Presented By: Shadeland Court Apartments INC Investments LLC€¦ · Very rare find in the Indianapolis market Property is in need of Capex items around$200,000 and can approved for

3900 N Shadeland Ave, Indianapolis, IN 46226

Shadeland Court ApartmentsPresented By:INC Investments LLC


Property Details

Shadeland Court Apartments

Price: $5,000,000

Price: $5,000,000

No. Units: 101Property Type: Multifamily

Property Sub-type: Apartments

Apartment Style: Garden

Building Class: C

Sale Type: Investment

Cap Rate: 8.00%

Stabilized CAP: 14.82%Lot Size: 4.89 AC

Building Size: 59,344 SF

No. Beds: 101No. Stories: 2 & 3Year Built: 1968

Parking Ratio: 1.96/1,000 SF

Zoning Description: C2

Huge Value-Add

70% of units renovated in 2019Strong NOI

Management and maintenance on site

Centralized location- bus line

Tremendous value-add opportunity. 101 units currently at 100% occupancy, seller has waiting list from the VA, Department of Child Services and Section-8 on units. Market rents are averaging $40 per unit higher. approx 70% of the units were renovated in 2019. Very rare find in the Indianapolis market Property is in need of Capex items around$200,000 and can approved for Tiff grant money though the city of Indianapolis

https://www.loopnet.com/Listing/3900-N-Shadeland-Ave-Indianapolis-IN/17255652/



Unit/Room Mix Information

Description No. Units Sq. Ft1+1 76 968 2+1 24 1,100


Location


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Shadeland Courts Apartments

Summary Information

Purchase Price

Proposed New Loan

Original Loan Amount

Units

4.69 Monthly Debt Payment $17,545

Annual Debt Service $210,540

Current Cap Rate

Annual Operating Data

Current Pro

$5,000,000

Down Payment 25% $1,250,000

101 Interest Rate 3.75%

$3,750,000

Price Per Unit $49,500 Amortization 360

Land Size (Acres)

8.40%

Current Cash-On-Cash Return 16.75%

Current Total Return 24.93%

Current Debt Coverage Ratio 1.99

Proforma Cap Rate 12.04%

Proforma Cash on Cash 31.18%

Proforma Total Return 40.00%

Proforma Debt Coverage Ratio 2.36

Potential Gross Rent $619,440 $748,800 $624/unit

Water Charges ($30/unit-Mo) 0 $36,000 $30/unit

Misc Income $4,705 $21,800

Potential Gross Income $624,145 $806,600

Effective Gross Income $624,145 $806,600

Operating Expenses $204,121 $204,121

Net Operating Income $420,024 $602,121 12.04%

Annual Debt Service $210,540 $210,540

Net Cash Flow After Debt $209,484 $391,581 31.32%

Principal Reduction $99,384 $99,384

Total Return $308,868 $490,965 40.00%

3900 N Shadeland Ave, Indianapolis IN

CURRENT AVERAGE per UNITS @ $517/UNIT 2020 INCRESED AVERAGE 100 UNITS @ $624/UNIT

INCOME ANALYSIS ACTUAL PROFORMA DISCRIPTION GROSS BASE RENT $ 619,440.00 $ 748,800.00 LAUNDRY $ 0.00 $ 18,000.00 WATER CHARGES $ 0.00 $ 36,000.00 LATE FEES $ 4,705.00 $ 3,800.00 TOTAL GROSS INCOME $ 624,145.00 $ 806,600.00 SCHEDULED INCOME $ 624,145.00 $ 806,600.00 EXPENSES TAXES $ 27,241.00 $ 27,241.00 INSURANCE $ 23,000.00 $ 23,000.00 MANAGEMENT $ 38,400.00 $ 38,400.00 MAINTENANCE $ 40,140.00 $ 40,140.00 REPAIRS $ 33,340.00 $ 33,340.00 UTILITIES $ 42,000.00 $ 42,000.00 TOTAL EXPENSES $ 204,121.00 $ 204,121.00 NET INCOME $ 420,024.00 $ 602,479.00

CAP RATE @ $5,000,000 8.40% 12.04% RESALE/REFINANCE

DISPOSITION VALUE IN 12 MONTHS @7.5% $8,,000.00

TYPE #UNITS SF CURRENT RENT INCRESED WATER 1BR 76 968 500 600 30 2BR 24 1100 600 700 30 52,400 62,400 3000

Documents

Presented By: Shadeland Court Apartments INC Investments LLC€¦ · Very rare find in the Indianapolis market Property is in need of Capex items around$200,000 and can approved for