Richmond Apartments with Loft
For Sale
$4,150,000
401 N 10th St, Richmond, IN 47374
67-unit apartment community with unique floor plans and modern finishes.
Property Size49,340 SF
Days on Market146
Property Features for 401 N 10th St
General Information
Standard status
Active
Size
49,340 SF
Property subtype
Multifamily
Occupancy
88%
Amenities
67 Loft Style Units, Fully Redeveloped in 2000 in Downtown Richmond, Indiana
Offered at an Attractive Basis of $62,000 per Unit - 9.48 Percent In Place Cap Rate
Value-Add Opportunity via Renovation of Remaining 40 Percent of Units
Richmond Year-Over-Year Rent Growth 4.2 Percent - Market Vacancy 4.4 Percent
Building Details
Building Size
49,340 SF
Units
67
Listing Agency:
Indianapolis Office
Listed By:
Tony Rogers · License #License(s): IN: RB18001301
(317) 218-5355
Source:
Marcusmillichap
Added: May 21
Changed: Sep 22
Last Checked: Oct 12 at 4:51PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$300,622
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,012,440
$6.0M
Cap Rate 7%
$4,294,600
$4.3M
Cap Rate 9%
$3,340,244
$3.3M
Market Conditions
NOI Build-Up for 49,340 SF
Gross rent
$580.2K $11.76/SF
− Vacancy
−$33.7K −$0.68/SF
EGI
$546.6K $11.08/SF
− OpEx
−$246.0K −$4.99/SF
NOI
$300.6K $6.09/SF
Area
Wayne County, IN
Vacancy
5.80%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,012,440
Cap Rate 7%
$4,294,600
Cap Rate 9%
$3,340,244
Alternative Uses
Best Use
Apartment 5plus
$4.29M
$3.76M – $5.01M
NOI $300,622 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$6.19M
$5.41M – $7.22M
NOI $432,959 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
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 $4,150,000.
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.**
