Arlington Village

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Address: 6035 Williamsburg Ct, Indianapolis, IN 46226, USA

Chicago & Midwest + Apartment Buildings

Created date: November 27, 2024

Date last updated: November 27, 2024

Opportunity to renovate remaining 51 units
Projected NOI increase of $162.75/unit per Month
Unit size 78 – 101 square feet larger than nearby comps
7+ CAP on Current Underwriting

Property Description

Marcus & Millichap is pleased to exclusively present Arlington Village apartments, located nine miles northeast of downtown Indianapolis, Indiana. This multifamily property was built in 1963 and consists of eight buildings and (80) units, including twenty (20) one-bedroom units, and sixty (60) two-bedroom units. Arlington Village is located just five minutes from I-465 and Pendleton Pike. Both Pendleton Pike, a vital corridor in Lawrence, and I-465, which encircles Indianapolis, are undergoing significant development projects to enhance safety and traffic flow. INDOT is spearheading the “Pendleton Pike Progress” initiative which includes installing raised medians, enhancing intersection safety, and improving pedestrian connectivity. INDOT is also leading the Clear Path 465 project, focusing on the northeast corridor where I-465 intersects with I-69. This initiative includes adding travel lanes, interchange modifications, and construction of fourteen new bridges. The property offers an investor a path to increasing value at the property by either raising rents to current market rates or renovate the remaining 51 units and gaining additional rental income. Currently, the projected potential rents at the property offer 10.9% ($127/unit) loss-to-lease based on the in-place rents. Current management has renovated 29 out of 80 units with new flooring, cabinetry, appliances, etc and received increased rental amounts on these units. A new owner has the ability to continue renovating the units and gaining additional rental income.

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Key Property Information

Listing Status:	Available
Property Types:	Apartment Buildings
No. of Units:	80
Year Built:	1963
Year Renovated:	2019
Building Size:	76,600 Sq ft
Lot Size:	4.17 Acres
No. of Stories:	2
Opportunity Zone:	No
Property Website	Click Here