Multifamily
Forest Green & Monroe Square
3305 W 3rd St, Bloomington, IN 47404
Listing Price: $6,250,000
Investment Overview
Marcus & Millichap is pleased to present the Bloomington-Ellettsville Portfolio, a 71-unit apartment portfolio in the Bloomington, Indiana MSA. The portfolio consists of a 32-unit apartment property in Bloomington, a 32-unit apartment property, a four-plex, and triplex in Ellettsville.
Bloomington is one of the most sought-after rental markets in the entire state of Indiana. Traditional multifamily and student housing properties alike garner higher-than-average occupancy and rent growth due to their strong economic fundamentals. Bloomington’s economic and population growth is driven by Indiana University (Indiana’s Largest University) and a diverse set of employers within education, medical devices, pharmaceuticals, and technology. Forbes has ranked Bloomington as the 28th best small place for business and careers in the entire United States. Ellettsville is a suburb of Bloomington, 10 minutes to the Northwest. The city has seen continued growth and is friendly with developers investing in their community. The population has increased by 5 percent over the last 10 years, and its proximity to Bloomington suggests this trend should continue.
Bloomington is a market with a strong rental presence, with over 64 percent of occupants being renters. The rent growth for the last five years averaged 3.6 percent per year, and when considering the city’s strong economy and housing dynamics, this is expected to continue. CoStar Analytics projects Market Rents to grow by an average of 3.4 percent over the next three years.
Investment Highlights
- 71-Unit Apartment Portfolio in Bloomington, Indiana MSA
- Rents 15 Percent-Plus Under-Market
- High Rent-Growth Market, Projected to Continually have Strong Increases
- Projected Double-Digit Pro Forma Cash-on-Cash Returns
Exclusively Listed By
Listing Price: $6,250,000
Investment Highlights
- 71-Unit Apartment Portfolio in Bloomington, Indiana MSA
- Rents 15 Percent-Plus Under-Market
- High Rent-Growth Market, Projected to Continually have Strong Increases
- Projected Double-Digit Pro Forma Cash-on-Cash Returns
Investment Overview
Marcus & Millichap is pleased to present the Bloomington-Ellettsville Portfolio, a 71-unit apartment portfolio in the Bloomington, Indiana MSA. The portfolio consists of a 32-unit apartment property in Bloomington, a 32-unit apartment property, a four-plex, and triplex in Ellettsville. Bloomington is one of the most sought-after rental markets in the entire state of Indiana. Traditional multifamily and student housing properties alike garner higher-than-average occupancy and rent growth due to their strong economic fundamentals. Bloomington’s economic and population growth is driven by Indiana University (Indiana’s Largest University) and a diverse set of employers within education, medical devices, pharmaceuticals, and technology. Forbes has ranked Bloomington as the 28th best small place for business and careers in the entire United States. Ellettsville is a suburb of Bloomington, 10 minutes to the Northwest. The city has seen continued growth and is friendly with developers investing in their community. The population has increased by 5 percent over the last 10 years, and its proximity to Bloomington suggests this trend should continue. Bloomington is a market with a strong rental presence, with over 64 percent of occupants being renters. The rent growth for the last five years averaged 3.6 percent per year, and when considering the city’s strong economy and housing dynamics, this is expected to continue. CoStar Analytics projects Market Rents to grow by an average of 3.4 percent over the next three years.
Exclusively Listed By
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