Investment Overview

Marcus & Millichap is pleased to present the Glenstone Apartments, a 44-unit apartment complex located in the Canterbury-Chatard neighborhood of Indianapolis, IN. The Canterbury-Chatard neighborhood is located a mile to the south of the highly sought-after and affluent Broad Ripple neighborhood. Glenstone is adjacent to a 2015-built Meijer grocery store and near a desirable retail corridor. Glenstone was built in 1965 and is comprised of all studio units approximately 250 square feet in size. Glenstone has historically operated at near 100% occupancy, as rental rates are 20-25% below comparable studio apartments in the area. Average rents in 2022 were $600/mo, with the landlord paying all utilities. Current owner is planning on raising rental rates to $650/mo for new tenants starting October 2023 and current tenants will be increased to $650/mo starting Jan 1st, 2024. The new rental increases will raise the annual rent roll by approximately $27,000 versus 2022 collections. The average rent for a studio apartment in this submarket is $837/mo on average. The Glenstone Apartments offer a prospective investor an opportunity to acquire a well-located asset with value-add upside in one of the fastest rent growth markets in the United States. Furthermore, a prospective investor could install a utility-bill back system, as competing properties typically have tenants paying their own electric bill. We believe spending $3,000-$5,000 per unit in renovation costs would transform the units into the ‘luxury’ studio airspace and could further increase rental rates.