634 S Main St
New Castle, IN 47362
Kalia Apartments · Multifamily Property For Sale · 30 Units

Marcus & Millichap is pleased to present a 1969 constructed 30 unit investment in New Castle, Indiana. Perfect for an opportunistic investor looking to add value through improving the management of the property. There is already in-place cash flow, but affords a new buyer the opportunity to increase that cash flow over time by making improvements to or or lowering operating expenses where possible. The investment is the perfect balance of risk vs. return offering in-place cash flow at the time of acquisition with significant upside potential in the form of value appreciation. Upside risk is mitigated through the use and deployment of the current maintenance staff that are already in place. Lock in the economic inefficiency upside. Individually metered for electric (tenants pay). Water/Sewer are master metered but (passed through to tenants). The investment is approximately one hour from Indianapolis International Airport and less than fifty miles to the central business district of Indianapolis. Bank debt financing is available through M&M Capital Corporation and has been underwritten with conservative bank debt assumptions, including an assumed normalized expense numbers. Perfect opportunity for someone in a 1031 Exchange. Located five minutes from Indiana Basketball Hall of Fame, the property consists of thirteen two bedroom one bath and seventeen one bedroom one bath units, for a total of thirty units. The two story + basement structure is accessed via common area front and rear access points. Recent capital improvements include a new metal roof (replaced May 2018) and tile throughout. Significant turnover costs are minimized through carpet replacement with tile. The only rooms with carpet are the bedrooms. The units amenities including a refrigerator, electric stove, electric central forced air, electric hot water heater, and a common area coin operated laundry facility. Parking facilities are accessed via alleyways behind and along the structure. The small mowing area minimizes landscaping overhead costs.