4611 S Madison St
Muncie, IN 47302
Mosier Apartments · Multifamily Property For Sale · 18 Units

This multifamily property consists of two 8-unit apartment buildings and two single-family rental homes. Many manufacturing, distribution, energy, and transportation companies are located in the immediate area, providing the apartments with a very strong tenant base to draw from. The 8-unit apartment buildings are all-brick construction with pitched roofs. The unit-mix for the 16 units is 12 one-bed/one-bath and 4 two-bed/one-bath units. The spread in rents for the one bedrooms ranges from $400 to $592, and the spread in rents for the two bedrooms is $425 to $550. Assuming the potential rent for every unit is $550, the current loss to lease exceeds 14%. There is significant opportunity to add value and increase profits by reducing the rental spread. If limited renovations were completed as units turned, resulting in the loss to lease being reduced to 7%, then over $10,000 in revenue would be added per year. The two houses are directly adjacent to the 8-unit apartment buildings, providing an investor with 18 rental units in one geographical location. There are numerous bluecollar employers in the close proximity of the Mosier Apartments, including ABC Supply Company, MAGNA Powertrain, Diamond Plastics Corporation, Exide Technologies, GKN Aerospace, JDNorman Industries, Applied Industrial Technologies, Magna Tech Manufacturing, Progress Rail, Reliance Machine, Vectren Energy Delivery, Attlin Construction, DIY Group, Eagle Battery, Haylex Manufacturing, Franklin Stamping Industries, several automobile shops, and a FedEx Ship Center.