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Beech Tree Glen 240 Grovewood Pl 76 Unit Apartment Building $6,900,000 ($90,789/Unit) Beech Grove, IN 46107
Executive Summary
ATTRACTIVE PROPERTY FUNDAMENTALS
Beech Tree Glen is a 76 unit apartment complex in Beech Grove, Indiana,
conveniently located in the suburbs of Indianapolis. The community boasts an
attractive mix of one-bedroom and two-bedroom apartment homes ranging in
size from 800 to 900 square feet. Beech Tree Glen Apartments were built in
1970 and have been well maintained over the years.
Beech Tree Glen historically operates in the mid-90%’s occupancy and through
a detailed review of the rent roll, IPO has discovered that the property’s rents
are 10-15% below market.
Throughout the current ownership’s stewardship of the property, it has seen
significant and consistent capital improvements. These improvements have
included light unit renovations, parking lot work and the addition of a formal
leasing office on the property.
At such an attractive basis we anticipate this deal will not last long.
Beech Tree Glen is a 76 unit apartment complex in Beech Grove, Indiana,
conveniently located in the suburbs of Indianapolis. The community boasts an
attractive mix of one-bedroom and two-bedroom apartment homes ranging in
size from 800 to 900 square feet. Beech Tree Glen Apartments were built in
1970 and have been well maintained over the years.
Beech Tree Glen historically operates in the mid-90%’s occupancy and through
a detailed review of the rent roll, IPO has discovered that the property’s rents
are 10-15% below market.
Throughout the current ownership’s stewardship of the property, it has seen
significant and consistent capital improvements. These improvements have
included light unit renovations, parking lot work and the addition of a formal
leasing office on the property.
At such an attractive basis we anticipate this deal will not last long.
Property Facts
| Price | $6,900,000 | Building Class | C |
| Price Per Unit | $90,789 | Lot Size | 5.84 AC |
| Sale Type | Investment | Building Size | 38,944 SF |
| No. Units | 76 | Average Occupancy | 91% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1970/1980 |
| Apartment Style | Garden | Parking Ratio | 3.85/1,000 SF |
| Zoning | ZO01 - Multifamily | ||
| Price | $6,900,000 |
| Price Per Unit | $90,789 |
| Sale Type | Investment |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.84 AC |
| Building Size | 38,944 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/1980 |
| Parking Ratio | 3.85/1,000 SF |
| Zoning | ZO01 - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
- Property Manager on Site
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 800 |
| 2+1 | 52 | - | 900 |
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Property Taxes
| Parcel Numbers | Improvements Assessment | $3,215,600 | |
| Land Assessment | $531,800 | Total Assessment | $3,747,400 |
Property Taxes
Parcel Numbers
Land Assessment
$531,800
Improvements Assessment
$3,215,600
Total Assessment
$3,747,400
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Videos
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Beech Tree Glen | 240 Grovewood Pl
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