5901 E Washington St
Indianapolis, IN 46219
Washington Court Apartments · Multifamily Property For Sale · 40 Units

Washington Court Apartments is a quaint 40-unit community located in the heart of the Irvington Historic District on the east side of Indianapolis. Situated on the main east/west corridor of Washington Street (Route 40), the property offers easy access to Interstate 465 and a short commute to downtown or suburban employers. The Irvington Historic District is experiencing a rebirth and revitalization of its affordable housing stock, along with new construction of multifamily housing. Washington Court was purchased a few years ago and received a total makeover from the mechanical systems, roofs, windows, parking and hallways, to interiors featuring new kitchens, baths, flooring and fixtures. The property features all one bedroom units. Current ownership and the third party professional management team are both located out-of-state. Recent historical financials are indicative of the operational inefficiencies created by this arrangement. The ideal scenario to maximize the bottom line is if an aggressive local owner/operator can step in and maintain market rate occupancy and minimize variable expenses such as management, payroll, and office/administration/overhead costs. With all major capital expenditures and unit upgrades complete, the stabilized operating budget in the operating statement reflects these assumptions for the new owner.