South Common Duplexes

• Pro Forma 7.8% cap rate
• Brand new concrete parking lot and new roofs
• Fast-growing Indy suburb, population growth of 3%+ annually
• Rents 25% under market
• Little-to-no deferred maintenance

Property Description

Marcus & Millichap is pleased to present the South Commons duplexes in Greenfield, IN. South Commons has an attractive unit mix of (14) two bedroom/one bath and (2) one bedroom/one bath units. Rents for two bed/one bath units in Greenfield are above $1,000/mo, making South Commons currently 20-25 percent under market to comparable properties close by. Premium 2 bedrooms units in Greenfield rent for $1,100 plus per month. Owner over the last 12 months have replaced roofs on all eight duplexes and completed replaced the concrete parking lot. Property was built in 1995 and has been meticulously maintained by current ownership. There is value-add potential to upgrade the kitchens, bathrooms, and exterior landscaping. Greenfield is conveniently located about 30 miles from Indianapolis, giving residents easy access to the larger city’s job market, cultural amenities, and entertainment options while benefiting from the lower cost of living compared to Indianapolis. Greenfield has continually boasted 2 plus percent population growth over the last 15 years and the industrial real estate market has boomed off of Interstate-70 and US-40.