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Cedarwood Apartments 515-527 N Grant St 26 Unit Apartment Building $9,995,000 ($384,423/Unit) West Lafayette, IN 47906
Investment Highlights
- Value Add Opportunity
- Desirable location
- Steps from Campus
Executive Summary
The Marquis Group with KW Commercial Lafayette is pleased to present this prime student housing opportunity master leased to Purdue University.? Cedarwood Apartments are located on the northeast side of Purdue's West Lafayette campus, about one block away from the Engineering Mall and approximately 3 blocks from the Purdue Memorial Union as well as Mitch Daniels School of Business and Rawls Hall.? Chauncey Hill Mall is also a short walk (restaurants, Target and other shopping locations).?
Cedarwood Apartments offers 96 Beds: (18) 4BR/1.5BA; (4) 3BR/3BA; and (4) 3BR/1.5BA
This is a value add opportunity with the possibility of converting the 4BR/1.5BA units to highly desirable 3BR/3BA units. By eliminating a 4th bedroom it would allow for an easy conversion to have a better ratio of bedrooms to bathrooms. This location is one of the closest multifamily opportunities to the heart of campus!
515-527 N Grant St, West Lafayette, IN 47906
Can also be assembled with:
Benchmark II: $12,995,000 (Master Leased to Purdue through the 2027-28 School Year)
This property offers 144 Beds: (34) 4BR/1.5BA; (2) 4BR/2BA)with either a balcony or patio.?
440 S Grant St, West Lafayette, IN 47906
447 S Chauncey Avenue, West Lafayette, IN 47906
and
Benchmark III: $3,995,000 (Master Leased to Purdue through the 2027-28 School Year)
This property offers 38 Beds: (9) 4BR/2.5BA and (1) 2BR/1.5BA townhome style living
421-439 S Chauncey Avenue, West Lafayette, IN 47906
Cedarwood Apartments offers 96 Beds: (18) 4BR/1.5BA; (4) 3BR/3BA; and (4) 3BR/1.5BA
This is a value add opportunity with the possibility of converting the 4BR/1.5BA units to highly desirable 3BR/3BA units. By eliminating a 4th bedroom it would allow for an easy conversion to have a better ratio of bedrooms to bathrooms. This location is one of the closest multifamily opportunities to the heart of campus!
515-527 N Grant St, West Lafayette, IN 47906
Can also be assembled with:
Benchmark II: $12,995,000 (Master Leased to Purdue through the 2027-28 School Year)
This property offers 144 Beds: (34) 4BR/1.5BA; (2) 4BR/2BA)with either a balcony or patio.?
440 S Grant St, West Lafayette, IN 47906
447 S Chauncey Avenue, West Lafayette, IN 47906
and
Benchmark III: $3,995,000 (Master Leased to Purdue through the 2027-28 School Year)
This property offers 38 Beds: (9) 4BR/2.5BA and (1) 2BR/1.5BA townhome style living
421-439 S Chauncey Avenue, West Lafayette, IN 47906
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $9,995,000 | Building Class | C |
| Price Per Unit | $384,423 | Lot Size | 0.66 AC |
| Sale Type | Investment | Building Size | 33,297 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 90% |
| No. Units | 26 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | Parking Ratio | 1.8/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3W - Multi family Residential West Lafayette | ||
| Price | $9,995,000 |
| Price Per Unit | $384,423 |
| Sale Type | Investment |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 33,297 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1983 |
| Parking Ratio | 1.8/1,000 SF |
| Zoning | R3W - Multi family Residential West Lafayette |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1.5 | 4 | - | 1,300 |
| 3+3 | 4 | - | 1,000 |
| 4+1.5 | 18 | - | 1,000 |
Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 79-07-19-204-011.000-026 | Total Assessment | $1,879,600 (2024) |
| Land Assessment | $1,243,300 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $636,300 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
79-07-19-204-011.000-026
Land Assessment
$1,243,300 (2024)
Improvements Assessment
$636,300 (2024)
Total Assessment
$1,879,600 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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