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River Gate South 119 E Lake Ave 40 Unit Apartment Building $5,450,000 ($136,250/Unit) 7.08% Cap Rate Plymouth, IN 46563
Investment Highlights
- 2019 Construction
- Best in Market Amenities: Private Balconies, and In-Unit Laundry
- Spacious One, Two, and Three-Bedroom Units
- 7%+ Cap Rate Day 1 with Significant Upside Through Operational Efficiencies and Maximizing Rents Supported by Comps
Executive Summary
Opportunity to acquire River Gate South, a newly constructed mid-rise apartment community located at 119 E Lake Avenue in Plymouth, Indiana. Built in 2019, this four-story property includes 40 spacious units with a combination of one, two, and three-bedroom layouts designed to accommodate modern renters. Units feature best-in-class finishes such as in-unit laundry, private balconies, contemporary kitchens, and premium interior amenities.
This asset delivers a strong investment profile with a current cap rate of approximately 7.08% and additional value-add potential through operational efficiencies and rent optimization supported by market comps. Residents benefit from an extensive amenity package that includes a fitness center, controlled access entry, clubhouse, movie theatre/media center, sundeck, and outdoor recreation areas. The property is professionally managed and designed for long-term sustainability and tenant satisfaction.
Located within Plymouth’s dynamic housing market, River Gate South offers connectivity to regional employment hubs and local services. With proximity to dining, retail, and schools, the asset positions investors to capitalize on consistent tenant demand within Northern Indiana’s steadily growing rental sector.
This asset delivers a strong investment profile with a current cap rate of approximately 7.08% and additional value-add potential through operational efficiencies and rent optimization supported by market comps. Residents benefit from an extensive amenity package that includes a fitness center, controlled access entry, clubhouse, movie theatre/media center, sundeck, and outdoor recreation areas. The property is professionally managed and designed for long-term sustainability and tenant satisfaction.
Located within Plymouth’s dynamic housing market, River Gate South offers connectivity to regional employment hubs and local services. With proximity to dining, retail, and schools, the asset positions investors to capitalize on consistent tenant demand within Northern Indiana’s steadily growing rental sector.
Property Facts
| Price | $5,450,000 | Property Subtype | Apartment |
| Price Per Unit | $136,250 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7.08% | Lot Size | 1.04 AC |
| Gross Rent Multiplier | 7.13 | Building Size | 50,510 SF |
| No. Units | 40 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2019 |
| Price | $5,450,000 |
| Price Per Unit | $136,250 |
| Sale Type | Investment |
| Cap Rate | 7.08% |
| Gross Rent Multiplier | 7.13 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.04 AC |
| Building Size | 50,510 SF |
| No. Stories | 4 |
| Year Built | 2019 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Ceiling Fans
- Refrigerator
- Views
- Patio
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- Business Center
- Controlled Access
- Clubhouse
- Courtyard
- Fitness Center
- Picnic Area
- Property Manager on Site
- Gated
- Furnished Units Available
- Grill
- Media Center/Movie Theatre
- Package Service
- Recycling
- Bicycle Storage
- Elevator
- Maintenance on site
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 775 |
| 2+2 | 28 | - | 775 - 1,373 |
| 3+2 | 6 | - | 1,054 - 1,373 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 50-32-93-104-259.001-019 | Improvements Assessment | $5,422,500 |
| Land Assessment | $73,600 | Total Assessment | $5,496,100 |
Property Taxes
Parcel Number
50-32-93-104-259.001-019
Land Assessment
$73,600
Improvements Assessment
$5,422,500
Total Assessment
$5,496,100
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River Gate South | 119 E Lake Ave
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