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Multifamily

Indy Townhome Portfolio

412 E County Line Rd, Indianapolis, IN 46227

Listing Price: Request For Offer

Number of Units
78
Gross SF
114,917

Investment Overview

Marcus & Millichap is pleased to present the Indy Townhome Portfolio - a three site portfolio on the southside of Indianapolis. The properties were built between 1996 and 2006. The communities consist of Mansfield Village (36-units), Coventry Park Village (30-units), and Brookfield Townhomes (12-units). The communities offer the tenants luxury and private townhome living with large 2- and 3-bedroom units with an average unit size of 1,469 square feet. The units offer spacious floor plans with features and finishes that are typically reserved for luxury custom homes. The homes feature walk-in closets, full-size washer/dryer hook-ups, attached one or two car garages, and vaulted ceilings. LOCATIONS The three properties are well located with easy access to retail, schools, hospitals, and recreation. The properties are also a convenient drive from each other. Coventry Park is the northern most property on the south side of Indianapolis with easy access to I-465 and I-65. Just a 15-minute drive from Coventry Park is Mansfield Village, the largest of the three properties. Mansfield Village is located on the border of south side Indianapolis and Greenwood allowing the convenience of Greenwood’s large retail corridors and shopping mall. 20-minutes further south is Brookfield Townhomes in one of Indianapolis’s fastest growing suburbs of Franklin, IN. Brookfield is located on the east side of Franklin allowing easy access to I-65, Franklin College, and downtown Franklin. For a total drive of 35-minutes all locations can be reached making management easy and convenient with opportunity for growth in these attractive Indianapolis markets. OPPORTUNITY Indy Townhome Portfolio allows an investor to realize significant value-add opportunity through increasing rents to be in-line with what competing properties are achieving. While analyzing 16 competing properties in the market it is estimated that rents can be increased by +21.2%. Additionally, there is the opportunity to continue the implementation of water/sewer and trash bill back at $95-115/mo for a total revenue increase of 28.9%. This opportunity is further proven by the strong and long-term growth factors these properties’ markets show. The markets south of I-65, east of I-69, and wast of I-74 have a current vacancy rate of 3.6% and have seen a 14% YOY rent growth. This is outperforming the total Indianapolis market which has a current vacancy of 4.7% and a YOY rent growth of 12.5%.

Investment Highlights

  • +28.9% in Projected Revenue Growth
  • Opportunity to Increase Rents & Continue Implementing RUBs for a Total Revenue Increase of +$400/unit/mo
  • Spacious Units, Average Unit Size is 1,473 Square Feet
  • Attached 1 & 2 Car Garages

Exclusively Listed By

Multifamily

Indy Townhome Portfolio

Listing Price: Request For Offer

Number of Units
78
Gross SF
114,917

Investment Highlights

  • +28.9% in Projected Revenue Growth
  • Opportunity to Increase Rents & Continue Implementing RUBs for a Total Revenue Increase of +$400/unit/mo
  • Spacious Units, Average Unit Size is 1,473 Square Feet
  • Attached 1 & 2 Car Garages

Investment Overview

Marcus & Millichap is pleased to present the Indy Townhome Portfolio - a three site portfolio on the southside of Indianapolis. The properties were built between 1996 and 2006. The communities consist of Mansfield Village (36-units), Coventry Park Village (30-units), and Brookfield Townhomes (12-units). The communities offer the tenants luxury and private townhome living with large 2- and 3-bedroom units with an average unit size of 1,469 square feet. The units offer spacious floor plans with features and finishes that are typically reserved for luxury custom homes. The homes feature walk-in closets, full-size washer/dryer hook-ups, attached one or two car garages, and vaulted ceilings. LOCATIONS The three properties are well located with easy access to retail, schools, hospitals, and recreation. The properties are also a convenient drive from each other. Coventry Park is the northern most property on the south side of Indianapolis with easy access to I-465 and I-65. Just a 15-minute drive from Coventry Park is Mansfield Village, the largest of the three properties. Mansfield Village is located on the border of south side Indianapolis and Greenwood allowing the convenience of Greenwood’s large retail corridors and shopping mall. 20-minutes further south is Brookfield Townhomes in one of Indianapolis’s fastest growing suburbs of Franklin, IN. Brookfield is located on the east side of Franklin allowing easy access to I-65, Franklin College, and downtown Franklin. For a total drive of 35-minutes all locations can be reached making management easy and convenient with opportunity for growth in these attractive Indianapolis markets. OPPORTUNITY Indy Townhome Portfolio allows an investor to realize significant value-add opportunity through increasing rents to be in-line with what competing properties are achieving. While analyzing 16 competing properties in the market it is estimated that rents can be increased by +21.2%. Additionally, there is the opportunity to continue the implementation of water/sewer and trash bill back at $95-115/mo for a total revenue increase of 28.9%. This opportunity is further proven by the strong and long-term growth factors these properties’ markets show. The markets south of I-65, east of I-69, and wast of I-74 have a current vacancy rate of 3.6% and have seen a 14% YOY rent growth. This is outperforming the total Indianapolis market which has a current vacancy of 4.7% and a YOY rent growth of 12.5%.

Exclusively Listed By

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