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    Richmond Apartments with Loft Units Title is generated by Realmo AI

    401 N 10th St, Richmond, IN 47374

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    For Sale
    $4,355,000

    67-unit apartment community with unique floor plans and modern finishes.

    Type:Multifamily
    Added:
    May 21, 2026
    Days on Market:
    10
    Last Refresh:
    May 21 at 4:07 am

    Property Features for 401 N 10th St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Tony Rogers

    Listing agent Tony Rogers License #License(s): IN: RB18001301

    Listing office Indianapolis Office

    Listing date May 21, 2026

    Source Marcusmillichap

    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 Indianapolis Office

    HighLights

    • Completely renovated in 2000, mitigating near‑term capital improvement risks.
    • New TPO rubber membrane roof installed in 2023, Pex/PVC plumbing, upgraded copper electrical wiring, and double pane Low‑E vinyl windows.
    • Unique floor plans with 12‑foot ceiling loft‑style units and modern finishes with classic charm.
    • Strong market with tight vacancy rates (4.4%) and impressive rent growth (4.2% Q1 2026, projected 4.8% Q2 2026).
    • Located in Richmond, Indiana, with immediate access to Hwy I‑70, providing convenient access to Indianapolis and Dayton, Ohio.
    • Onsite amenities include laundry facilities, a courtyard, a study lounge, and controlled building access.

    Overview

    Atlas Apartments, a 67-unit apartment community, is located in Richmond, Indiana. Originally constructed in 1910, the property was fully renovated in 2000. The apartments stand out from other properties in the market due to their unique floor plans, 12-foot ceiling loft-style units, and modern finishes with classic charm. Tenant accommodations include on-site laundry facilities, a courtyard, a study lounge, and controlled building access. The property has undergone significant upgrades, including Pex and PVC plumbing, a new TPO rubber membrane roof in 2023, electrical wiring upgraded to copper, and double pane Low-E vinyl frame windows. The property benefits from immediate access to Hwy I-70, providing a commute of less than 1 hour to Indianapolis and Dayton, Ohio. Wayne County’s regional connectivity makes it a hub for logistics, manufacturing, and cross-state workforce migration. The Reid Healthcare system is the dominant employer in the region, employing nearly 3,000 residents, while other major employers are primarily in the manufacturing business. Market vacancy is at 4.4 percent and year-over-year Q1 2026 market rent growth at 4.2 percent. Forecasted year-over-year rent growth for Q2 2026 is projected at 4.8 percent.
    Location Intelligence

    Current Use by Public Records

    Richmond Atlas Apartments Real Estate Agency Spotlight Pixel Marketing & Advertising

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.888592
    Latitude
    39.833916

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    FAQs

    What type of property is this?
    Apartment building - 67-unit apartment community with unique floor plans and modern finishes.
    Where is this apartment building located?
    The property is located at 401 N 10th St Richmond, IN.
    What is the asking price?
    The asking price for this property is $4,355,000.
    What are key features of this property?
    This property features: Completely renovated in 2000, mitigating near‑term capital improvement risks.; **New TPO rubber membrane roof installed in 2023**, Pex/PVC plumbing, upgraded copper electrical wiring, and double pane Low‑E vinyl windows.; **Unique floor plans with 12‑foot ceiling loft‑style units and modern finishes with classic charm.**
    (317) 218-5355
    We can help!
    Listing Contact
    Tony Rogers
    Real Estate License ID: License(s): IN: RB18001301
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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