Investment Overview

Marcus & Millichap is pleased to present the 17 Hundred Apartments located in Muncie, IN. Constructed in 2012, the property offers a luxurious high-end design and appealing architecture. With beautiful interior level of finish and an exceptional location neighboring Ball State University’s campus, 17 Hundred’s residents benefit from its upscale living and tenant amenities. The property is offered free and clear of existing debt and is being sold by the original developer who has meticulously maintained the property. The property is composed of (18) two-bedroom, 2-bathroom apartments. With its unique architecture, the property has 6 different variations of this unit mix ranging from 782 – 855 square feet. Current ownership on-boarded a local, professional third-party management company in April of 2022 and has drastically improved rents and operations. Current asking rents per month are $1,300 for base rent, $90 for water/sewer reimbursement, and $5 trash reimbursement. This potential base rent + other income has been proven on 55% of the apartments, leaving ample upside on the remaining 45% of units through increasing the asking rent and implementing utility reimbursement as leases expire or renew. The opportunity for the investor is simple and straight-forward. The newer vintage and superb care for the property warrants limited repairs and improvements upon acquisition, and the ease of management transition allows the investor to immediately focus on capturing the existing loss-to-lease by increasing asking rent and realizing the full potential of utility reimbursement.