42 Unit Apartment Building in Indianapolis

[Bob Hinrichs]

               2302 N Ritter Ave Indianapolis, IN 46218

Attention apartment buyers!!

This 42 unit apartment building and our interest in the property is available for immediate assignment. The property has already shown great results and is poised for big value-add potential.

It's located on the east side of Indianapolis about one mile from the Community Hospital East site, which is undergoing a $175M renovation project. For news on the project, take a look at this  IBJ article .

We'd recently sent out a few details on this deal. After an overwhelming response, we decided to restructure the deal to be an outright purchase. The price for the entire deal and all the upside potential is $1.2M. Here are the high level details on the property:

Tenants and Rents

• 42 units (7-1br, 34-2br, 1-3br) at 73% occupancy
• Partially under market rent. At current rates, gross potential income of $265,500
• Market rents should allow for $290,000 in potential income

Condition

• Roof was installed in 2013
• Major plumbing updates completed in 2014
• 4 units needing complete rehab, 6 units are at or near rent ready condition

Pictures and Videos

• Interior and exterior pictures
• Video 1
• Video 2
• Video 3

Of course, I've got more information and financial details. Please call or email, and I'd be happy to discuss them further.

**Note to wholesalers: do not market this property without our express permission. 

If you'd like to reserve this deal, please contact me immediately!

Property is being sold 'as-is' and 'where-is' for cash or hard moneyWhat to expect:

• Buyer should do all due diligence needed before agreeing to buy. Any information provided is as a courtesy and is not warranted
• To reserve the deal, you'll need to sign paperwork and submit $10,000 of non-refundable earnest money to Monument Title, located at 6053 N College Ave. Indianapolis, IN 46220
• Buyer shall pay all closing costs
• If the deal isn't for you, let us know if there is someone else who might want it. We'll pay you a referral fee of $1,000 if you can bring us a buyer that we are able to work with!

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*Contracting Party either owns or has equitable contractual interest in the property. Sale will either be in the form of an assignment of the purchase agreement between Contracting Party and Owner or a direct sale from Contracting Party to Buyer. Sale of the property is conditional on Seller of property providing acceptable title to the property.

**All properties are sold for cash or hard money. Buyer will need to verify information and funds. A $10,000 non-refundable earnest money deposit and 14 day or less closing period are required.

***Contracting Party makes no representations or warranties, either express or implied, about the property. All descriptions of the property and pertinent information described in this message have been attained through public records, the County Assessor's office, MLS, or viewing of the property. The Seller also makes no warranties, either express or implied, as to the potential return of this property as an investment. The Buyer understands and acknowledges that any information in this message is not warrantied. The Buyer has conducted their own investigation of such information, and is choosing to purchase based on their own conclusion. Buyer is "as is and where is" with no contingencies.

****All properties are subject to errors, omissions, deletions, additions, and cancellations. No warranties, whether express, implied, written or oral have been made to the Buyer. The Buyer has conducted all desired due diligence, and has decided to make a purchase based off of their findings. Buyer understands they will pay all closing cost.

*****Contracting party is a broker under license RB16001625, but is not the listing agent of the Property