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196 E Madison Street #B

Franklin, IN 46131

ActiveListed Jul 10, 2026 · 76 days on market

Key facts

Beds
3
Baths
2 full
Living area
1,828 sqft
Lot
0.02 acres
Year built
1915
Type
Residential · Condominium
Stories
Two
MLS #
22113413
County
Johnson
Subdivision
Carnegie Commons

About this home

PRICE REDUCED!! Own a remarkable piece of Franklin history in this truly one-of-a-kind residence, originally constructed in 1915 as the city's iconic Carnegie Library and thoughtfully transformed into an exclusive five-unit condominium community in 1990. Rich in architectural character, this extraordinary home beautifully preserves its historic charm with stunning mahogany barrel-vaulted ceilings, elegant marble floors, custom lighted cabinetry, and timeless craftsmanship rarely found today, while seamlessly blending today's most desirable updates and conveniences. Offering three spacious bedrooms, including a main-level bedroom, this home features beautifully renovated bathrooms, an updated kitchen with granite countertops and stainless steel appliances, custom closet systems, newer vinyl windows with custom remote-controlled blinds, smart home technology including Alexa-controlled lighting, Wi-Fi-enabled front door lock and thermostat on the main level, a brand-new HVAC system, and a water heater less than three years old. Enjoy the convenience of a private entrance, abundant storage throughout, a new stackable washer and dryer, included water softener, and an expansive hand-laid paver patio perfect for relaxing or entertaining. Owners self-manage the HOA, keeping monthly dues at just $144, which include exterior maintenance, water, sewer, and trash service. Complete with a dedicated rear parking space plus additional on-street parking, this exceptional home places you just steps from Franklin's vibrant downtown shops, restaurants, parks, and year-round community events, offering an unmatched opportunity to own a beautifully preserved landmark with every modern comfort.

Description provided by the listing brokerage.

Interior

Appliances
DishwasherDryerElectric Water HeaterMicroHoodRefrigeratorWasherWater Softener Owned
Interior features
Attic AccessBuilt-in FeaturesHigh CeilingsWalk-In Closet(s)Wood Work StainedEntrance FoyerHi-Speed Internet Availbl
Kitchen
Kitchen Updated
Other rooms and areas
Bath Jack-n-JillUtility Room
Basement
DaylightFinished Ceiling
Laundry
Laundry ClosetMain Level
Rooms
6
Main-level bedrooms
1
Condition
Updated/Remodeled

Exterior

Exterior features
Not Applicable
Patio and porch
Patio
Construction
Brick
Foundation
Block
Parking and garage
Assigned
Other equipment
Radon SystemSmoke Alarm

Systems

Heating
Forced AirElectric
Cooling
Central Air
Water
Public
Utilities
Cable Available

Lot and HOA

HOA fee
$144 / monthly
HOA fee includes
SewerMaintenance GroundsMaintenance StructureSnow RemovalTrash
HOA amenities
Maintenance GroundsMaintenanceSnow RemovalTrash

Schools

Middle school
Franklin Community Middle School
High school
Franklin Community High School
School district
Franklin Community School Corp

Taxes

Estimated annual tax
$2,822 / yearTwice the semi-annual installment the listing reports.
Tax year
2025

Estimate your monthly payment

$2,455per month, estimated
Principal and interest $1,941Property tax $235Insurance $135HOA $144
20% · $77,000
6.47%
Loan type
Loan term

Estimates only. This calculator does not give a quote. Defaults reflect Marion County / Indianapolis averages: property tax from this home's actual county bill, homeowners insurance at 0.42% annually. Conventional: PMI runs 0.55% of the loan annually when your down payment is below 20%, and drops automatically at 22% equity. Your real number depends on credit, taxes assessed for the parcel, escrow, condo insurance, and HOA. Rates as of May 2026 and subject to change.

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Listed at$385,000
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