401 N 10th St, Richmond, IN 47374

Deal Room & OM: https://www.marcusmillichap.com/properties/302475/atlas-apartments

Marketing Description:

Marcus & Millichap is pleased to present Atlas Apartments, a 67-unit apartments community located in Richmond, IN. Originally built in 1910, the property underwent full and complete renovation in 2000. Atlas Apartments differentiate from competing properties in the market through its unique floor plans, 12-foot ceiling loft-style units, and modern finishes with classic charm. Atlas also provides various tenant accommodations including onsite laundry facilities, a courtyard, a study lounge, and controlled building access.

Atlas Apartments is well positioned in the market to experience strong growth and long-term stability. The property's recent renovation mitigates risk for large-ticket, capital improvement needs in the near term. The property has experienced significant upgrades including Pex & PVC plumbing, New TPO rubber membrane roof in 2023, all electrical wiring upgraded to copper, and all windows replaced with double pane Low-E vinyl frames.

Located in Richmond, IN Atlas benefits from immediate access to Hwy I-70 which provides a seamless commute of less than 1 hour to Indianapolis and Dayton, OH. Wayne County's regional connectivity makes it a hub for logistics, manufacturing, and cross-state workforce migration. The Reid Healthcare system is the dominate employer in the region employing nearly 3,000 residents, while other major employers are primarily in the manufacturing business. Given the demand for workforce housing in Richmond, vacancy rates remain tight with market vacancy at 4.4 percent and YoY Q1 2026 market rent growth at an impressive 4.2 percent (Costar.) Forecasted YoY rent growth for Q2 2026 is projected at 4.8 percent.