Multifamily
Center Street Apartments
416 N Center St, Plainfield, IN 46168
Listing Price: $2,600,000
Investment Overview
Built in 1983 and encompassing 0.79 Acres, Center Street Apartments is comprised of three (3) buildings, each containing eight (8), 2 Bedroom / 1 Bath market-rate apartments. All buildings feature brick with wood-frame constructions, block crawl space foundations with pitched roofs. The complex is approximately 19,700 square feet, with units averaging 820 square feet. Center Street current average rent per sq. ft. is $1.12. CoStar analytics for the Plainfield submarket, show 2023 Q1 rent per sq. ft. for 2 Bedroom units average $1.34. Current ownership has completed light-to-medium renovations on 19 of the 24 units. The level of renovations includes new kitchen cabinets, flooring, bathroom vanities, bathroom tubs, interior doors, paint, and more.
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Listing Price: $2,600,000
Investment Highlights
- All 2 Bedroom / 1 Bath approximately 820 sq ft.
- 7.20% proforma cap rate
- Rents under market $100+/mo
- Indianapolis and surrounding suburbs had rent growth of 12% in 2022, the highest rent growth in the country
Investment Overview
Built in 1983 and encompassing 0.79 Acres, Center Street Apartments is comprised of three (3) buildings, each containing eight (8), 2 Bedroom / 1 Bath market-rate apartments. All buildings feature brick with wood-frame constructions, block crawl space foundations with pitched roofs. The complex is approximately 19,700 square feet, with units averaging 820 square feet. Center Street current average rent per sq. ft. is $1.12. CoStar analytics for the Plainfield submarket, show 2023 Q1 rent per sq. ft. for 2 Bedroom units average $1.34. Current ownership has completed light-to-medium renovations on 19 of the 24 units. The level of renovations includes new kitchen cabinets, flooring, bathroom vanities, bathroom tubs, interior doors, paint, and more.
Exclusively Listed By
