2505 E 10th St - Apartments FOR SALE


Anderson, IN 46012
$3,198,000 USD
628-227-6187
2505 E 10th St, Anderson, IN for Sale
$3,198,000 USD
Apartments - FOR SALE
1/10
null | 8.04% Cap Rate

2505 E 10th St
Anderson, IN 46012


HIGHLIGHTS

  • 2505 E 10th Street, also known as The Mint Apartments, a two-story, 36-unit apartment building, spans 35,824 square feet on a 2.32-acre parcel.
  • Located on the corner of East 10th Street and Lennox, The Mint Apartments are nestled in one of Anderson's finest residential neighborhoods.
  • Stable, hands-off investment opportunity to acquire a cash-flowing, 100% occupied MFR asset that underwent a full remodel four years ago.
  • Ownership’s recent CapEx injection went into brand-new flooring, kitchens, appliances, bathrooms, and bedrooms throughout each unit.
  • Anderson is about 35 miles northeast of Indianapolis along I-69, giving residents a genuine small-city feel with easy access to a major metro.
  • Less than 2 miles from Anderson University, a private university contributing to local renters' demand in the immediate area for students and staff.

OVERVIEW

Investors alike are welcomed to the opportunity to acquire a 36-unit, fully occupied apartment building in the heart of Anderson, Indiana, that generates stable cash flow and long-term ROI. The Mint Apartments offer nine one-bedroom/one-bathroom units averaging 784 square feet, and 27 two-bedroom/one-bathroom units averaging 852 square feet. The garden-style complex features an on-site laundry facility, a grassy courtyard, over 40 paved parking spaces, a pet play area, and a picnic area. The complex has three shopping centers within 0.8 miles, which is about a 15-minute walk. The closest park, Mounds State Park, is 3.6 miles (8 minutes) away, and St. Vincent Anderson Regional Hospital is 3.4 miles away and is convenient to other hospitals, including Community Hospital of Anderson and Madison County. The Mint Apartment’s 10-mile demographics indicate there are over 44,600 households in the 10-mile radius, expected to increase by 0.6% by 2030. Average household incomes are just shy of $80,000, and each year the realm generates more than $1.2 billion in consumer spending power. Approximately 34% of households are renter-occupied, and 36% are one- and two-person occupied, signifying demand for small rental units in the immediate area. Don’t miss the opportunity to acquire this stabilized housing asset with recent renovations, providing streamlined rental income.

FOR SALE DETAILS

PRICE

$3,198,000 USD

PRICE/SF

$89 USD /SF

# OF UNITS

36

PRICE/UNIT

$88,833

CAP RATE

8.04%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Mint Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

49

LAND DETAILS

LAND ACRES

2.32 AC

LAND SF

101,059 SF

ZONING

B-3

APN/PARCEL ID

48-12-17-200-003.000-003

ASK ABOUT THIS PROPERTY

Art DrozdArthur DrozdMore Info
628-227-6187

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Art DrozdArthur DrozdMore Info
628-227-6187

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