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3506 Bluff Road

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Address: 3506 Bluff Rd, Indianapolis, IN 46217, USA

Chicago & Midwest + Apartment Buildings

Created date: February 28, 2025

Date last updated: March 3, 2025

(24) 1 bed + 1 bath units and (24) 2 bed + 1 bath units
Less than two miles from the University of Indianapolis, the Southern Plaza and the I-465/Hwy 31 Loop.
Upside potential with in place property management in charge of leasing up remain units.
Acquisition includes a 3.7 AC parcel of land only half a mile away, entitled for 56 units.

Property Description

Situated just South of Downtown Indianapolis, in the North Perry submarket, this brand-new construction, state of the art 48-unit multifamily development recently completed at 3506 Bluff Road, is only a short drive from major employers, hospitals, dining, shopping, and entertainment options. With an attractive unit mix of 24 1 bedroom/1 bathrooms and 24 2 bedroom and 1 bath, the subject property is strategically situated less than two miles from major attractions. The Southern Plaza is home to national credit tenants such as Kroger, AMC Indianapolis 17, Ross Dress for Less, Harbor Freight Tools, and many more. The University of Indianapolis counts almost 5,000 students on the main campus, and offers 90+ majors, 40+ graduate programs, and five doctoral programs. Finally, the subject property is in close proximity to I-465 that sees over 200,000 cars that commute regularly to different parts of Indianapolis and to the city's suburbs. The property itself is a haven of modern convenience and comfort, offering a range of desirable amenities. These include a barbecue area and a dog park, providing residents with opportunities for outdoor relaxation and socialization. Additionally, off-street parking ensures convenient vehicle storage for residents. Each meticulously designed unit is equipped with essential appliances such as a washer and dryer, dishwasher, stove, and refrigerator. For added convenience, covered and reserved parking spaces are available for an additional fee, ensuring residents' peace of mind. Lastly, this offering includes a 3.70 Acre parcel of land only half a mile from the subject property and entitled for 56 units. Both properties are located in an Opportunity Zone, allowing substantial tax benefits to the right buyer.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$9,800,000
No. of Units:	48
Year Built:	2023
Lot Size:	3.67 Sq ft
Opportunity Zone:	No
Price per unit:	$204,167
Property Website	Click Here