Whittier Place Apartments
Multifamily | 12 Units | $58,333/unit
Marketing description
Whittier Place Apartments presents an exceptional investment opportunity in the thriving Indianapolis multifamily market. This 12-unit community is offered at $700,000 and features an efficient unit mix of all one-bedroom, one-bathroom apartments, making it straightforward to manage and operate.
The property has been thoughtfully maintained, with recent interior updates including fresh paint and new flooring throughout all units. Currently 100% occupied, Whittier Place generates steady in-place income while offering significant upside potential — current rents average $651/month against an estimated market rate of approximately $850/month for comparable one-bedroom units in the area, representing a compelling mark-to-market opportunity for a new owner.
Additional income upside exists through utility billing optimization, as units are individually metered for electric. Indianapolis continues to demonstrate strong fundamentals as a multifamily market, supporting long-term rent growth and demand.
Whether you're an experienced investor or expanding your portfolio, Whittier Place offers a well-positioned, income-producing asset with a clear path to increased cash flow and value creation.
Investment highlights
- Clear Value‑Add Upside with Below‑Market Rents: In‑place rents average approximately $651 per month, materially below the estimated market rent of ~$850 for comparable 1‑bedroom units, creating a compelling mark‑to‑market story with roughly $200 per unit per month of achievable upside through targeted leasing and continued interior positioning.
- Attractive Basis at $700,000 Purchase Price: Whittier Place allows investors to acquire a 12‑unit, all 1‑bedroom asset at a bite‑sized price point, ideal for private buyers seeking to scale in Indianapolis with meaningful NOI growth potential and an entry basis that is difficult to replicate with new construction. Recently
- Updated Unit Interiors: The current owner has repainted all units and installed new flooring providing a refreshed interior finish level that supports rent increases without requiring heavy upfront capex, while also improving leasing velocity and resident retention.
- Efficient, Simple Unit Mix: The property’s uniform 1‑bed/1‑bath configuration streamlines operations, turning, and leasing, appealing to a broad base of workforce and value‑oriented renters and minimizing complexity for management.
- Favorable Utility Structure with RUBS Upside: Electric is individually metered and paid directly by tenants, while the owner currently covers water, offering an opportunity for a new owner to implement a RUBS program to recover a portion of water and sewer costs and drive immediate NOI improvement
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