440-450 S Grant St - Apartments FOR SALE


West Lafayette, IN 47906- Downtown West Lafayette
$14,950,000 USD
317-414-4106
440-450 S Grant St, West Lafayette, IN for Sale
$14,950,000 USD
Apartments - FOR SALE
1/6
null | 6.08% Cap Rate

440-450 S Grant St
West Lafayette, IN 47906
Downtown West Lafayette


HIGHLIGHTS

  • 144-bed student housing asset in West Lafayette, IN
  • Located on Big 10 Purdue University campus
  • (34) 4-Bed / 1.5-Bath units and (2) 4-Bed / 2-Bath units
  • Asset consisting of 2 buildings constructed in 1986
  • Master lease in-place with Purdue through the 2027/2028 school year. Stable, risk-free cash flow
  • Possible future on-campus redevelopment opportunity

OVERVIEW

OVERVIEW Triad Real Estate Partners is pleased to present Benchmark II Student Apartments on the campus of Big 10 Purdue University. The Apartments are located on the southeast side of Purdue's West Lafayette campus, about one block away from the College of Veterinary Medicine and approximately four blocks from the Purdue Memorial Union as well as Krannert School of Management and Rawls Hall. Chauncey Village is also a short walk (restaurants, Target and numerous other shopping locations). The unit mix consists of (36) 4 Bedroom apartments, 144 beds. Purdue University has a master lease in-place through the 2028 school year with 5% rent bumps every school year. Purdue provides the furniture for all the units. Amenities include dishwashers, private bedrooms, cable and highspeed internet access in each bedroom, on-site laundry facilities, resident on and off-street parking. UNIVERSITY Purdue University is a renowned public institution located in Indiana, with an enrollment of over 55,000 students. Established in 1871, it has developed a strong reputation as a leading research university. Over the years, Purdue has consistently contributed to advancements in various fields, fostering innovation and scholarship among its diverse student body. The university's commitment to excellence in education and research has solidified its status as a premier destination for students seeking a rigorous and impactful academic experience. OPPORTUNITY This property is a prime investment opportunity for buyers seeking a well-located property near a major university. With Purdue University holding a master lease through the 2028 academic year and a planned 5% increase in rent annually, investors can expect reliable income and potential for growth. The high demand for student housing in this area, driven by the university's large enrollment, suggests a stable market for rental properties. Additionally, the inclusion of furnished apartments and essential amenities enhances the appeal to prospective tenants, making this property a strategic addition to any real estate portfolio. Don't miss this opportunity to own 144 beds on the Purdue University campus with the possibility of a redevelopment play in the future.

FOR SALE DETAILS

PRICE

$14,950,000 USD

PRICE/SF

$250 USD /SF

# OF UNITS

36

PRICE/UNIT

$415,278

CAP RATE

6.08%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Benchmark II

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1983

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.51 AC

LAND SF

22,216 SF

ZONING

-

APN/PARCEL ID

79-07-19-480-001.000-026,79-07-19-480-005.000-026,79-07-19-480-006.000-026

ASK ABOUT THIS PROPERTY

Brent SilcoxTriad Real Estate PartnersMore Info
317-414-4106

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Brent SilcoxTriad Real Estate PartnersMore Info
317-414-4106

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