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Multifamily

Oxmoor Apartments

3640 N Meridian St, Indianapolis, IN 46208

Listing Price: $640,862

Cap Rate
8.71%
Number of Units
20
GRM
3.35
Occupancy
85.0%
Price/Unit
$32,043
Price/Gross SF
$48.55
Gross SF
13,200

Investment Overview

Marcus & Millichap is Pleased to Present the Oxmoor Apartments, a 20-unit apartment complex located in
Indianapolis, IN. The Oxmoor Apartments consist of (16) 1-Bedroom and (4) 3-Bedroom units, ranging from
approximately 550-1,100 square feet. The property was built in 1920 and underwent a complete renovation
in 2013 that included all new plumbing, roof, windows, and electrical. The current owner received grant
money to complete these major renovations and has therefore signed agreements with HOME funds and
AHP programs. These programs are to remain intact through their expiration in November 2028 which
require the owner to accept government assisted tenants and restricts income limits on rents. The grants are
to be assumed by the new investor. Even with current restrictions, the property is being offered at an 8% +
CAP based on current operations.

THE LOCATION
The property is in Indianapolis main corridor, right on North Meridian Street. This submarket has seen an
immense amount of new development, re-developments, and gentrification including the recent Indy Red-
Line bus line which reaches University (South of downtown Indy) and up through North of Broad Ripple.

THE OPPORTUNITY
With the extensive renovations and low $/unit offering, the Oxmoor apartments allow the investor to
acquire a like-new property with historic feel in one of the Midwests most attractive markets. By year end
2027, the Oxmoor Apartments can become fully market rate. In the meantime, the investor has the
opportunity to decrease vacancy to a stabilized 5%, which would increase NOI by an estimated
$17,238/year, making for immediate value-add opportunity simply through improving operations.

Investment Highlights

  • Located in Indianapolis's Main Corridor
  • Complete Rehab in 2013
  • Nearby Commercial Development

Exclusively Listed By

Listing Price: $640,862

Cap Rate
8.71%
Number of Units
20
GRM
3.35
Occupancy
85.0%
Price/Unit
$32,043
Price/Gross SF
$48.55
Gross SF
13,200

Investment Highlights

  • Located in Indianapolis's Main Corridor
  • Complete Rehab in 2013
  • Nearby Commercial Development

Investment Overview

Marcus & Millichap is Pleased to Present the Oxmoor Apartments, a 20-unit apartment complex located in
Indianapolis, IN. The Oxmoor Apartments consist of (16) 1-Bedroom and (4) 3-Bedroom units, ranging from
approximately 550-1,100 square feet. The property was built in 1920 and underwent a complete renovation
in 2013 that included all new plumbing, roof, windows, and electrical. The current owner received grant
money to complete these major renovations and has therefore signed agreements with HOME funds and
AHP programs. These programs are to remain intact through their expiration in November 2028 which
require the owner to accept government assisted tenants and restricts income limits on rents. The grants are
to be assumed by the new investor. Even with current restrictions, the property is being offered at an 8% +
CAP based on current operations.

THE LOCATION
The property is in Indianapolis main corridor, right on North Meridian Street. This submarket has seen an
immense amount of new development, re-developments, and gentrification including the recent Indy Red-
Line bus line which reaches University (South of downtown Indy) and up through North of Broad Ripple.

THE OPPORTUNITY
With the extensive renovations and low $/unit offering, the Oxmoor apartments allow the investor to
acquire a like-new property with historic feel in one of the Midwests most attractive markets. By year end
2027, the Oxmoor Apartments can become fully market rate. In the meantime, the investor has the
opportunity to decrease vacancy to a stabilized 5%, which would increase NOI by an estimated
$17,238/year, making for immediate value-add opportunity simply through improving operations.

Exclusively Listed By

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