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Atlas Apartments 401 N 10th St 67 Unit Apartment Building $4,355,000 ($65,000/Unit) 7.98% Cap Rate Richmond, IN 47374
Investment Highlights
- Fully Redeveloped Loft-Style Building in Richmond, IN with Updated Wiring, Roof, Windows, and Plumbing
- Richmond YoY Rent Growth 4.2% - Market Vacancy 4.4%
- Offered at an Attractive Basis of $65K/ Unit – In Place Cap 7.98%
- Value-Add Opportunity via Renovation Upgrades on Remaining 40% of the Units
Executive Summary
Marcus & Millichap is pleased to present Atlas Apartments, a 67-unit apartments community located in Richmond, IN. Originally built in 1910, the property underwent full and complete renovation in 2000. Atlas Apartments differentiate from competing properties in the market through its unique floor plans, 12-foot ceiling loft-style units, and modern finishes with classic charm. Atlas also provides various tenant accommodations including onsite laundry facilities, a courtyard, a study lounge, and controlled building access.
Deal Room & OM https://www.marcusmillichap.com/properties/302475/atlas-apartments
Atlas Apartments is well positioned in the market to experience strong growth and long-term stability. The property’s recent renovation mitigates risk for large-ticket, capital improvement needs in the near term. The property has experienced significant upgrades including Pex & PVC plumbing, New TPO rubber membrane roof in 2023, all electrical wiring upgraded to copper, and all windows replaced with double pane Low-E vinyl frames.
Located in Richmond, IN Atlas benefits from immediate access to Hwy I-70 which provides a seamless commute of less than 1 hour to Indianapolis and Dayton, OH. Wayne County’s regional connectivity makes it a hub for logistics, manufacturing, and cross-state workforce migration. The Reid Healthcare system is the dominate employer in the region employing nearly 3,000 residents, while other major employers are primarily in the manufacturing business. Given the demand for workforce housing in Richmond, vacancy rates remain tight with market vacancy at 4.4 percent and YoY Q1 2026 market rent growth at an impressive 4.2 percent (Costar.) Forecasted YoY rent growth for Q2 2026 is projected at 4.8 percent.
Deal Room & OM https://www.marcusmillichap.com/properties/302475/atlas-apartments
Atlas Apartments is well positioned in the market to experience strong growth and long-term stability. The property’s recent renovation mitigates risk for large-ticket, capital improvement needs in the near term. The property has experienced significant upgrades including Pex & PVC plumbing, New TPO rubber membrane roof in 2023, all electrical wiring upgraded to copper, and all windows replaced with double pane Low-E vinyl frames.
Located in Richmond, IN Atlas benefits from immediate access to Hwy I-70 which provides a seamless commute of less than 1 hour to Indianapolis and Dayton, OH. Wayne County’s regional connectivity makes it a hub for logistics, manufacturing, and cross-state workforce migration. The Reid Healthcare system is the dominate employer in the region employing nearly 3,000 residents, while other major employers are primarily in the manufacturing business. Given the demand for workforce housing in Richmond, vacancy rates remain tight with market vacancy at 4.4 percent and YoY Q1 2026 market rent growth at an impressive 4.2 percent (Costar.) Forecasted YoY rent growth for Q2 2026 is projected at 4.8 percent.
Property Facts
| Price | $4,355,000 | Building Class | C |
| Price Per Unit | $65,000 | Lot Size | 1.21 AC |
| Sale Type | Investment | Building Size | 49,725 SF |
| Cap Rate | 7.98% | No. Stories | 4 |
| No. Units | 67 | Year Built/Renovated | 1910/2023 |
| Property Type | Multifamily | Parking Ratio | 0.45/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | M-2 - Multifamily | ||
| Price | $4,355,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| Cap Rate | 7.98% |
| No. Units | 67 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.21 AC |
| Building Size | 49,725 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1910/2023 |
| Parking Ratio | 0.45/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | M-2 - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Microwave
- Ceiling Fans
- High Speed Internet Access
- Refrigerator
- Satellite TV
- Range
- Tub/Shower
- Carpet
Site Amenities
- Business Center
- Controlled Access
- Fitness Center
- Laundry Facilities
- Laundry Service
- Elevator
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 60 | $700.00 | 715 |
| 2+1 | 7 | $800.00 | 920 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,663,800 | |
| Land Assessment | $69,200 | Total Assessment | $1,733,000 |
Property Taxes
Parcel Numbers
Land Assessment
$69,200
Improvements Assessment
$1,663,800
Total Assessment
$1,733,000
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Atlas Apartments | 401 N 10th St
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