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1517-1525 S Walnut St 10 Unit Apartment Building $500,000 ($50,000/Unit) 4.23% Cap Rate Muncie, IN 47302
INVESTMENT HIGHLIGHTS
- Extensive Capital Improvements: Ownership has replaced mechanical systems, interior finishes siding, subflooring, drywall, and much more
- Upside Through Commercial Space: The property currently has a vacant commercial space offering potential for revenue increases through lease-up
- Full Electric System Replacement: All units were completely re-wired and new individual meters installed
- Additional Unit Upside: Two additional units are partially complete and can be finished for immediate rental increases
EXECUTIVE SUMMARY
Introducing the Walnut Street Apartment Portfolio, consisting of 10 renovated apartment units and a commercial space across several adjacent structures. The property has 5,300 rentable square feet and sits on a .41 acres site. The property has undergone a complete transformation with extensive capital improvements. These include major structural, mechanical, electrical, and cosmetic upgrades. New flat roofs have been installed, all siding and windows replaced, electrical systems fully rewired with new meters. Plumbing upgrades, new cabinets and countertops, new flooring, fresh interior paint, new appliances in renovated units, new showers/tubs/toilets, security cameras, and significant subfloor and drywall replacement. The Walnut Street portfolio represents an opportunity to acquire a workforce-grade housing asset in a supply-constrained rental market where renovated products perform well. Property has vacant industrial space that could also be used for retail.
PROPERTY FACTS
| Price | $500,000 | Property Subtype | Apartment |
| Price Per Unit | $50,000 | Building Class | C |
| Sale Type | Investment | Building Size | 5,300 SF |
| Cap Rate | 4.23% | Average Occupancy | 70% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1953/2025 |
| Price | $500,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 4.23% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Building Size | 5,300 SF |
| Average Occupancy | 70% |
| No. Stories | 2 |
| Year Built/Renovated | 1953/2025 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 18-11-16-479-011.000-003 | Improvements Assessment | $17,600 |
| Land Assessment | $3,600 | Total Assessment | $21,200 |
PROPERTY TAXES
Parcel Number
18-11-16-479-011.000-003
Land Assessment
$3,600
Improvements Assessment
$17,600
Total Assessment
$21,200
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1517-1525 S Walnut St
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