1918 Washington StIndianapolis, IN 46222

Property Details for 1918 Washington St

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 20-unit apartment building, known as Washington Village, presents a compelling investment opportunity in Indianapolis, Indiana. Built in 1950, the property comprises three buildings featuring a mix of studio, one-bedroom, and two-bedroom units. Recent extensive renovations totaling nearly $300,000 have significantly enhanced the property's value and appeal. These upgrades include $96,000 in interior unit renovations, encompassing new flooring and updated fixtures; $60,000 in crucial infrastructure improvements to HVAC, plumbing, and electrical systems; and $66,000 in exterior and common area enhancements, including landscaping upgrades. This strategic investment positions the property to command top rents in the area. The property's prime location on West Washington Street offers proximity to numerous planned developments, including the West Washington Street Corridor project (3,000-3,500 new jobs), the Indy Eleven development (1,000+ jobs), and the Elanco project at the Old GM Stamping Plant/Levee District (500+ jobs). These projects promise substantial future growth and increased demand for rental properties in the immediate vicinity. The property's location is also convenient to the Indianapolis Zoo. This multifamily asset offers a unique chance to capitalize on a rapidly developing area with a projected pro forma cap rate exceeding 7.50%. The property's strong performance potential, coupled with its recent renovations and strategic location, makes it an attractive investment for discerning buyers.

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7666

Longitude

-86.1952

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