10705 Us Hwy 136, Indianapolis, IN 46234-8733

This exceptional 33-unit apartment building presents a compelling investment opportunity in the desirable western Indianapolis suburbs, nestled between Brownsburg and Avon. The property comprises three one-story buildings totaling 18,150 net rentable square feet, situated on a 2.7-acre lot. Constructed in 1980 with four units added in 2023, the complex boasts 15 studio, 17 one-bedroom, and one two-bedroom unit. Significant capital expenditures exceeding $550,000 have been invested in recent years, encompassing approximately $190,000 in interior renovations across 28 units and $92,000 in exterior improvements, including new signage, gutters, landscaping, mailboxes, and parking lot repaving. The property currently enjoys a 97% occupancy rate and benefits from a prime location within the highly-rated Brownsburg School District (#4 in Indiana for 2024, per Niche). This area exhibits exceptionally low vacancy rates (4.4% and 3.9% in Avon and Brownsburg respectively) and strong year-over-year rent growth (7.3% and 8.5% from 2021-2023). Proximity to major employers like Amazon, UPS, Salesforce, and Eli Lilly, along with recreational attractions such as Eagle Creek Park and the Indianapolis Motor Speedway, enhances the property's appeal. Further value-add potential exists through amenity upgrades (courtyard renovation, private yards), rental increases ($129/unit upside potential), and additional income streams (carports, increased internet charges), projected to significantly boost net operating income with minimal effort. The asking price is $3,100,000, representing a price per unit of $93,939. Pro forma projections indicate an 8.55% cap rate and a 10.72% cash-on-cash return.