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Multifamily

Carmel Village Green

501 1st Ave SE, Carmel, IN 46032

Listing Price: $4,129,000

Cap Rate
5.57%
Number of Units
24
GRM
11.43
Price/Unit
$172,042
Price/Gross SF
$212.40
Gross SF
19,440

Investment Overview

Marcus & Millichap is pleased to present the Carmel Village Green apartments, a 24-unit complex in the heart of Carmel, Indiana. The property offers an attractive unit mix of four one-bedroom units, 16 two-bedroom units, and four three-bedroom units.

Carmel is the #1 Best Place to Live in Indiana (Niche 2023) and the #1 Best Small City in America (WalletHub 2023). It includes top notch local attractions such as Midtown Plaza, the Carmel Arts & Design District, and the Monon Trail. The property is within a quarter mile of these attractions and boasts a Walk Score of 84. The locations include vibrant entertainment, food and drink, and retail that spark economic development in the area. Carmel’s substantial economic growth has driven renters to the area and will continue to do so.

Carmel Village Green has been well-maintained and is primed for a new owner to take over and immediately achieve the rental upside available. Rental comparables and in-place leases suggest current rents have the ability to increase 11 percent by leasing at the current market rates. Additionally, the property’s revenue will grow organically as CoStar Analytics data suggests the market rent will increase 3.5 percent Year-Over-Year. This leads to a potential annual revenue increase of 22.4 percent in three years.

Investment Highlights

  • $149/Unit Rental Upside
  • 6.88 Percent Year-Over-Year Rent Growth 2021 – 2023 in Carmel
  • Highest Market Rent/Unit Submarket in Indiana
  • 94 Percent Market Occupancy

Exclusively Listed By

Multifamily

Carmel Village Green

Listing Price: $4,129,000

Cap Rate
5.57%
Number of Units
24
GRM
11.43
Price/Unit
$172,042
Price/Gross SF
$212.40
Gross SF
19,440

Investment Highlights

  • $149/Unit Rental Upside
  • 6.88 Percent Year-Over-Year Rent Growth 2021 – 2023 in Carmel
  • Highest Market Rent/Unit Submarket in Indiana
  • 94 Percent Market Occupancy

Investment Overview

Marcus & Millichap is pleased to present the Carmel Village Green apartments, a 24-unit complex in the heart of Carmel, Indiana. The property offers an attractive unit mix of four one-bedroom units, 16 two-bedroom units, and four three-bedroom units. Carmel is the #1 Best Place to Live in Indiana (Niche 2023) and the #1 Best Small City in America (WalletHub 2023). It includes top notch local attractions such as Midtown Plaza, the Carmel Arts & Design District, and the Monon Trail. The property is within a quarter mile of these attractions and boasts a Walk Score of 84. The locations include vibrant entertainment, food and drink, and retail that spark economic development in the area. Carmel’s substantial economic growth has driven renters to the area and will continue to do so. Carmel Village Green has been well-maintained and is primed for a new owner to take over and immediately achieve the rental upside available. Rental comparables and in-place leases suggest current rents have the ability to increase 11 percent by leasing at the current market rates. Additionally, the property’s revenue will grow organically as CoStar Analytics data suggests the market rent will increase 3.5 percent Year-Over-Year. This leads to a potential annual revenue increase of 22.4 percent in three years.

Exclusively Listed By

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