555 W Mill St
Middletown, IN 47356
Mill Street Apartments · Multifamily Property For Sale · 10 Units

Marcus & Millichap is pleased to offer a 10 unit 1995 constructed apartment investment in Middletown Indiana. If you've ever considered owning apartments in any of the following markets or currently have a portfolio of properties in any of the following: Noblesville, Anderson, Greenfield, Knightstown, New Castle, Muncie, and Richmond; Middletown is approximately a 30 mile/ 40 minute commute from subject to any of these markets. The investments gross rents can be optimized from its current average of sixty four cents per square foot (.64/sf) to the market average of seventy cents per square foot (.70/sf). Both roofs are pitched/shingled and are approximately eleven (11) years old. The units are all electric and individually metered for electric baseboard heating, electric thirty gallon water heaters, and electric window a/c units. The units themselves are offered with one refrigerator, one electric stove, and washer/dryer hook ups. Tenants provide their own washer/dryers upon move-in. Each unit is offered one carport space for parking and an individual patio at the rear for outdoor space. Buyer profile has considered owning apartments in any of the markets mentioned above or currently has a portfolio of properties in any of the following: Noblesville, Anderson, Greenfield, Knightstown, New Castle, Muncie, and Richmond; Middletown is approximately a 30 mile/ 40 minute commute from subject to any of these markets. Buyer will be comfortable investing in a town of less than 3,000 population but within close proximity to larger satellite markets as mentioned above. Buyer will be attracted to the low replacement costs of baseboard heating elements and wall a/c units without the risk of R22 refrigerant phase outs scheduled for 2019. Buyer will be attracted to the condition of the investment and the gross potential rent upside that currently is not optimized. The investments gross rents can be optimized from its current average of sixty four cents per square foot (.64/sf) to the market average of seventy cents per square foot (.70/sf). Both roofs are pitched/shingled and are approximately eleven (11) years old. The units are all electric and individually metered for electric baseboard heating, electric thirty gallon water heaters, and electric window a/c units. The units themselves are offered with one refrigerator, one electric stove, and washer/dryer hook ups. Tenants provide their own washer/dryers upon move-in. Each unit is offered one carport space for parking and an individual patio at the rear for outdoor space. No seller financing requests will be considered. Our fully integrated, dedicated financing arm is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms. We leverage our prominent capital market relationships with local commercial banks to provide our clients with the greatest range of financing options. Our dedicated,knowledgeable experts understand the challenges of financing and work tirelessly to resolve all potential issues for the benefit of our clients. Marcus & Millichap Capital Corporation offers optimum financing solutions to enhance value and control throughout the transaction and process.