Investment Overview

Marcus & Millichap is pleased to present the exclusive offering of Plainville Apartments, an 18-unit multifamily property located in Plainville, Iindiana. The property consists of (nine) duplex style buildings and a uniform unit mix entirely comprised of One-Bedroom / One-Bathroom units. Approximately 77 percent of the apartment homes have been renovated by current ownership. Since being removed from the USRD program, 14 of the 18 units have undergone a specific renovation program including new interior white paint, wood-grain style LVP flooring throughout the units, black appliance package in the kitchens, new white kitchen cabinetry, laminate countertops with white marble finish, gooseneck faucets in brushed nickel finish, recessed LED lighting fixates in kitchen and living rooms, new bathroom vanities and LED lighting in bathrooms. Plainville is conveniently located 10 minutes from I-69. Since its completion at the end of 2024, the Indiana Department of Transportation has estimated the extension of the highway will generate $4.1 billion in positive regional impact over the next 20 years and over 1,400 new jobs. The property underwent over $100,000 in renovations in 2023, including updates to the roofs, gutters, appliances, and interiors. Thanks to recent improvements, the property is expected to require minimal maintenance moving forward. Offered at low basis of $61,000 per unit this property is uniquely positioned for an investor to take advantage of proven rental up upside within a tight rental market with severe shortage of market rate housing. Whether an investor is looking for long-term appreciation or immediate income growth, this offering provides an ideal mix of stability and opportunity.