Investment Overview

Marcus & Millichap is pleased to present Randy’s & Streeter, a 49-unit apartment portfolio in Muncie, IN. The portfolio is comprised of two apartment properties, Randy’s Court & Streeter Court Apartments. The two properties are both located in the best area of Muncie north of the river, and they are only a half-mile apart. Randy’s Court was built in 1978 and consists of 24 1,000 square-foot 2-bedroom 1.5-bathroom townhomes. Since 2022, every single unit has received vinyl-plank flooring, new appliances, new entry-way doors (front & rear), and new electronic code locks. The parking lot was recently redone, and the top portions of all the Mansard roofs have been replaced. In total, over $670,000 in capital was invested in Randy’s Court, covering appliances, flooring, roofs, exterior doors, electronic locks, the new asphalt parking lot, drainage landscaping work, and other interior improvements. Streeter Court Apartments was built in 1994 and consists of 25 apartments. Three of the units are 1-bedroom, one unit is 3-bedroom, and there is one 2-bedroom unique from the rest. The remaining 20 units are all 2-bed/1-bath apartment flats with in-unit washer & dryer hook-ups. A few of these units have been renovated, but in general, there is both substantial loss-to-lease and even more rental upside potential from renovating units. In summary, Randy’s & Streeter offers 49-apartments which have received some capital investment and renovations, yet still have significant upside potential remaining. The only known outstanding capital item is completing the vertical portions of the Mansard roofs for Randy’s Court. The Seller has already received quotes to complete this work, and for an offer at or close to List Price, is willing to credit the Buyer for the entire amount to complete the work. Hence, Randy’s & Streeter presents the prospective investor with the opportunity to obtain a value-add apartment opportunity with practically zero deferred maintenance. Any future capital investment can be focused on unit interiors, where the highest rate of return can be expected.