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Multifamily

Granton Place

3722 S Granton Pl Dr, Marion, IN 46953

Listing Price: $2,350,000

Cap Rate
6.28%
Number of Units
40
Occupancy
98.0%
Price/Unit
$58,750
Price/Gross SF
$40.92
Gross SF
57,436

Investment Overview

Marcus and Millichap is pleased to present Granton Place Apartments in Marion, IN. Granton Place was originally constructed in 2003 as a Tax Credit property. The current owners successfully completed the qualified contract process January 1st, 2019, which means the property now accepts market rate tenants. Granton place unit mix consists of (4) 1BR, 1BA 794 sq. ft. apartments, (18) 2BR, 1BA 992 sq. ft. apartments, (2) 2BR, 1.5BA 1166 sq. ft. town homes, (4) 3BR, 1.5BA 1196 sq. ft. town homes, (8) 3BR, 2BA 1340 sq. ft. apartments, and (4) 4BR, 2.5BA 1635 sq. ft. apartments. Granton Place benefits from an excellent location, just off of 38th street in Marion. There is a Dollar General a couple blocks away and numerous restaurants and retail business within a couple miles, including; Chick-fil-A, Texas Roadhouse, Meijer, and Walmart Supercenter. In addition, Indiana Wesleyan University, a private Christian liberal arts college is just a mile from Granton Place. Granton Place represents a tremendous opportunity for a new investor to purchase a well-maintained apartment community with considerable upside.

Investment Highlights

  • 2003 Newer Brick Construction - Beautiful Office - Immaculately Maintained
  • (40) Total Units - (34) Apartments and (6) Town Homes - Washer & Dryer Hook-ups
  • Former Tax Credit Property - Seller Completed Qualified Contract January 1st, 2019. Tremendous Opportunity to Increase Income by Transitioning property to Market Rate and Reducing Expenses.

Exclusively Listed By

Listing Price: $2,350,000

Cap Rate
6.28%
Number of Units
40
Occupancy
98.0%
Price/Unit
$58,750
Price/Gross SF
$40.92
Gross SF
57,436

Investment Highlights

  • 2003 Newer Brick Construction - Beautiful Office - Immaculately Maintained
  • (40) Total Units - (34) Apartments and (6) Town Homes - Washer & Dryer Hook-ups
  • Former Tax Credit Property - Seller Completed Qualified Contract January 1st, 2019. Tremendous Opportunity to Increase Income by Transitioning property to Market Rate and Reducing Expenses.

Investment Overview

Marcus and Millichap is pleased to present Granton Place Apartments in Marion, IN. Granton Place was originally constructed in 2003 as a Tax Credit property. The current owners successfully completed the qualified contract process January 1st, 2019, which means the property now accepts market rate tenants. Granton place unit mix consists of (4) 1BR, 1BA 794 sq. ft. apartments, (18) 2BR, 1BA 992 sq. ft. apartments, (2) 2BR, 1.5BA 1166 sq. ft. town homes, (4) 3BR, 1.5BA 1196 sq. ft. town homes, (8) 3BR, 2BA 1340 sq. ft. apartments, and (4) 4BR, 2.5BA 1635 sq. ft. apartments. Granton Place benefits from an excellent location, just off of 38th street in Marion. There is a Dollar General a couple blocks away and numerous restaurants and retail business within a couple miles, including; Chick-fil-A, Texas Roadhouse, Meijer, and Walmart Supercenter. In addition, Indiana Wesleyan University, a private Christian liberal arts college is just a mile from Granton Place. Granton Place represents a tremendous opportunity for a new investor to purchase a well-maintained apartment community with considerable upside.

Exclusively Listed By

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