645 Riley Blvd, Bedford, IN 47421

DEAL ROOM & OM

https://www.marcusmillichap.com/properties/192632/riley-blvd-duplexes

Marcus & Millichap is pleased to present the Riley Blvd Duplexes located in Bedford, Indian. The asset presents investors with the opportunity to acquire a 26-unit, late-1980s vintage community in Bedford, Indiana — a stable, undersupplied submarket supported by strong employment anchors and steady renter demand. The property consists of 13 duplex buildings situated on 3.24 acres, offering residents private exterior entries and in-unit washer/dryer connections — an uncommon feature among comparable workforce housing in the area.

The asset is a true light value-add opportunity, requiring no major near-term capital expenditures while providing clear operational and revenue upside through incremental interior updates and rent repositioning. Current in-place rents of roughly $796 per unit trail comparable properties by nearly 8 percent, leaving room to capture growth through modest renovations and improved management efficiencies. A 7.4 percent going-in cap rate and 96 percent occupancy offer immediate cash flow supported by stable tenancy and limited turnover.

Bedford’s housing supply remains tight and affordable, with few new multifamily deliveries in the pipeline and a 3.2 percent vacancy rate within five miles. This supply-constrained environment, coupled with consistent job growth driven by General Motors Powertrain, IU Health Bedford, and Indiana Limestone Company, underpins sustained rent growth and long-term asset stability. Riley Blvd Duplexes provides investors an attractive combination of durable in-place income and measurable upside potential in one of Southern Indiana’s most resilient micro markets.