Great opportunity to add this stable cash-flowing 10 unit investment package to your portfolio.This package currently grossing $5,700/month on actuals! With that level of gross income, this one package is at a whopping 24.42% cap rate. Awesome! This package consists of one 7 unit apartment building and one 3 unit triplex. Both are 100% occupied.

The W. Adams (7 Units) property has two newer gas furnaces, 8 year old water heaters, a slate roof and off street parking. It is located just southwest of downtown Muncie, Indiana. It's located in the C+, and gentrifying, Old West End Neighborhood. It is less than 1.5 miles from Ball State University, IU Ball Memorial Hospital and 2 blocks from Ivy Tech Community College.

The Gharkey property (3 Units) has two 2/1 units and one 1/1 unit. This property has central air conditioning. The current tenants are long-term. (>10 Years) It is located is 1.5 miles southwest of downtown Muncie. It's located in a sold C class (blue collar) neighborhood. Less than 3 miles from Ball State University, IU Ball Memorial Hospital, and Ivy Tech Community college.

 Property Details

Address: 2115 S. Gharkey Street and 403 W. Adams Street, Muncie Indiana 47302

Units: 10

Unit Mix: Five 1 Bedroom/1 Bath Units; Three 1 Efficiency/1 Bath Units and Two 2 Bedroom/1 Bath Units

Current Rents: $500 - $800/Unit

Market Rents: $572 - $800/Unit

Square Footage:

Annual Tax: $2,459

Occupancy: 100% Occupied

Year Built:

Utilities: Owner pays for all utilities.

Management: Currently self managed, but excellent local property management company ready to step in and manage this one for the next owner.

Actual CAP: 24.42%

Pro Forma CAP: 27.48% (5% Vacancy, Taxes, Insurance, Water, Sewer, and 10% Prop Management included in Pro Forma Cap)

Price: $187,500 (Cash, Hard Money, or Private Money) 

Due Diligence: While we do our best to get all the relevant information to you, buyers are encouraged to do their own due diligence. (See Important Disclosures Below)