Maple Springs

• Pro Forma 8.47% CAP rate and 11.91% Cash-on-Cash
• 1.4% Submarket Vacancy – High Demand for Market Rate Housing
• All Brick Exterior Built in 1990 with Uniform Floor Plans

Property Description

Marcus & Millichap is pleased to present the exclusive offering of the Maple Springs Apartments in Seymour, IN. The property is located about 60 miles south of Indianapolis and 50 miles north of Louisville, nearly right in the middle of the 2 primary Midwestern metros. Maple Spring’s immediate location within Seymour is 5 minutes from highway I-65 and close in proximity to dozens of major retailers, businesses, and large manufacturing and industrial employment. Consisting of (50) apartments homes, Maple Springs offers (13) studios, (35) 1-Bedroom x 1-Bath, (1) 2-Bedroom x 2-Bath, and (1) 1-Bedroom unit being used as a leasing office, which can be converted back to a another 1-Bedroom unit. Maple Springs is well positioned in the market to experience growth and upside, while also providing the new investor with steady returns upon acquisition. Offered above a 7% in-place CAP, the property is currently experiencing about 7.7% loss to lease ($46,380/year) which could be captured upon renewals and new leases in year 1 of ownership by leveling rents to their proven potential. If all units can be increased to the $1,050 for the 1-BD’s and $850 for the Studios, pro forma cash-on-cash returns are modeling to nearly 11.91 percent. Seymour Indiana is an economically thriving community due to its specific location on highway I-65 between Indianapolis and Louisville. Inherently, the town is home to several large warehouse distribution centers and concentrated industrial employment, including the 633,000 square foot Walmart Distribution Center which employs nearly 1,000 local workers and is currently in the middle of a $107 million investment in the facility. Additionally, Seymour’s submarket vacancy rate for market rate apartment communities is an astounding 1.4% due to its lack of market rate inventory and steadily increasing job growth which grew at a rate of 6.72% year over year.