Skip to main content

Multifamily

Salem Street Apartments

3502 Salem St, Indianapolis, IN 46208

Listing Price: $550,000

Cap Rate
7.65%
Number of Units
8
GRM
8.01
Occupancy
95.0%
Price/Unit
$68,750
Price/Gross SF
$68.75
Gross SF
8,000

Investment Overview

The Salem Street Apartments are an 8-unit multifamily property consisting of (4) two bedrooms & (4) one bedrooms. Major renovations have recently been completed in 2018, giving Salem Street Apartments an attractive curb appeal and improving the quality of living for tenants.

The property is located on the northside of Indianapolis, approximately 10 minutes to downtown. Salem Street is 1 block west of Meridian Street, which is the Main Street of Indianapolis that runs from the south side of Indianapolis, through downtown, and north into Carmel, IN. This area of the northside is receiving a lot of recent attention with the high trafficked 38th street running through it. In 2020, there was a thorough development plan to revitalize this area with major commercial developments. The focus area for this project spans one block north of Salem Street Apartments and has already begun coming to life with a newly constructed Crew Car Wash only mile away from the property.

Salem Street Apartments offers the investor an opportunity to acquire a recently renovated property in a newly gentrifying area of Indianapolis. There is ample opportunity to continue improving the curb appeal and unit quality of this property to achieve market rents and ability to realize a proforma cash-on-cash return of 11.41%.

Investment Highlights

  • 10-minutes to downtown Indianapolis
  • Thorough commercial development plan nearby
  • Recently renovated

Exclusively Listed By

Listing Price: $550,000

Cap Rate
7.65%
Number of Units
8
GRM
8.01
Occupancy
95.0%
Price/Unit
$68,750
Price/Gross SF
$68.75
Gross SF
8,000

Investment Highlights

  • 10-minutes to downtown Indianapolis
  • Thorough commercial development plan nearby
  • Recently renovated

Investment Overview

The Salem Street Apartments are an 8-unit multifamily property consisting of (4) two bedrooms & (4) one bedrooms. Major renovations have recently been completed in 2018, giving Salem Street Apartments an attractive curb appeal and improving the quality of living for tenants.

The property is located on the northside of Indianapolis, approximately 10 minutes to downtown. Salem Street is 1 block west of Meridian Street, which is the Main Street of Indianapolis that runs from the south side of Indianapolis, through downtown, and north into Carmel, IN. This area of the northside is receiving a lot of recent attention with the high trafficked 38th street running through it. In 2020, there was a thorough development plan to revitalize this area with major commercial developments. The focus area for this project spans one block north of Salem Street Apartments and has already begun coming to life with a newly constructed Crew Car Wash only mile away from the property.

Salem Street Apartments offers the investor an opportunity to acquire a recently renovated property in a newly gentrifying area of Indianapolis. There is ample opportunity to continue improving the curb appeal and unit quality of this property to achieve market rents and ability to realize a proforma cash-on-cash return of 11.41%.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower