10705 Us-136, Indianapolis, IN 46234

Marcus & Millichap is pleased to exclusively present the Windmill Apartments, located in the Western suburbs of Indianapolis, Indiana, between Brownsburg and Avon. This multifamily property consists of three buildings and (33) units, including fifteen (15) studio units, seventeen (17) one-bedroom units, and one (1) two-bedroom unit.
The property was built in 1980, and includes (4) newly constructed units that were built in 2023. Current ownership has spared no expense in enhancing the property, completing roughly $190,000 in interior renovations on 28 of the 33 units and $92,000 in exterior renovations, such as new signage, gutters, landscaping, mailboxes, and repaving of the parking lot. These renovations have not only improved the aesthetics but also the functionality and comfort of the units, making them more appealing to potential residents. In total, over $550,000 in CAPEX projects have been completed at Windmill Apartments in the past three years, ensuring that the property is in top condition and poised for future appreciation.
Windmill Apartments is located in the west suburbs of Indianapolis, nestled between the cities of Avon and Brownsburg, which have lowerthan-average vacancy rates of 4.4% and 3.9%, respectively, according to CoStar Analytics. These two submarkets have also reported 7.3% and 8.5% Year-Over-Year rent growth from 2021 – 2023, significantly exceeding the national and Indianapolis averages. The property is in the highly coveted Brownsburg School District, ranked #4 Best School District in Indiana for 2024 by Niche. Brownsburg Community School Corporation has been the highest-performing school corporation in Indiana for the past eight years. The property is located just three miles from nearly 5.3 million square feet of industrial space, with another 1.5 million square feet being built. Within a 10-mile radius of the property, large employers such as Amazon, UPS, Salesforce, and Eli Lilly have brought thousands of permanent jobs to the area providing many employment opportunities for residents. The apartments are near recreational attractions such as Eagle Creek Park, Eagle Creek Golf Club, Indianapolis Motor Speedway, and Lucas Oil Indianapolis Raceway Park, offering a vibrant lifestyle for potential residents.
The property offers promising value-add potential through amenity upgrades, rental increases, and implementing additional income
opportunities. There are several amenity upgrades available at the property, which include renovating the courtyard and creating fenced-in/private yards for the units in the southwest building. These amenity upgrades would add to the appeal of the property where there is currently an estimated $129/unit in rental upside based on comparable properties in the area. A new owner could also add carports to increase annual revenue by roughly $14,400 and increase the internet charge to $60 for all units, which would increase revenue by another $6,852 annually. Together, these increases are estimated to add $21,252 to the NOI with minimal work needed to achieve this increase in revenue.