Gomberg Report >
Indiana

Updated 5/2/2008
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Town
Property Description
Asking Price
Gross Income
Gross Multiplier
PPU
Comments
Contact Broker
Anderson (approximately 25 miles northeast of Indianapolis)
89 unit
532,888
4.5
26,966
Well maintained 1968 apartment complex situated on 8 acres. There are 7 1BR, 77 2BR and 5 townhomes. 80% of the units have been renovated.
Bargesville (approximately 15 miles west of Indianapolis)
No current listings
Bloomington (approximately 50 miles south of Indianapolis)
16 unit
73,885
9.4
43,437
Solid apartment building. The interior was completely remodeled in 2000. There are 8 one-bedroom units and 8 two-bedroom units. Every bedroom has a private bath. Close to I.U. stadiums.
36 unit
203,328
6.76
38,194
The unit mix consists of (4) one bed and (32) two bedapartments situated in three two-story brick buildings. The units come equipped with modern appliances including dishwashers and central air conditioning. Each individual unit has its own balcony or patio. Tenants pay for gas and electric.
Butler (approximately 40 miles north of Fort Wayne)
No current listings
Clarksville (approximately 110 miles south of Indianapolis)
57 unit
413,100
5.57
40,350
Apartment complex with all 2BR, 1.5BA townhouses. Situated on 3.7 acre lot.
Connersville (approximately 65 miles east of Indianapolis)
129 unit
626,244
4.31
20,930
Three story building with large central lobby and elevator. Community amenities include activity rooms, a picnic area, laundry on each floor, vending room and complimentary storage lockers. Building is of wood frame construction on slab. Exteriors are brick, masonite and vinyl siding. The building has four apartment wings off of the central core common area. Roofs of the apartment wings are pitched with composite shingles. Common area core has rubber membrane roof. Unit amenities include patios or balconies, walk-in closets, stainless steel sinks and dishwashers. Apartments are all electric.
Danville (approximately 20 miles west of Indianapolis)
27 unit
184,500
6.23
42,592
Complex consists of three buildings with 15 700 sq. ft. one-bedrooms and 12 2-level, 1,000 sq. ft. two-bedroom townhouses. There is a parking garage and 3 coin-op laundries. 3.23 acre lot.
Evansville (approximately 175 miles south of Indianapolis)
36 unit
275,344
7.99
61,111
Apartment complex consists of 3 2-story buildings situated on 3.5 acres.
144 unit
895,296
4.58
28,472
All-brick apartment community with a nice mix of studios, 1's 2's and 3 bedroom units on the east side of Evansville. Community amenities include an office/clubhouse, pool and carports. Tenants pay their own heat and electric.
Fort Wayne
48 unit
New Listing
269,472
5.01
28,125
Apartment complex situated on 5.5 acres with all 2BR units. Since 1994 all buildings have new roofs, new windows, new entry doors, new coin-op laundry equipment, new appliance and new carpet. All kitchens have been remodeled and 3 buildings have new boilers.
275 unit
1,311,600
4.91
23,418
1965 apartment complex consists of 34 buildings on 22 acres of land. Renovated in 2006 with over $1M in capital improvements.
216 unit
1,347,248
5.27
32,870
1969 apartment complex consists of 12 garden style buildings situated on 7.1 acres. Tenants pay for heat. Onsite clubhouse and parking for 400 cars.
112 unit
764,285
7
47,767
1969 apartment complex consists of 11 buildings situated on 6.78 acres. Renovated from 2001-2004 with over $1.3M in capital improvements. Outdoor pool, clubhouse and parking for 180 cars.
100 unit
604,751
4.63
28,000
1965 apartment complex consists of 25 4-unit buildings on 7.65 acres of land. Each unit has 885 sq. ft. of living area. Totally renovated in 2002 with over $4M in capital improvements.
97 unit
376,106
4.52
17,708
Property consists of 6 buildings with 75 units and 9 converted houses with 22 units. There are also 8 garages for rent. Many units have been recently renovated with approx. $800,000 in capital improvements, including roofs, carpet, kitchen cabinets, new electric, bathroom fixtures, paint, windows, drywall, appliances and heating systems.
136 unit
726,329
6.75
36,029
1986 apartment complex comprised of 18 1-story buildings situated on 7.82 acres. The unix mix consists of studios, 1BR and 2BR units. 90%+ occupancy
Frankfort (approximately 50 miles north of Indianapolis)
126 unit
697,008
5.02
27,777
Three story building with four apartment wings extending off of a large core common area. The building's common area features a large lobby, elevator and several activity rooms. Community amenities also include laundry facilities on each floor and a sauna. Construction is wood frame on a concrete slab. Exterior is a combination of brick, masonite and vinyl siding. Roofs of the apartment wings are pitched with composite shingles, while the common area core has a rubber membrane roof. Unit amenities include patios or balconies, walk-in closets, stainless steel sinks and dishwashers. The property is all electric.
Greenwood (approximately 10 miles south of Indianapolis)
36 unit
253,800
8.12
57,222
There are two brick constructed buildings containing a total of (36) two bedroom, two full bath, 872 sq. ft. units. The tenants pay all utilities except for water, sewer, and trash. Built in 1993 and there is no deferred maintenance. Currently, the property is 98 percent occupied
Henryville (approximately 30 miles north of Louisville KY)
13 unit
101,220
9.63
75,000
Property consists of 6 duplexes and a single-family home. All duplexes were built in the last 4 years and the single-family was completely renovated. Plenty of parking and 2-car garage on 1.92 acre lot.
10% down with seller second
Huntertown (approximately 130 miles north of Indianapolis)
24 unit
204,116
7.84
66,666
24-unit townhome community conveniently located 8 miles north of I- 69 (Exit 111B). All units are 2BR and 2BA. The property has been meticulously updated and renovated and is beautifully maintained.
Huntington (approximately 105 miles north of Indianapolis)
138 unit
773,208
5.43
30,434
Carriage Place Apartments is a 138 unit apartment property located in a mature setting in Huntington, Indiana. The property was built in four separate phases with the first phase being completed in 1968 and the last phase being completed in 1987. The average unit size is 773 square feet.
Indianapolis
47 unit
New Listing
398,700
4.39
37,234
3-story all brick apartment building with a mix of studios, 1BR & 2BR units.
42 unit
205,900
5.34
26,190
1969 apartment complex situated on 2 acres of land. There are 8 1BR, 33 2BR and 1 3BR unit.
100 unit
502,800
2.98
15,000
1968 apartment complex with central courtyard and plenty of parking. There are 76 1BR and 24 2BR units.
10 unit
69,540
7.9
54,900
1969 apartment building with a mix of 1BR and 2BR units. Tenants pay all utilities.
10% down with seller second
17 unit
110,364
5.88
38,176
COMPLETELY RENOVATED APARTMENT BUILDING INSIDE AND OUT. 17 1 BEDROOM UNITS LOCATED ON THE EAST SIDE OF DOWNTOWN INDIANAPOLIS.
20 unit
120,000
5.41
32,500
TWO ALL BRICK 2 STORY APARTMENT BUILDINGS WITH 20- UNITS. UNDER RENOVATION, NEW ROOF, NEW ELECTRIC FURNACES, PLUMBING AND MORE. APPROX. 13 TENANTS. PROPERTY HAS AMPLE PARKING IN REAR
72 unit
388,800
6.69
36,111
All 1BR apartments in this 1970 apartment complex situated on 4 acres. 97% occupancy.
77 unit
537,900
3.9
27,272
77-unit apartment complex built in 1961 and situated on 3.59 acre lot.
76 unit
mixed-use
399,816
4.25
22,368
Property consists of 6 studios, 61 1BR and 5 2BR apartments plus 4 street level retail units totaling 4,693 square feet. Elevator.
12 unit
mixed-use
117,002
9.4
91,666
Newly constructed apartment building with retail component near downtown. Retail space is leased to TJ Uniforms; 5 years, net, $47,282.50, first 2 years, $47,311, year 3, $48,339.50, years 4 & 5. TJ Uniforms pays CAM costs of $3/sf.
Lafayette (approximately 65 miles north of Indianapolis)
44 unit
263,582
8.31
49,772
1998 apartment complex situated on 2.5 acres. There are two buildings with 20 1BR and 24 2BR units. Each unit has washer/dryer and central air. Minutes from Purdue Univ.
42 unit
226,296
7.29
39,285
1997 construction apartment building with 36 studios and 6 1BR units. The property is all electric. Units have full size washer/dryers. Situated on 1+ acre lot near downtown and Purdue University.
36 unit
194,760
7.7
41,666
1997 apartment building with 16 1BR and 20 2BR units and separate 4BR house and office. All units have AC and most have W/D. Ample parking on 2+ acres.
62 unit
385,752
7.15
44,516
These apartments consist of three different student apartment properties in very close proximity with each other and contain a total of sixty-two units. The apartments were constructed in the early 1990's. The unit mix consists of (18) one bed, (16) studio, (24) two bed, and (4) three bed, two bath townhomes.
121 unit
526,860
6.07
26,446
The unit mix consists of (78)studio apartments and (43) one bedroom apartments. The site contains a three story "X" shaped building with the apartments contained on each wing and each floor. The first floor lobby contains a small canteen with vending machines. The laundry facilities are located in the center of the building on each floor.
Lagrange (approximately 60 miles north of Fort Wayne)
20 unit
97,197
8.44
41,000
20-1 and 2 bedroom, ground level apartment complex. Each unit from 650 s.f. to 680 s.f.. This property has been well maintained by the owners. Original building was constructed in 1969, the 2nd building in 1996 and 2 additional buildings were built in 1997.
Lebanon (approximately 30 miles north of Indianapolis)
52 unit
245,018
5.71
26,923
52 units in 4 two-story buildings around a quaint courtyard in a quiet residential neighborhood near the square in downtown. 2 extra residential lots included.
Madison (approximately 100 miles south of Indianapolis)
63 unit
362,240
5.8
33,333
All brick building in excellent condition with 30 1BR and 33 2BR apartments. 28 of the units have views of the Ohio River. Built in 1978.
Marion (approximately 50 miles south of Fort Wayne)
130 unit
741,504
4.05
23,076
Three story building with large central lobby and elevator. Community amenities include activity rooms, a tennis court, two saunas, a fitness center and complimentary storage lockers. Wood frame construction on slab. Exteriors are brick, masonite and vinyl siding. The building has four apartment wings extending from a central common area. Roofs of the apartment wings are pitched with composite shingles. Common area roof is rubber membrane. Unit amenities include walk-in closets, patios or balconies, stainles steel sinks and dishwashers in most units. The apartments are all electric, with gas in common areas only.
Muncie (approximately 60 miles northeast of Indianapolis)
No current listings
Nappanee (approximately 50 miles northwest of Fort Wayne)
68 unit
401,000
6.23
36,764
Well maintained apartment complex situated on over 19 acres. Expansion potential.
North Vernon(approximately 25 miles southeast of Columbus)
120 unit
509,259
8.64
36,667
1997 apartment complex consists of 15 apartment buildings and 1 office building. Tenants pay for heat and electric. 200+ car parking.
South Bend (approximately 135 miles north of Indianapolis)
41 unit
221,586
6.43
34,756
Well maintained property with historically high occupancy rate.
Speedway (approximately 7 mileswest of Indianapolis)
82 unit
426,937
5.43
28,292
1986 apartment complex is made up of 14 one story apartment buildings with 24 studios, 52 1BR, 5 2BR and 1 3BR units. Located in a beautiful wooded setting, Pinewood Village is a quiet property with a suburban feel. The amenities on the property include a laundry facility, full size washer and dryer hookups in most units, garbage disposals, and additional storage.
Union City (approximately 75 miles northwest of Indianapolis)
48 unit
New Listing
231,264
6.05
29,166
1980 apartment complex consists of 3 two-story buildings with 24 1BR and 24 2BR units. Rural setting on 4 acres. Private clubhouse, children's playground and on-site laundry facility.
Warsaw (approximately 40 miles northwest of Fort Wayne)
84 unit
484,284
7.23
41,666
Apartment complex situated on 5.87 acres. Separate utilities. Many updates, including all new roofs. Expansion potential.