Investment Overview

Marcus & Millichap is pleased to present the Midtown at Muncie Portfolio, a 67-unit multifamily portfolio in Muncie, Indiana. The portfolio consists of four properties, all within 0.9 miles of each other: Midtown at Cole Street, Ethel Apartments, Sandalwood Apartments, and Riveredge Apartments. All four properties are north of the White River, in the more desirable northern half of Muncie. Over $830,000 was spent on Capital Improvements at Midtown at Cole Street over the past couple of years. These renovations include all new appliances, renovated kitchens & bathrooms, new light fixtures, new drywall, trim, & paint, new exterior doors, new electronic locks, new vinyl plank flooring, new roofs, all new water heaters, new signage, parking lot resurfacing, laundry room renovations, new mailboxes, and over $40,000 in electrical upgrades. Midtown at Cole Street now offers attractive units with high-quality finishes and more affordable top-line rent. The remainder of the portfolio is stabilized, with a portion of the units renovated to similar finishes as at Midtown at Cole Street. There is additional rental upside available, both from raising rents as-is and by continuing unit renovations. The Midtown at Muncie Portfolio allows the prospective investor to acquire 67 multifamily units with strong occupancy and rental upside. Significant capital has been invested into the properties, reducing future expected capital expenditures. The Portfolio is stabilized and priced at a cap rate that is projected to generate strong, inflation-exceeding cash returns for the new owner.