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5824 E Washington St
Indianapolis, IN 46219
Aerie Apartments Portfolio · Multifamily Property For Sale
·
63 Units
Investment Highlights
- Incomes +22% Above the County - Irvington households earn a median of $81K a year, about 22% more than Marion County's $66K.
- Priced Below Replacement - At roughly $63K per unit and near $100 per square foot, the basis sits well under new construction.
- Clear Lease-Up Upside - Currently 79% occupied, straightforward lease-up expands the cap rate into the high 8% to 9% range.
- Scale in a Growth Path - Two communities a mile apart, offered together at a contingent discount, next to an incoming $2 billion data center.
Executive Summary
Marcus & Millichap is pleased to present the exclusive offering of Aerie Apts Portfolio, 63 units across two early-1960s communities one mile apart on Indianapolis' east side: The Aerie on 11th (33 units) and The Aerie on Washington (30 units).
Currently 79 percent occupied, straightforward lease-up carries NOI from $254,000 in-place T12 to a $337,000 pro forma, expanding the cap rate from the mid-6 percent range to a stabilized 8.5 percent to 9.3 percent with five-year IRRs in the high-teens to low-20s. Ownership is also in talks to house incoming data-center construction crews, generating a near-term rent tailwind.
Both communities sit in Irvington on Indianapolis' east side, which is one of the city's most walkable historic neighborhoods. The Aerie on Washington fronts Washington Street, the historic National Road commercial corridor, near local restaurants, shops, and parks, with The Aerie on 11th a mile north. Both reach downtown Indianapolis in about fifteen minutes via Interstate 70, and a funded streetscape project continues to upgrade the corridor.
Currently 79 percent occupied, straightforward lease-up carries NOI from $254,000 in-place T12 to a $337,000 pro forma, expanding the cap rate from the mid-6 percent range to a stabilized 8.5 percent to 9.3 percent with five-year IRRs in the high-teens to low-20s. Ownership is also in talks to house incoming data-center construction crews, generating a near-term rent tailwind.
Both communities sit in Irvington on Indianapolis' east side, which is one of the city's most walkable historic neighborhoods. The Aerie on Washington fronts Washington Street, the historic National Road commercial corridor, near local restaurants, shops, and parks, with The Aerie on 11th a mile north. Both reach downtown Indianapolis in about fifteen minutes via Interstate 70, and a funded streetscape project continues to upgrade the corridor.
Property Facts
| Price Per Unit | $63,175 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.73 AC |
| Cap Rate | 6.38% | Building Size | 44,550 SF |
| No. Units | 63 | Average Occupancy | 79% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1963 |
| Apartment Style | Low-Rise | ||
| Zoning | MF - Multi-family | ||
| Price Per Unit | $63,175 |
| Sale Type | Investment |
| Cap Rate | 6.38% |
| No. Units | 63 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.73 AC |
| Building Size | 44,550 SF |
| Average Occupancy | 79% |
| No. Stories | 3 |
| Year Built | 1963 |
| Zoning | MF - Multi-family |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 30 | $854.00 | 270 |
| 2+1 | 31 | $866.00 | 850 |
| 3+1 | 1 | $1,016 | 950 |
| 3+1.5 | 1 | $1,210 | 1,050 |
Property Taxes
| Parcel Number | 49-07-35-104-045.000-701 | Improvements Assessment | $1,154,300 |
| Land Assessment | $84,800 | Total Assessment | $1,239,100 |
Property Taxes
Parcel Number
49-07-35-104-045.000-701
Land Assessment
$84,800
Improvements Assessment
$1,154,300
Total Assessment
$1,239,100
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