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The Ardmore Parking Garage Lower Unit 231 N Pennslvania St 170 Unit Apartment Building $2,650,000 ($15,588/Unit) 8.40% Cap Rate Indianapolis, IN 46204
Investment Highlights
- Prime Downtown Location: The garage is embedded in Indianapolis's CBD, offering direct access to major office towers and cultural landmarks
- Modern, Durable Asset: The below-grade, two-level garage is protected from weather, well-lit and designed for long-term operational efficiency
- Strong Parking Demand Drivers: Demand is fueled by Massachusetts Avenue residents, shoppers, and visitors with over 350k of retail & 38 restaurants
- Stable Lease in Place Through 2029 + (3) 5-Yr Options: Interstate Parking is leasing the entire unit from NG Ardmore on a NN lease basis
- Revenue Potential and Flexibility: Dynamic income stream and scalable returns with projected NOI growth over five years and multiple rent structures
- Neighboring Synergies: Integration with adjacent apartments, office buildings, and retail reinforces a dynamic live-work-play lifestyle
Executive Summary
Secure, Long-Term Operating Lease with Interstate Parking
Property Facts
| Price | $2,650,000 | Building Class | B |
| Price Per Unit | $15,588 | Lot Size | 1.59 AC |
| Sale Type | Investment | Building Size | 74,264 SF |
| Cap Rate | 8.40% | Average Occupancy | 100% |
| No. Units | 170 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Parking Ratio | 2.29/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | ZO01 - Commercial | ||
| Price | $2,650,000 |
| Price Per Unit | $15,588 |
| Sale Type | Investment |
| Cap Rate | 8.40% |
| No. Units | 170 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.59 AC |
| Building Size | 74,264 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2020 |
| Parking Ratio | 2.29/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | ZO01 - Commercial |
Amenities
Site Amenities
- 24 Hour Access
- Controlled Access
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Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 49-11-01-240-261.002-101 | Improvements Assessment | $26,023,800 |
| Land Assessment | $1,255,100 | Total Assessment | $27,278,900 |
Property Taxes
Parcel Number
49-11-01-240-261.002-101
Land Assessment
$1,255,100
Improvements Assessment
$26,023,800
Total Assessment
$27,278,900
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