$905,000 Price Reduction! 3506 Bluff Rd 48 Unit Apartment Building $8,895,000 ($185,313/Unit) 5.69% Cap Rate Indianapolis, IN 46217

Bluff Crossing Apartments is a newly constructed, 48-unit multifamily community located just eight minutes south of Downtown Indianapolis in the North Perry submarket. This turnkey investment offers immediate cash flow with strong occupancy (90%) and high tenant retention (85%). Indiana is considered one of the most landlord friendly states in the country due to it’s growing economy, low property taxes, no rent control and a streamlined eviction process. The property is ideally situated with direct access to I-465, providing seamless connectivity to major employers, universities, and retail centers. Nearby, the University of Indianapolis serves nearly 5,000 students, and Southern Plaza Retail Center features national tenants like Kroger, AMC Theaters, and Ross Dress for Less, adding to the area’s draw. Bluff Crossing is also the best-in-class property in its submarket, competing with older communities such as Aspen Lakes, Southern Dunes, and Pine Glen Apartments.
Currently, rents have been successfully increased to $1,299 for one-bedrooms and $1,499 for two-bedrooms, with plans for further rent growth in 2025. The property boasts modern amenities, including key card entry, full video surveillance, in-unit washers/dryers, and a gated community feel, ensuring a secure, attractive living environment. Management has achieved minimal delinquencies, reduced bad debt, and strong leasing momentum, with full occupancy expected by summer 2025. For out-of-state investors, the proven remote management structure makes this a low-maintenance, high return investment. Bluff Crossing Apartments offers a stable, appreciating asset in a high-demand rental market, making it a prime opportunity for investors looking to secure strong returns and long-term growth.