2302 Ritter Ave Indianapolis, IN 46218
- Commercial real estate
- 2.01 lot acres
Current Use by Public Records
- Eastridge Apartments / Apartment Building
Property Details for 2302 Ritter Ave
- Year built
- 1969
- Lot size
- 2.01 lot acres
- Property type
- Commercial real estate
- APN
- 49-07-27-103-002.000-701
Description
This exceptional 42-unit apartment building, situated on a 2.01-acre lot in Indianapolis, Indiana, presents a compelling value-add investment opportunity. Built in 1969 and extensively renovated in 2022, the property boasts a desirable unit mix: eight one-bedroom, thirty-three two-bedroom, and one three-bedroom unit. Sixteen ground-floor units underwent complete renovations down to the studs. Recent capital improvements include a fresh exterior paint job, new AC units with security cages, updated electrical and plumbing systems, new gas lines, furnaces, and hot water heaters (2019), new appliances and windows/sliders as needed, and upgraded security lighting. All units are individually metered for gas and electric. The property currently enjoys a 91% occupancy rate, generating a Net Operating Income (NOI) of $242,677, with a projected NOI of $274,319. The asking price is $3,590,000, representing a current cap rate of 6.76% and a pro-forma cap rate of 7.64%, and a price per unit of $85,476.19. Located at 2302 N Ritter Ave, Indianapolis, IN 46218 (APN: 49-07-27-103-002.000-701), this property benefits from Indianapolis's strong rental market, with rents on the east side increasing by 6.8% in the past year. The property's strong performance and significant recent renovations make it an attractive investment prospect with significant upside potential. Full financial details are available upon request.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Marion
- State
- Indiana
- Longitude
- -86.0748703
- Latitude
- 39.8000776
