3527 N College Avenue , Apt 1

Description

The subject property is a fully renovated multifamily asset consisting of six (6) individual condominium units operated as rental apartments. Originally constructed in 1910, the building underwent a comprehensive gut renovation completed between 2023 and 2024, resulting in modernized interiors and systems while maintaining its underlying structure. The unit mix consists entirely of two-bedroom layouts, averaging approximately 909 square feet, catering to strong rental demand for well-sized units. Situated on a 0.22-acre (9,599 square feet) site, the property also benefits from six (6) gated parking spaces-an increasingly valuable amenity in the market. Following renovation, the asset is considered to be in good overall condition and is classified as a Class B property within its competitive set. The current ownership acquired the property in December 2017, at which time it operated as a 10-unit apartment building. Ownership executed a strategic repositioning by vacating the property, legally converting it into six condominium units, and completing a full-scale rehabilitation at a reported cost of approximately $700,000. Although the original business plan allowed for individual unit sales, ownership elected to retain all units and operate the property as a stabilized multifamily rental asset. A rezoning approval in October 2024 permits this use, with supporting documentation available upon request. A 2025 appraisal concluded a market value of $950,000, further supporting the asset's repositioning and current operational strategy. The property is located within the Indianapolis Metropolitan Statistical Area (MSA), one of the largest multifamily markets in the United States by inventory. The MSA demonstrates strong economic fundamentals, including median household incomes exceeding the state average and projected population growth over the next five years. These trends support sustained rental housing demand. More specifically, the asset is located in Central Mario