new yorker apartment homes - loopnet...the new yorker apartment homes is a 28 unit community located...
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Michael B. Drew CCIMSenior Vice PresidentInvestment & Multifamily ServicesDirect 317.663.6079Mobile [email protected]
28 UNITS // MULTIFAMILY // VALUE ADD OPPORTUNITY
The New Yorker Apartment Homes is a 28 unit community located on the north side of Indianapolis at 3707
& 3715 North Meridian Street and 22 East 37th Street Indianapolis, Indiana 46208. The property includes two
Three Story apartment buildings with full basements plus one Two Story duplex. The gross square footage is
approximately 23,200 including 6 Studio (402 SF), 14 One Bedroom One Bath (560 SF), 6 Two Bedroom 2 Bath
(1,525 SF). There are 2 units in the Two-Story Duplex Home at 22 East 37th Street with two bedrooms per unit.
The property is located on a .97± acre site and is constructed of two and three-story wood frame with brick
veneer exterior. The apartment buildings have wood deck roofs and the duplex has a pitched asphalt shingle roof.
All units have tenant paid HVAC equipment. The property offers substantial upside for a buyer who updates the
renovation and leases up the vacant units with professional property management. Property amenities include
laundry facilities in many of the units and in basement hallways. Parking is secured by a gate that is operated by
access codes provided to the tenants. The New Yorker Apartments were built in 1918 and the apartments were
fully renovated in 1990.
RESOURCE Commercial Real Estate9339 Priority Way West Drive Suite 120Indianapolis, IN 46240
+ Owner will deliver free and clear for $40,000/unit.
+ Buyer can place new financing on the property.
+ The renovation only needs to be updated.
+ Convenient to shopping, restaurants, schools, and
downtown Indianapolis is only 10 minutes away.
+ The neighborhood is in the process of re-gentrification appealing to middle class income.
+ Resident paid electricity and gas.
+ Gas forced air heat and individual air conditioning units.
NEW YORKER APARTMENT HOMESASKING PRICE // $1,120,000 3707 & 3715 North Meridian Street // Indianapolis, IN 46208
www.RCRE.com
+ Proforma Levered IRR ___%.
+ Proforma cash on cash ___%.
+ Market timing provides upside potential with increased occupancy and rents.
+ Indy Go Metro City Bus Stop in front of property.
REASONS TO BUY // EXCLUSIVE 28 UNIT MULTIFAMILY OFFERING
FOR SALE // EXCLUSIVE MULTIFAMILY OFFERING
New Yorker Apartment Homes3707 & 3715 North Meridian Street // Indianapolis, IN 46208
Michael B. Drew CCIMDirect [email protected]
PROPERTY AMENITIES
UNIT FEATURES
The property includes a private parking lot with a gate opened by security codes provided to tenants. Front and back exterior doors require a key for access. Washer and Dryer facilities are available in the basement hallways and in most of the units.
We are offering the New Yorker Apartment Homes for sale for $1,120,000 which is $40,000/unit and $48.28 per SF. The buyer will be able to place favorable new financing on the property with the seller delivering the property free and clear at closing.
The property is located at 3707 & 3715 North Meridian Street and 22 East 37th Street which is only 3.7 miles from downtown Indianapolis. Nearby universities include IUPUI in downtown Indianapolis and Butler University, a short 7 minute drive north to 46th Street then west a few blocks. Marian University is approximately 10 minutes west of the New Yorker.
Recent developments in the area include construction of the new apartments along Meridian Street south of the New Yorker and a total rehab of CityView Apartments one block north of the New Yorker. Prominent local developer Flaherty & Collins Properties bought the Five Story United Way of Central Indiana building at 3901 N Meridian St in April 2016 and have revealed plans to co-develop the property with community development group Midtown Indianapolis Inc.
The 28 units renovated in 1990 included new furnaces, water heaters, appliances, kitchen cabinets, carpets, paint, lights, fans, sinks, mini blinds. Most kitchens include an electric or gas range with microwave or hood and refrigerator/freezer. Some of the appliances have been replaced as needed. Cable TV is available and paid by the tenant. The two bedroom units have gas fireplaces.
FINANCIAL HIGHLIGHTS
LOCATION
AREA ANALYSIS
UNITS TYPEUNIT
SFTOTAL NRA RENT RENT PSF
TOTAL RENT
4 Studio 402 2,412 $450 $1.1194 $1,800
16 1 Bed
1 Bath
560 7,840 $550 $0.9821 $8,800
62 Bed
2 Bath1,525 9,150 $725 $0.4754 $4,350
22 Bed
2 Bath1,149 2,298 $600 $0.5222 $1,200
28 775 21,700 $570 $0.7350 $16,150
UNIT MIX
www.RCRE.com
FLOOR PLANSProperty Mgmt. Budget* Stabilized Year 1
Proforma
INCOME TOTALS PER UNIT TOTALS PER UNIT
Gross Scheduled Market Rent $193,800 $6,921 $208,200 $7,436
Less:~ Loss to Lease/Vacancy $(15,312) -7.9% $(16,656) -8.0%
Less: Write Off $(2,000) -1.0% $(2,082) -1.0%
Less: Collection Loss $(2,000) -1.0% $- 0.0%
Total Rental Income $174,488 $6,232 $189,462 $6,767
Plus: Water/Sewer RUBS Income $- $- $- $-
Plus: Other Income $- $- $1,008 $36
Effective Gross Income $174,488 $6,232 $190,470 $6,803
VARIABLE EXPENSES
Payroll $1,000 $36 $1,400 $50
Administrative Expense/Show Apartments $1,000 $36 $1,400 $50
Advertising/Marketing $1,200 $43 $1,232 $44
Maintenance Turn & Landscaping $11,884 $424 $12,040 $430
Other Legal - Locksmith, Fire Alarm,ATT Pest Control:
$22,123 $790 $23,800 $850
Total Variable Expenses $37,206 $1,329 $39,872 $1,424
Real Estate & Personal Property Taxes* $15,288 $546 $18,594 $664
Utilities Electricity $9,763 $349 $10,080 $360
Utilities Natural Gas $7,836 $280 $7,000 $250
Utilities Water & Sewer $8,803 $314 $8,848 $316
Property Management Fee $15,000 $536 $15,238 8.0%
Insurance $15,000 $536 $15,120 $540
Trash Removal $2,542 $91 $2,660 $95
Total Operating Expenses $111,438 $3,980 $117,412 $4,193
NET OPERATING INCOME $63,050 $2,252 $73,058 $2,609
Less: Proposed Debt Service:** $(35,438) $(1,266) $(35,438) $(1,266)
CASH FLOW AFTER DEBT $27,612 $986 $37,621 $1,344
PHOTOS
1 Bedroom17’6” x 27’6”12’4” x 6’5” (kitchen)560 sq. ft.
Living/Dining17’6” x 16’1”
Bedroom10’6” x 11’4”
Closet
Closet
Clo
set Bathroom
7’3” x 7’5”
Table
Kitchen12’4” x 6’5”
Bedroom28’6” 18’7”
Dining12’1” x 12’8”
Living Room18’3” x 12’8”
Sunroom7’3” x 11’6”
New Yorker2 Bedroom, 2 Bathroom
61’1” x 24’7”1,525 sq. ft.
Bedroom9’11” x 11’11”
Closet
Closet
Clo
set
Closet
Pant
ry
Kitchen11’6” x 16’1” Entry
9’9” x 6’7”
Bathroom12’3” x 8’11”
Closet
New YorkerE�ciency3715 LLB
402 sq. ft.
Kitchen/Dining11’1” x 10’8”
Living Area7’11” x 10’10”
Entertainment Center
Bathroom
Closet
Furn
ace
Wat
er
Hea
ter
2018 BUDGET - PROFORMA*
*Draft for discussion only - not complete - Seller does not have accurate historic P+L information. The Property Manager provided the Budget used for the Pro Forma
The information contained herein was obtained from sources we consider reliable. We cannot be responsible for errors, omissions, prior sale or lease, withdrawal from the market or change in price. Seller and broker make no representation as to the environmental condition of the property and recommend the lessee’s/purchaser’s independent investigation. Ver 18.06.28-1434 www.RCRE.com
COMPARABLE RENTAL PROPERTIES
COMPARABLE SALES / REFINANCE
ADDRESS YEAR BUILT/RENOVATED UNITS CLOSED PRICE/
REFINANCE PRICE/UNIT
THE MARLEIGH1434-1448 N Delaware St Indianapolis, IN 46202
1918 49 June 2015 $1,800,000 $37,855
THE JORDAN1445 N Delaware StIndianapolis, IN 46202
1940 38 June 2015 $1,694,600 $44,594
HISTORIC SCARBOROUGH PLACE3753 N Meridian StIndianapolis, IN 46202
19 Dec 2016 $565,000 $29,737
THE DORCHESTER3720 N Pennsylvania StIndianapolis, IN 46205
1920 52 Aug 2016 $1,950,000 $37,500
PENNVIEW APARTMENTS3736 N Pennsylvania StIndianapolis, IN 46205
1920 24 July 2015 $910,000 $37,951
ADDRESS YEAR BUILT/RENOVATED UNITS VACANCY AVG UNIT SF AVG ASKING/UNIT
THE SHELDRAKE APARTMENTS2258 N Meridian St Indianapolis, IN 46208
1925 57 10.53% 457 SF $703
MARBLEHEAD3310 N Meridian StIndianapolis, IN 46208
1940/2003 36 16.67% 636 SF $649
HISTORIC SCARBOROUGH PLACE3753 N Meridian StIndianapolis, IN 46208
19 0% 971 SF $522
PENN TERRACE3515 N Pennsylvania StIndianapolis, IN 46205
1982 24 20.83% 708 SF $764
THE DORCHESTER3720 N Pennsylvania StIndianapolis, IN 46205
1920 52 7.69% 690 SF $636
PENNVIEW APARTMENTS3736 N Pennsylvania StIndianapolis, IN 46205
1920 24 0% 633 SF $575
The information contained herein has been given to Resource Commercial Real Estate, either by the owner or the property manager.Historical Expenses were paid from several different bank accounts and credit cards so the budget and Pro Forma are not based on sofisticated software reports.The proespective buyer should create their own Income and Expense Budget and should also perform a detailed physical inspection of the property.