Multifamily

Ivy Lane

Listing Price: $1,070,000

Cap Rate
7.13%
Number of Units
24
GRM
6.95
Occupancy
95.00%
Price/Unit
$44,583
Price/Gross SF
$62.56
Gross SF
17,104

Investment Overview

Marcus & Millichap is pleased to present Ivy Lane, a 24-unit apartment complex in Butler, Indiana. It is comprised of eight 1-bed/ 1-bath and sixteen 2-bed/ 1-bath units split up between four two-story buildings. The property has been extremely well-maintained, with little to zero deferred maintenance. Recent capital improvements include a complete tear out and replacement of all the roofs along with common area stairs/railings being replaced. A prospective investor can shift their focus to interior improvements to capitalize on the demonstrated value-add opportunity.

The property is located in Butler, IN which is located 38 miles northeast of Fort Wayne. Ivy Lane attracts tenants from both the county it resides in (Dekalb County) and the additional counties adjacent to it. The populations of Dekalb County and Northeast Indiana have been steadily increasing over the past 30 years, providing a consistent and strong tenant base. The property is currently 100% occupied with collected deposits from accepted applicants for both units scheduled to go vacant.

The 2-bedroom unit scheduled to go vacant was leased at the renovated rent with a security deposit collected before the vacating tenant even moved out. The rent increase on that unit was $100/month. Ivy Lane Apartments provides the prospective investor with the opportunity to acquire a well-maintained property with an established value-add potential.

Investment Highlights

  • Complete roof tear off and replacement done in 2015 no deferred maintenance
  • Strong demand & occupancy currently 100% occupied with wait list
  • 24-unit apartment property in Butler, IN

Exclusively Listed By

Listing Price: $1,070,000

Cap Rate
7.13%
Number of Units
24
GRM
6.95
Occupancy
95.00%
Price/Unit
$44,583
Price/Gross SF
$62.56
Gross SF
17,104

Investment Highlights

  • Complete roof tear off and replacement done in 2015 no deferred maintenance
  • Strong demand & occupancy currently 100% occupied with wait list
  • 24-unit apartment property in Butler, IN

Investment Overview

Marcus & Millichap is pleased to present Ivy Lane, a 24-unit apartment complex in Butler, Indiana. It is comprised of eight 1-bed/ 1-bath and sixteen 2-bed/ 1-bath units split up between four two-story buildings. The property has been extremely well-maintained, with little to zero deferred maintenance. Recent capital improvements include a complete tear out and replacement of all the roofs along with common area stairs/railings being replaced. A prospective investor can shift their focus to interior improvements to capitalize on the demonstrated value-add opportunity.

The property is located in Butler, IN which is located 38 miles northeast of Fort Wayne. Ivy Lane attracts tenants from both the county it resides in (Dekalb County) and the additional counties adjacent to it. The populations of Dekalb County and Northeast Indiana have been steadily increasing over the past 30 years, providing a consistent and strong tenant base. The property is currently 100% occupied with collected deposits from accepted applicants for both units scheduled to go vacant.

The 2-bedroom unit scheduled to go vacant was leased at the renovated rent with a security deposit collected before the vacating tenant even moved out. The rent increase on that unit was $100/month. Ivy Lane Apartments provides the prospective investor with the opportunity to acquire a well-maintained property with an established value-add potential.

Exclusively Listed By

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