Investment Overview

Marcus & Millichap is pleased to present the Llanhurst Apartments, a 29-unit multifamily asset located along North Meridian Street in Indianapolis, IN. Originally built in 1915 and significantly improved over the past decade, Llanhurst includes a unit mix of (15) 1-Bed/1-Bath and (14) 2-Bed/1-Bath apartments with an average unit size of 981 square feet. Recent capital improvements totaling $150,000 include a new roof, masonry work on the north side of the building, a new water softener, and plumbing/boiler repairs. Twenty-three of the units have been renovated, leaving value-add upside through the renovation of six remaining legacy units. LOCATION Llanhurst is positioned along Indianapolis’s primary corridor—North Meridian Street—in the Midtown neighborhood, just north of downtown. The location offers direct access to public transit via IndyGo’s Red Line and proximity to revitalization projects such as the “Maple Crossing” redevelopment near 38th Street. Tenants benefit from walkable retail, reliable bus service, and quick connectivity to employment centers and higher education institutions including IU Health, Butler University, and downtown Indianapolis. Indianapolis is home to approximately 861,000 residents and is a top-tier investment market known for its affordability, steady growth, and logistics-friendly location. OPPORTUNITY Llanhurst presents investors with the opportunity to acquire a stabilized, cash-flowing multifamily asset in a growth corridor with both near-term rent growth and longer-term value-add upside achievable through unit renovations. The Midtown submarket has demonstrated steady absorption with strong occupancy trends—Llanhurst currently boasts a 97% occupancy rate. With no known major deferred maintenance, the property represents a well-located apartment investment, with a strong in-place yield and the potential for further appreciation.