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Multifamily

Canterbury Townhomes

5124 W Canterbury Dr, Muncie, IN 47304

Listing Price: $4,290,000

Cap Rate
8.05%
Number of Units
50
GRM
7.38
Price/Unit
$85,800
Price/Gross SF
$80.94
Gross SF
53,000

Investment Overview

Marcus & Millichap is pleased to present the Canterbury Townhomes located in Muncie, Indiana. This multifamily property consists of 9 buildings and 50 units that includes a unit mix of twenty-four (24) two-bedroom units and twenty-six (26) three-bedroom units. Over the last two years, the current owner has completed capital improvement projects totaling more than $800,000. These capital improvements include fresh paint, new flooring, light fixtures, doors, and vents throughout all units. As well as new fencing, siding, roofing, and electric garage doors for all buildings.

The property is located in the Yorktown Community School District which boasts a 98% graduation rate, a 93rd national percentile on college level exams, and was ranked a top 10 school in Indiana by US News and World Report. Over the last year in this subsection of Muncie, the average home price has been roughly $230k, while Muncie has averaged $140k according to Zillow. Along with the top-notch school district and above average housing market, the property is located only 1.5 miles from Ball State University. Ball State has roughly 24,500 students and staff, creating a large demand for housing in the area.

The property offers significant rental upside through multiple competitive advantages. The vast size of the units, in-unit washer/dryer, and attached garages or car ports for all units offer a potential renter many reasons to choose Canterbury. Based on comparable properties in the area, the property has the ability to increase rents by an average of $336 per unit.

Investment Highlights

  • $336 Rental Upside per Unit
  • 8.05 Percent In-Place CAP
  • 8.90 Percent In-Place Cash-on-Cash
  • 92 Percent Occupancy

Exclusively Listed By

Multifamily

Canterbury Townhomes

Listing Price: $4,290,000

Cap Rate
8.05%
Number of Units
50
GRM
7.38
Price/Unit
$85,800
Price/Gross SF
$80.94
Gross SF
53,000

Investment Highlights

  • $336 Rental Upside per Unit
  • 8.05 Percent In-Place CAP
  • 8.90 Percent In-Place Cash-on-Cash
  • 92 Percent Occupancy

Investment Overview

Marcus & Millichap is pleased to present the Canterbury Townhomes located in Muncie, Indiana. This multifamily property consists of 9 buildings and 50 units that includes a unit mix of twenty-four (24) two-bedroom units and twenty-six (26) three-bedroom units. Over the last two years, the current owner has completed capital improvement projects totaling more than $800,000. These capital improvements include fresh paint, new flooring, light fixtures, doors, and vents throughout all units. As well as new fencing, siding, roofing, and electric garage doors for all buildings. The property is located in the Yorktown Community School District which boasts a 98% graduation rate, a 93rd national percentile on college level exams, and was ranked a top 10 school in Indiana by US News and World Report. Over the last year in this subsection of Muncie, the average home price has been roughly $230k, while Muncie has averaged $140k according to Zillow. Along with the top-notch school district and above average housing market, the property is located only 1.5 miles from Ball State University. Ball State has roughly 24,500 students and staff, creating a large demand for housing in the area. The property offers significant rental upside through multiple competitive advantages. The vast size of the units, in-unit washer/dryer, and attached garages or car ports for all units offer a potential renter many reasons to choose Canterbury. Based on comparable properties in the area, the property has the ability to increase rents by an average of $336 per unit.

Exclusively Listed By

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