Three-Building Multifamily
For Sale
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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 Market150
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
Site & Location
Neighborhood
Westwood
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: Oct 10
Last Checked: Oct 23 at 7:07AM
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
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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 / Yr
$115,652
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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
