Three-Building Multifamily
10705 E US Highway 136 Indianapolis, IN 46234
For Sale
Contact for pricing
Windmill Apartments is a 33-unit multifamily property built in 1980 across three buildings.
Property Size12,602 SF
Price / SF$247.58
Days on Market59
Property Features for 10705 E US Highway 136
General Information
- Standard status
- Active
- Size
- 12,602 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1980
Listing Agency:
Marcus & Millichap - Tampa
Listed By:
Austin Meeker · License #RB18000247
Source:
Crexi
Added: May 27
Changed: Jul 23
Last Checked: Jul 23 at 6:01AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $226.8k | $18.00 |
| − Vacancy | −$16.6k | −$1.31 |
| EGI | $210.3k | $16.69 |
| − OpEx | −$94.6k | −$7.51 |
| NOI | $115.7k | $9.18 |
12,602 SF · lease $18.00/SF/yr · vacancy 7.30% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Windmill Apartments
Apartment Complex
FAQs
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
