1010 Bethel Ave Muncie, IN 47303
- Dormitories
- 1.64 lot acres
Current Use by Public Records
- The Cedars / Apartment Complex
Property Details for 1010 Bethel Ave
- Year built
- 1968
- Lot size
- 1.64 lot acres
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional 54-unit student housing property, known as The Cedars, presents a compelling investment opportunity. Located at 1010 W Bethel Ave, Muncie, IN 47303, this fee-simple asset boasts 25,492 net rentable square feet across four, two-story buildings situated on a 1.64-acre lot. Built in 1968 and renovated in 1978, the property offers a mix of unit sizes, primarily catering to the student population with a majority of one-bedroom floor plans. The property's prime location offers pedestrian access to Ball State University, Indiana's fourth-largest university, with over 20,000 students. This proximity ensures consistent high occupancy rates, attracting not only students but also families and young professionals. The current NOI is $290,279, with a pro-forma NOI of $308,814, resulting in a 7.08% cap rate and a pro-forma cap rate of 7.53%. The asking price is $4,100,000, translating to $75,926 per unit and $157.52 per square foot. Rental income has shown significant growth, increasing nearly 15% in the last six months following a management transition. The current management team is open to remaining post-sale. Furthermore, there's potential to increase revenue by converting five existing garages into additional studio apartments. This property offers a strong foundation for immediate income and future growth potential within a thriving university market.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Muncie
- County
- Delaware
- State
- Indiana
- Longitude
- -85.398
- Latitude
- 40.208
