119 E Lake Ave - Apartments FOR SALE


Plymouth, IN 46563
$5,450,000 USD
312-327-5455
119 E Lake Ave, Plymouth, IN for Sale
$5,450,000 USD
Apartments - FOR SALE
1/20
null | 7.08% Cap Rate

119 E Lake Ave
Plymouth, IN 46563


HIGHLIGHTS

  • 2019 Construction
  • Spacious One, Two, and Three-Bedroom Units
  • Best in Market Amenities: Private Balconies, and In-Unit Laundry
  • 7%+ Cap Rate Day 1 with Significant Upside Through Operational Efficiencies and Maximizing Rents Supported by Comps

OVERVIEW

Opportunity to acquire River Gate South, a newly constructed mid-rise apartment community located at 119 E Lake Avenue in Plymouth, Indiana. Built in 2019, this four-story property includes 40 spacious units with a combination of one, two, and three-bedroom layouts designed to accommodate modern renters. Units feature best-in-class finishes such as in-unit laundry, private balconies, contemporary kitchens, and premium interior amenities. This asset delivers a strong investment profile with a current cap rate of approximately 7.08% and additional value-add potential through operational efficiencies and rent optimization supported by market comps. Residents benefit from an extensive amenity package that includes a fitness center, controlled access entry, clubhouse, movie theatre/media center, sundeck, and outdoor recreation areas. The property is professionally managed and designed for long-term sustainability and tenant satisfaction. Located within Plymouth’s dynamic housing market, River Gate South offers connectivity to regional employment hubs and local services. With proximity to dining, retail, and schools, the asset positions investors to capitalize on consistent tenant demand within Northern Indiana’s steadily growing rental sector.

FOR SALE DETAILS

PRICE

$5,450,000 USD

PRICE/SF

$108 USD /SF

# OF UNITS

40

PRICE/UNIT

$136,250

CAP RATE

7.08%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

River Gate South

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2019

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.04 AC

LAND SF

45,087 SF

ZONING

-

APN/PARCEL ID

50-32-93-104-259.001-019

ASK ABOUT THIS PROPERTY

Kyle StengleMarcus & MillichapMore Info
312-327-5455

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Kyle StengleMarcus & MillichapMore Info
312-327-5455

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.