaters, music venues, or sports arenas nearby

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 148 sqft larger than other listings nearby
More space
Studio is 160 sqft larger than other listings nearby
More space
The 2-bedroom is 228 sqft larger than other listings nearby
Middle school nearby
There is a middle school 0.3 mile away
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 14% more than the average rent price for studios in Downtown Indianapolis.

1-bedroom apartments here are priced 28% 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 36% more than the average for similarly sized apartments in Downtown Indianapolis.

Median rents as of Mar 28 2026.
Downtown Indianapolis
Indianapolis
A table of studio rental data trends in Indianapolis
MonthMedian Rent
April 2024$1,080
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$1,065
October 2025$1,063
November 2025$1,048
December 2025$1,029
January 2026$1,039
February 2026$1,034
March 2026$1,004
A table of studio rental data trends in Downtown Indianapolis
MonthMedian Rent
April 2024$1,319
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$1,413
October 2025$1,414
November 2025$1,425
December 2025$1,424
January 2026$1,502
February 2026$1,519
March 2026$1,507

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+

Family Development Services, Inc. Service Center II Head Start

3637 n meridian st

indianapolis, IN, 46208

PKPublic

Impact Academy

320 n tibbs ave

indianapolis, IN, 46222

K-12Public
D

Impact Academy 2

320 n tibbs ave

indianapolis, IN, 46222

K-12Public
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Internet available near Penrose on Mass

Getting around Indianapolis near 530 Massachusetts Ave

Walking

9/10
No car? No problem. Everything you need is within a few blocks.

Driving

8/10
This area is close to freeways and has adequate parking options.

Cycling

9/10
Helmets on–you can get anywhere in this cyclist-friendly, well-connected area.

Transit

5/10
Frequent public transit options are within walking distance.

Points of interest for 530 Massachusetts Ave, Indianapolis

Groceries

9/10
At least one supermarket within a 10-minute walk

Shopping

6/10
Several shops within a few minutes’ walk

Cafes

6/10
Some cafés within a few minutes’ walk

Restaurants

8/10
Variety of restaurants within a few minutes' walk

Primary schools

9/10
At least one elementary school within a 5-minute walk

High schools

5/10
At least one high school within a 20-minute walk

Parks

7/10
Large amount of park space nearby

Nightlife

10/10
Exceptional variety of bars right within a few minutes’ walk

Explore the area around 530 Massachusetts Ave

Needler's Fresh Market
320 N New Jersey St
Market Square Tap Room
320 E Market St
Whole Foods Market
320 E Market St
Indianapolis City Market
222 E Market St
Kroger
227 W Michigan St

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