Listed by Ellsbury Group
$445,000
1517 S Walnut Street
Details
Property Type Multifamily
Units 13
Cap Rate 8.57%
NOI $43,257
Occupancy 77%
Tenancy Multi
Pro-Forma NOI $67,180
Class C
Year Built 1948
Buildings 1
Acreage 0.410
Investment Type Value Add
Multifamily | 8.57% CAP | 13 Units
Marketing description
Ellsbury group is pleased to present this 13-unit multifamily asset represents a strategic value-add opportunity with Muncie's resilient workforce sector. Positioned to capture the "missing middle" rental segment, the property is primed for modernization to bridge the existing quality gap in the local 10-20-unit inventory.
Investment highlights
- Rental Resilience: Average Muncie rents have seen a 2.4% year-over-year increase as of April 2026.
- Old West End Transformation: A $3.2M READI 2.0 grant is currently funding the "block-by-block" redevelopment of the Old West End (near 500 W Howard and Council St). This project is adding 30+ new housing units and upgrading infrastructure, which significantly de-risks value-add plays in the surrounding area by improving the neighborhood's overall "curb appeal" and property values.
- Modernization Gap: There is a persistent "quality gap" in Muncie's 10-20 unit inventory. Buildings that haven't been touched in 10+ years are primed for light cosmetic flips (LVP flooring, stainless appliances, and RUBS implementation).
- The Pro-Forma Opportunity: Market data suggests that renovated units in the 47303/47304 zip codes are commanding premiums of $100-$150/month over unrenovated comps, often resulting in a 15-20% boost to NOI within the first 18 months of acquisition.
Listing Contacts
Listed by Ellsbury Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$43,257.00
$3,604.75/mo
Valuation Metrics
0
DSCR
9.72%
Cap Rate
9.72%
ROI
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