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Multifamily

Park Madison Apartments

621 N Madison Ave, Greenwood, IN 46142

Listing Price: Request For Offer

Number of Units
56
Gross SF
64,400

Investment Overview

Marcus & Millichap is pleased to present the exclusive
offering of the Park Madison Apartments, a 56-unit apartment community located
in the vibrant submarket of Greenwood, IN. Constructed in 1999, Park Madison
offers immediate upside through unit enhancement programs and organic growth
with its “Main & Main” location within Greenwood. The property features a
homogeneous unit mix (all 2-Bedroom x 2-Bathroom) with desirable tenant
amenities including washer & dryer connections, exterior patios or balconies,
central heating & cooling, all electric appliances & mechanicals, and a proximity to
the Greenwood Park Mall.

With nearby comps averaging $315/mo higher rent, Park Madison provides a
spectrum of value-add strategies to increase rent and other forms of income,
the simplest approach being lease trade-outs or renewals signed at a premium
with little to no interior renovation needed. The more hands-on approach being
an interior unit renovation program to achieve near top-market rents. Given the
central location and quality vintage of Park Madison, either strategy should avail.

Market rent for a 2-Bed / 2-Bath average approximately $1,450 among comparable
properties in the Greenwood submarket. Assuming all units at Park Madison can
achieve this rate, the potential annual revenue in rent alone would increase by
$175,000. Additionally, the property bills residents back for water utilities at a
flat rate of $65/month, though, this has not been implemented into every tenant’s
lease. With all 56 units achieving the proven bill-back rate, Park Madison would
experience an increase in utility bill-back income of approximately $13,000
annually. Between the potential growth in rent of $175,000 and the potential
growth in bill-back income of $13,000, Park Madison’s potential upside would
equate to an increase in annual revenue of approximately $190,000, or about 24%
in total revenue growth.

Investment Highlights

  • 56 Units in High-Growth Suburb, Situated 20-Minutes From Downtown Indianapolis, IN
  • Quality Asset Built in 1999 Comprised Entirely of Large Two Bed / Two-Bath Apartment Homes
  • Meticulously Maintained Property with Several Recent Capital Expenditures Completed

Exclusively Listed By

Multifamily

Park Madison Apartments

Listing Price: Request For Offer

Number of Units
56
Gross SF
64,400

Investment Highlights

  • 56 Units in High-Growth Suburb, Situated 20-Minutes From Downtown Indianapolis, IN
  • Quality Asset Built in 1999 Comprised Entirely of Large Two Bed / Two-Bath Apartment Homes
  • Meticulously Maintained Property with Several Recent Capital Expenditures Completed

Investment Overview

Marcus & Millichap is pleased to present the exclusive offering of the Park Madison Apartments, a 56-unit apartment community located in the vibrant submarket of Greenwood, IN. Constructed in 1999, Park Madison offers immediate upside through unit enhancement programs and organic growth with its “Main & Main” location within Greenwood. The property features a homogeneous unit mix (all 2-Bedroom x 2-Bathroom) with desirable tenant amenities including washer & dryer connections, exterior patios or balconies, central heating & cooling, all electric appliances & mechanicals, and a proximity to the Greenwood Park Mall. With nearby comps averaging $315/mo higher rent, Park Madison provides a spectrum of value-add strategies to increase rent and other forms of income, the simplest approach being lease trade-outs or renewals signed at a premium with little to no interior renovation needed. The more hands-on approach being an interior unit renovation program to achieve near top-market rents. Given the central location and quality vintage of Park Madison, either strategy should avail. Market rent for a 2-Bed / 2-Bath average approximately $1,450 among comparable properties in the Greenwood submarket. Assuming all units at Park Madison can achieve this rate, the potential annual revenue in rent alone would increase by $175,000. Additionally, the property bills residents back for water utilities at a flat rate of $65/month, though, this has not been implemented into every tenant’s lease. With all 56 units achieving the proven bill-back rate, Park Madison would experience an increase in utility bill-back income of approximately $13,000 annually. Between the potential growth in rent of $175,000 and the potential growth in bill-back income of $13,000, Park Madison’s potential upside would equate to an increase in annual revenue of approximately $190,000, or about 24% in total revenue growth.

Exclusively Listed By

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