2302 N Ritter Ave - Apartments FOR SALE


Indianapolis, IN 46218- Eastside
$3,425,000 USD
317-218-5347
2302 N Ritter Ave, Indianapolis, IN for Sale
$3,425,000 USD
Apartments - FOR SALE
1/9
null | 7.18% Cap Rate

2302 N Ritter Ave
Indianapolis, IN 46218
Eastside


HIGHLIGHTS

  • The East Ridge Apartments offer 42 units; eight one-bed/ one-bath, 33 two-bed/ one-bath, and one three-bed/ one-bath.
  • There has been significant year-over-year rent growth of 6.8% in the Eastside Submarket of Indianapolis’ housing realm.
  • Extensive capital expenditures such as new gas lines, exterior painting, all new A/C units, and more have recently been completed.
  • 100% of units have been renovated, enabling a stabilized investment opportunity for new ownership to generate cash flow.

OVERVIEW

The East Ridge Apartments at 2302 N Ritter Avenue is a 42-unit white brick facade apartment building with great cash flow located close to Downtown Indianapolis. The property has undergone major recent renovations, and each unit is fully renovated. At or above market rents are feasible, presenting a strong investment opportunity for a hands-off acquisition. The apartment's location benefits from close access to Interstate 70 and the Interstate 70 and 465 interchange in proximity. The Indianapolis Amtrack station is less than 10 miles away, enabling easy commuting for residents in and out of the metro.

FOR SALE DETAILS

PRICE

$3,425,000 USD

PRICE/SF

$88 USD /SF

# OF UNITS

42

PRICE/UNIT

$81,548

CAP RATE

7.18%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

East Ridge Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1969

PARKING SPACES

77

LAND DETAILS

LAND ACRES

2.01 AC

LAND SF

87,556 SF

ZONING

-

APN/PARCEL ID

49-07-27-103-002.000-701

ASK ABOUT THIS PROPERTY

Jack FriskneyMarcus & MillichapMore Info
317-218-5347

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Jack FriskneyMarcus & MillichapMore Info
317-218-5347

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.