Martin University’s eastside campus is for sale, according to an online real estate listing.
The campus, located at 2186 N. Sherman Drive, is listed for $3.5 million and includes about eight acres of land. The listing also includes nine smaller parcels of land near the campus, all of which are owned by Martin University according to MapIndy.
The assessed value of the main Martin campus is about $13.1 million, according to property tax records. The assessed value does not always reflect the market value of a property.
Rich Forslund, an executive vice president with Colliers, the real estate agency that listed the property, told Mirror Indy “a variety of users” have expressed interest in purchasing Martin so far.
The decision to put the campus up for sale comes less than two months after the university’s board of trustees announced it would start selling off its assets, though it did not specify which ones.
A Martin spokesperson at the time insisted the university was not permanently closing, but could offer no details about how or when the college might reopen. In fall 2024, 198 students were enrolled at Martin University, according to federal education data.
In response to questions about the sale and the university’s future, Martin University spokesperson Keona Williams said the board did not have additional comments and referred Mirror Indy to a letter from the board published in the Indianapolis Recorder in late December.
Opened in 1977 at 35th Street and College Avenue, Martin University was Indiana’s only predominantly Black college or university. The university moved to its current location in Martindale Brightwood in 1987, per the university’s website.
In December, Martin announced it would close, citing financial and enrollment challenges. The university encouraged its students to transfer to other schools. A week after announcing the closure, Martin laid off nearly all its employees because it did not have the money to pay them.
At the end of December, Martin gave up its accreditation, meaning that the university would have to seek approval to reopen and cannot receive federal financial aid.
Seeking historic status
Community members, meanwhile, have been rallying to preserve Martin’s campus.
Over the last month, neighbors have been submitting letters to the Indianapolis Historic Preservation Commission urging the city to recognize Martin University as a historic property.
A historic designation would mean that the property’s owner would have to get approval from the city commission before making changes or repairs to the property.
The decision to designate a property as historic ultimately lies with the city. A city spokesperson previously told Mirror Indy the process of getting historic status starts when a community member submits an application.
Eunice Trotter, director of Indiana Landmarks’ Black Heritage Preservation Program, said to her knowledge, no one has submitted that application for historic designation to the city. Trotter said Indiana Landmarks plans to educate alumni and community members on the application process and support them throughout.
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Claire Rafford covers higher education for Mirror Indy in partnership with Open Campus. Contact Claire by email claire.rafford@mirrorindy.org, on most social media @clairerafford or on Signal 317-759-0429.
Do you have information or questions about Martin University’s closure? Reach out to higher ed reporter Claire at claire.rafford@mirrorindy.org, at 317-759-0249 or on most social media @clairerafford.
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