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Multifamily

College Square Apartments

1729 Bancroft Ave, Rochester, IN 46975

Listing Price: $875,000

Cap Rate
7.66%

Investment Overview

College Square on-boarded new management in early 2022 who has quickly increased current rents and added various forms of other recurring monthly charges. The value-add proposition consists of simply continuing the path of leveling rents to their proven potential of $675 and continuing the implementation of water/sewer/trash bill-back fees which has been proven on four of the 16 units. The current management company has also implemented other sources of revenue through pet fees, admin fees, and washer/dryer rentals.

Investment Highlights

  • College Square Apartments, a 16-unit apartment community located in Rochester Indiana. Developed in 1960, the property consists entirely of a 1-Bed x 1-Bath unit mix, each unit approx. 525 square-feet
  • The property includes four (4) total structures with a central private parking lot. The community is currently 3rd party professionally managed.
  • College square Apartments has experienced 55 percent growth in base rent on 25 percent of the units just this year, increasing from $435 to $675.

Exclusively Listed By

Multifamily

College Square Apartments

Investment Highlights

  • College Square Apartments, a 16-unit apartment community located in Rochester Indiana. Developed in 1960, the property consists entirely of a 1-Bed x 1-Bath unit mix, each unit approx. 525 square-feet
  • The property includes four (4) total structures with a central private parking lot. The community is currently 3rd party professionally managed.
  • College square Apartments has experienced 55 percent growth in base rent on 25 percent of the units just this year, increasing from $435 to $675.

Investment Overview

College Square on-boarded new management in early 2022 who has quickly increased current rents and added various forms of other recurring monthly charges. The value-add proposition consists of simply continuing the path of leveling rents to their proven potential of $675 and continuing the implementation of water/sewer/trash bill-back fees which has been proven on four of the 16 units. The current management company has also implemented other sources of revenue through pet fees, admin fees, and washer/dryer rentals.

Exclusively Listed By

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