Investment Overview

Marcus & Millichap is pleased to present Volrath Apartments, a 22-unit mixed-use multifamily asset located at 118 Palmer Street in Downtown Indianapolis. Constructed in 1925, the property consists of 21 residential units and one commercial space within a single two-story brick building, offering investors a stable urban infill asset with diversified income streams. Volrath Apartments is strategically positioned just east of the Central Business District, providing residents with immediate access to downtown employment centers, major entertainment venues, and cultural amenities. The property benefits from proximity to Lucas Oil Stadium, the Indiana Convention Center, and the Wholesale District, while remaining embedded within a residential corridor that supports consistent renter demand. This walkable, centrally located setting continues to attract workforce renters seeking affordability without sacrificing downtown access. The offering presents a compelling value-add opportunity through rent growth and operational optimization. In-place residential rents average approximately $783 per unit, materially below comparable properties in the surrounding submarket. Studio and one-bedroom units exhibit rent gaps exceeding 35% below market, creating a clear runway for revenue growth through continued stabilization, interior upgrades, and professional management. Additionally, the on-site commercial space provides supplemental income and further diversification within the cash flow profile.