Multifamily Property for Sale in Richmond, IN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Richmond, IN 47374

Description

Marcus & Millichap is pleased to present Atlas Apartments, a 67-unit apartments community located in Richmond, Indiana. Originally built in 1910, the property underwent full and complete renovation in 2000. Atlas Apartments differentiate from competing properties in the market through its unique floor plans, 12-foot ceiling loft-style units, and modern finishes with classic charm. Atlas also provides various tenant accommodations including onsite laundry facilities, a courtyard, a study lounge, and controlled building access. Atlas Apartments is well positioned in the market to experience strong growth and long-term stability. The property’s recent renovation mitigates risk for large-ticket, capital improvement needs in the near term. The property has experienced signi?cant upgrades including Pex and PVC plumbing, New TPO rubber membrane roof in 2023, all electrical wiring upgraded to copper, and all windows replaced with double pane Low-E vinyl frames. Located in Richmond, Indiana Atlas bene?ts from immediate access to Hwy I-70 which provides a seamless commute of less than 1 hour to Indianapolis and Dayton, Ohio. Wayne County’s regional connectivity makes it a hub for logistics, manufacturing, and cross-state workforce migration. The Reid Healthcare system is the dominate employer in the region employing nearly 3,000 residents, while other major employers are primarily in the manufacturing business. Given the demand for workforce housing in Richmond, vacancy rates remain tight with market vacancy at 4.4 percent and year-over-year Q1 2026 market rent growth at an impressive 4.2 percent (Costar.) Forecasted year-over-year rent growth for Q2 2026 is projected at 4.8 percent. Investment Highlights: • 67 Loft Style Units, Fully Redeveloped in 2000 in Downtown Richmond, Indiana • Offered at an Attractive Basis of $65,000 per Unit - 7.98 Percent In Place Cap Rate • Value-Add Opportunity via Renovation of Remaining 40 Percent of Units • Richmond Year-Over-Year Rent Growt

Market Context

This multifamily in Richmond, IN is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 46 days. Compare it against other multifamily listings for sale in Richmond, IN — <a href="/search/sale/multifamily/indiana/richmond">view the full market</a>.

As of Q4 2023, the Richmond multifamily market showed a 7.7% vacancy rate, and cap rates around 5.8%. Source: Www.lee-Associates.com Q4 2023 market report.

Its 8.0% asking cap rate is above the Richmond multifamily market average of about 5.8%, implying a higher yield (and typically more risk or upside) than comparable assets.

Multifamily market FAQ

What is the typical cap rate for multifamily in Richmond?
About 5.8% as of Q4 2023, per Www.lee-Associates.com.
Is the Richmond multifamily market tightening or softening?
Vacancy is around 7.7% (Q4 2023).

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