East Ridge Apartments | 2302 N Ritter Ave
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East Ridge Apartments 2302 N Ritter Ave
42 Unit Apartment Building $3,590,000 ($85,476/Unit) 6.86% Cap Rate Indianapolis, IN 46218
Investment Highlights
- Attractive unit mix - 78% 2-bedrooms
- Extensive capital expenditures completed - new gas lines, exterior painting, all new AC units, and more
- Year-over-year rent growth of 6.8% in submarket
- 100% of units renovated
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,590,000 | Apartment Style | Low Rise |
| Price Per Unit | $85,476 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.01 AC |
| Cap Rate | 6.86% | Building Size | 38,967 SF |
| Gross Rent Multiplier | 8.95 | Average Occupancy | 90% |
| No. Units | 42 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.98/1,000 SF |
| Price | $3,590,000 |
| Price Per Unit | $85,476 |
| Sale Type | Investment |
| Cap Rate | 6.86% |
| Gross Rent Multiplier | 8.95 |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 2.01 AC |
| Building Size | 38,967 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built/Renovated | 1969/2022 |
| Parking Ratio | 1.98/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Refrigerator
- Range
- Carpet
- Family Room
- Patio
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $687.50 | 650 |
| 2+1 | 33 | $802.50 | 875 |
| 3+1 | 1 | $1,000 | 1,000 |
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PROPERTY TAXES
| Parcel Number | 49-07-27-103-002.000-701 | Total Assessment | $567,800 |
| Land Assessment | $121,200 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $446,600 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
49-07-27-103-002.000-701
Land Assessment
$121,200
Improvements Assessment
$446,600
Total Assessment
$567,800
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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East Ridge Apartments | 2302 N Ritter Ave
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