1517-1525 S Walnut St - Apartments FOR SALE


Muncie, IN 47302- South Muncie
$500,000 USD
202-510-2689
1517-1525 S Walnut St, Muncie, IN for Sale
$500,000 USD
Apartments - FOR SALE
1/2
null | 4.23% Cap Rate

1517-1525 S Walnut St
Muncie, IN 47302
South Muncie


HIGHLIGHTS

  • Extensive Capital Improvements: Ownership has replaced mechanical systems, interior finishes siding, subflooring, drywall, and much more
  • Full Electric System Replacement: All units were completely re-wired and new individual meters installed
  • Upside Through Commercial Space: The property currently has a vacant commercial space offering potential for revenue increases through lease-up
  • Additional Unit Upside: Two additional units are partially complete and can be finished for immediate rental increases

OVERVIEW

Introducing the Walnut Street Apartment Portfolio, consisting of 10 renovated apartment units and a commercial space across several adjacent structures. The property has 5,300 rentable square feet and sits on a .41 acres site. The property has undergone a complete transformation with extensive capital improvements. These include major structural, mechanical, electrical, and cosmetic upgrades. New flat roofs have been installed, all siding and windows replaced, electrical systems fully rewired with new meters. Plumbing upgrades, new cabinets and countertops, new flooring, fresh interior paint, new appliances in renovated units, new showers/tubs/toilets, security cameras, and significant subfloor and drywall replacement. The Walnut Street portfolio represents an opportunity to acquire a workforce-grade housing asset in a supply-constrained rental market where renovated products perform well. Property has vacant industrial space that could also be used for retail.

FOR SALE DETAILS

PRICE

$500,000 USD

PRICE/SF

$94 USD /SF

# OF UNITS

10

PRICE/UNIT

$50,000

CAP RATE

4.23%

% LEASED

70%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1953

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

18-11-16-479-011.000-003

ASK ABOUT THIS PROPERTY

Matthew DraneVerti Commercial Real EstateMore Info
202-510-2689

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Matthew DraneVerti Commercial Real EstateMore Info
202-510-2689

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