10705 Us Highway 136Indianapolis, IN 46234

Property Details for 10705 Us Highway 136

Year built

1980

Construction

WOOD

Lot size

2.70 AC

Property size (Sq ft)

2,429 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

32-08-20-250-005.000-015

APU

320820250005000015

Description

This exceptional 33-unit apartment building presents a compelling investment opportunity in the desirable western Indianapolis suburbs, nestled between Brownsburg and Avon. The property comprises three one-story buildings totaling 18,150 net rentable square feet, situated on a 2.7-acre lot. Constructed in 1980 with four units added in 2023, the complex boasts 15 studio, 17 one-bedroom, and one two-bedroom unit. Significant capital expenditures exceeding $550,000 have been invested in recent years, encompassing approximately $190,000 in interior renovations across 28 units and $92,000 in exterior improvements, including new signage, gutters, landscaping, mailboxes, and parking lot repaving. The property currently enjoys a 97% occupancy rate and benefits from a prime location within the highly-rated Brownsburg School District (#4 in Indiana for 2024, per Niche). This area exhibits exceptionally low vacancy rates (4.4% and 3.9% in Avon and Brownsburg respectively) and strong year-over-year rent growth (7.3% and 8.5% from 2021-2023). Proximity to major employers like Amazon, UPS, Salesforce, and Eli Lilly, along with recreational attractions such as Eagle Creek Park and the Indianapolis Motor Speedway, enhances the property's appeal. Further value-add potential exists through amenity upgrades (courtyard renovation, private yards), rental increases ($129/unit upside potential), and additional income streams (carports, increased internet charges), projected to significantly boost net operating income with minimal effort. The asking price is $3,100,000, representing a price per unit of $93,939. Pro forma projections indicate an 8.55% cap rate and a 10.72% cash-on-cash return.

• CAP approach

  CAP return

  Valuation

  6%

  $390,387

  6.5%

  $360,357

  7%

  $334,618

• Comparable approach

  Method

  Valuation

  Relative Method

  $352,933

  Geo Method

  $352,933

• Alternative Use

  Use

  Valuation

  Residential

  $360,357

  Hospitality

  $330,085

  Educational

  $274,627

  Medical

  $284,072

  Retail

  $427,198

Location Insight

City

Indianapolis

County

Hendricks

State

Indiana

Latitude

39.819

Longitude

-86.3331

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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