Investment Overview

Marcus & Millichap is pleased to present the Wedgewood Commons Townhomes, a 20-unit apartment complex located in Columbus, IN. The property is offered free and clear of existing debt on an open-bid basis. Built between 1974-1976, the property has experienced significant renovations and rent growth since March of 2022. One hundred percent of the units are 2-Bedrooms & 1 ½ Bathrooms with approximately 1,000 square feet. The immediate residential location of the property combined with the straight-forward opportunity primes the asset for future success. Twelve units have been renovated with luxury vinyl plank and new carpet, two-tone grey and white paint scheme, LED fixtures, and new appliances. Additionally, three of these twelve units received a reconfigured utility closet which added laundry hookups and a stackable washer/dryer unit. The most recent leases on these units are achieving $1,200/mo in base rent and achieving an additional charge of $95/mo for water, sewer, and trash reimbursement. The investor is presented with a simple value-add proposition through completing upgrades on the remaining 8 apartments and leasing those at the proven rental rate + utility reimbursement. This would equate to an increase in total revenue of $45,565 or +17.26 percent. Location Overview Columbus, IN is located along highway I-65 halfway between Indianapolis and Louisville, approximately one hour from each city. With its strong job market and diverse demographics, Columbus offers a solid foundation for population growth and rent growth. The city, with a mix of professionals, families, and retirees, ensures a broad tenant base. Cummins Inc. is the primary economic driver in the city, employing over 73,000 people worldwide and an estimated 8,000 employees that are Columbus residents. Additionally, with a growing population of over 50,000 and a median household income surpassing the national average, Wedgewood Commons is well-positioned for long-term financial stability. Columbus’s reputation for excellent schools, modern architecture, and a vibrant cultural scene further enhances its appeal to potential tenants and investors. This dynamic and prosperous community, combined with the property’s strong performance, presents an enticing opportunity for both seasoned investors and those looking to tap into Columbus’s promising real estate market.