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Park Place Apartments 2915 Arleth St 79 Unit Apartment Building For Sale Terre Haute, IN 47802
Investment Highlights
- Stable Income-Restricted Revenue Stream: The property benefits from income-restricted rent structures, providing consistent occupancy, reduced tenant
- Defensive Characteristics Park Place delivers a 7.01 percent in-place cap rate and 6.85 percent cash-on-cash return, supported by stable collections
- Strong In-Place Yield: Average rents are 28 percent below true market rate on today’s in-place restrictions.
- Limited Operational Risk | Turn-Key Investment Profile: Newer vintage asset with stabilized operations, the property requires minimal near-term CAPEX
Executive Summary
Marcus & Millichap is pleased to present the exclusive offering of Park Place Apartments, a 79-unit income-restricted multifamily community located in Terre Haute, Indiana. Constructed in 2010, the property offers investors the opportunity to acquire a newer vintage asset at an attractive basis, well below replacement cost. The asset features an efficient unit mix primarily consisting of one-bedroom units, catering to a stable and durable renter base supported by affordability-driven demand.
The property is already in the extended use phase of the income restrictions which expire in 2040. Upon expiration, the property is expected to appreciate substantially as it will be completely market rate with zero rent restrictions.
The property is already in the extended use phase of the income restrictions which expire in 2040. Upon expiration, the property is expected to appreciate substantially as it will be completely market rate with zero rent restrictions.
Property Facts
| Sale Type | Investment | Building Class | B |
| No. Units | 79 | Lot Size | 2.90 AC |
| Property Type | Multifamily | Building Size | 122,481 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 2010 |
| Sale Type | Investment |
| No. Units | 79 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.90 AC |
| Building Size | 122,481 SF |
| No. Stories | 3 |
| Year Built | 2010 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 39 | $557.00 | 766 |
| 2+1 | 40 | $623.00 | 960 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 84-06-33-381-005.000-002 | Improvements Assessment | $1,269,800 |
| Land Assessment | $10,500 | Total Assessment | $1,280,300 |
Property Taxes
Parcel Number
84-06-33-381-005.000-002
Land Assessment
$10,500
Improvements Assessment
$1,269,800
Total Assessment
$1,280,300
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Park Place Apartments | 2915 Arleth St
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