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Multifamily

East Ridge

2302 N Ritter Ave, Indianapolis, IN 46218

Listing Price: $3,425,000

Cap Rate
7.18%
Number of Units
42
GRM
8.56
Price/Unit
$81,548
Price/Gross SF
$97.65
Gross SF
35,075

Investment Overview

Marcus & Millichap is pleased to present the East Ridge Apartments in Indianapolis, IN. East Ridge has an attractive unit mix of (8) one-bedrooms, (33) two-bedrooms, and (1) three-bedroom units. All units, including 16 on the bottom floor that were tore down to the studs, have been renovated.


Over the last five years, ownership has spent a significant amount renovating units and taking care of deferred capital expenditures. This includes, but is not limited to, new exterior paint job, all new AC units with industrial security cages, 16 units renovated down to the studs, updated electrical & plumbing, and brand new gas lines throughout entire complex, all new furnaces & hot water heaters in 2019, new appliances as needed, new windows and sliders as needed, new security lighting, and more. All units are now separately metered for electric and gas.


East Ridge is located in Indianapolis, which has consistently ranked in the Top 10 of rent growth in the US over the last three years. According to CoStar, rents on the east side of Indianapolis have increased by 6.8 percent over the last 12 months.

Investment Highlights

  • Attractive Unit Mix. 78 Percent 2-Bedrooms
  • Year-Over-Year Rent Growth of 6.8 Percent in Submarket
  • Extensive Capital Expenditures Completed - New Gas Lines, Exterior Painting, All New AC Units, Plus More
  • 100 Percent of Units Renovated

Exclusively Listed By

Listing Price: $3,425,000

Cap Rate
7.18%
Number of Units
42
GRM
8.56
Price/Unit
$81,548
Price/Gross SF
$97.65
Gross SF
35,075

Investment Highlights

  • Attractive Unit Mix. 78 Percent 2-Bedrooms
  • Year-Over-Year Rent Growth of 6.8 Percent in Submarket
  • Extensive Capital Expenditures Completed - New Gas Lines, Exterior Painting, All New AC Units, Plus More
  • 100 Percent of Units Renovated

Investment Overview

Marcus & Millichap is pleased to present the East Ridge Apartments in Indianapolis, IN. East Ridge has an attractive unit mix of (8) one-bedrooms, (33) two-bedrooms, and (1) three-bedroom units. All units, including 16 on the bottom floor that were tore down to the studs, have been renovated. Over the last five years, ownership has spent a significant amount renovating units and taking care of deferred capital expenditures. This includes, but is not limited to, new exterior paint job, all new AC units with industrial security cages, 16 units renovated down to the studs, updated electrical & plumbing, and brand new gas lines throughout entire complex, all new furnaces & hot water heaters in 2019, new appliances as needed, new windows and sliders as needed, new security lighting, and more. All units are now separately metered for electric and gas. East Ridge is located in Indianapolis, which has consistently ranked in the Top 10 of rent growth in the US over the last three years. According to CoStar, rents on the east side of Indianapolis have increased by 6.8 percent over the last 12 months.

Exclusively Listed By

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