Three-Building Multifamily
For Sale
Contact for pricing
10705 E US Highway 136, Indianapolis, IN 46234
Windmill Apartments is a 33-unit multifamily property built in 1980 across three buildings.
Property Size12,602 SF
Price / SF$247.58
Days on Market105
Property Features for 10705 E US Highway 136
General Information
Standard status
Active
Size
12,602 SF
Class
B
Total Parking Spaces
42
Property subtype
Multifamily
Occupancy
97%
Net Operating Income
$248,070
Building Details
Year Built
1980
Buildings
3
Units
33
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Tampa
Listed By:
Austin Meeker · License #RB18000247
Source:
Crexi
Added: May 27
Changed: Aug 27
Last Checked: Sep 7 at 9:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Tampa
Investment Insights
Based on property information with market context.
Windmill Apartments is a 33-unit multifamily property built in 1980, consisting of three separate buildings. Unit mix includes fifteen studio units, seventeen one-bedroom units, and one two-bedroom unit. Over the past three years, the current ownership has completed more than $550,000 in capital improvements, including interior renovations to 28 units, construction of four new units, replacement of two boilers and one furnace, and exterior and common area upgrades.
Improvements include new signage, gutters, landscaping, mailboxes, parking lot repaving, an internet/TV package, and renovated hallways. The property is located at 10705 E. US Highway 136 in Indianapolis, Indiana.
As presented, Windmill Apartments offers a defined 1980-era apartment layout with recent renovations and additions spanning both interior and exterior/common areas.
Improvements include new signage, gutters, landscaping, mailboxes, parking lot repaving, an internet/TV package, and renovated hallways. The property is located at 10705 E. US Highway 136 in Indianapolis, Indiana.
As presented, Windmill Apartments offers a defined 1980-era apartment layout with recent renovations and additions spanning both interior and exterior/common areas.
Key Highlights
- 33‑unit multifamily property built in 1980 across three buildings
- Unit mix includes 15 studio units, 17 one‑bedroom units, and 1 two‑bedroom unit
- More than $550,000 in capital improvements over the past three years, including $190,000 interior renovations to 28 units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$115,652
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,313,040
$2.3M
Cap Rate 7%
$1,652,171
$1.7M
Cap Rate 9%
$1,285,022
$1.3M
Market Conditions
NOI Build-Up for 12,602 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$226.8K $18.00/SF
− Vacancy
−$16.6K −$1.31/SF
EGI
$210.3K $16.69/SF
− OpEx
−$94.6K −$7.51/SF
NOI
$115.7K $9.18/SF
Area
Indianapolis, IN
Vacancy
7.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,313,040
Cap Rate 7%
$1,652,171
Cap Rate 9%
$1,285,022
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.45M – $1.93M
NOI $115,652 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.14M
$2.74M – $3.66M
NOI $219,577 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 46234, IN
27,841
Population
10,929
Households
2.5
Avg Household Size
37
Median Age
37%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
2,245
Density / Sq Mi
$83,137
Median Household Income
$46,060
Median Earnings
$1,524
Median Rent
$226,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Windmill Apartments is a 33-unit multifamily property built in 1980 across three buildings.
Where is this apartment building located?
The property is located at 10705 E US Highway 136 Indianapolis, IN.
What is the asking price?
The asking price for this property is $3,120,000.
What are key features of this property?
This property features: 33‑unit multifamily property built in 1980 across three buildings; Unit mix includes 15 studio units, 17 one‑bedroom units, and 1 two‑bedroom unit; More than $550,000 in capital improvements over the past three years, including $190,000 interior renovations to 28 units
