2750 Michigan Road, Madison, IN 47250

Ellsbury Group is pleased to present Dover Place Apartments, a well-maintained 55-unit multifamily community located at 2750 Michigan Road in Madison, Indiana. Built in 1983, the property features a one-story ranch-style building with efficient layouts and offers a diverse unit mix, delivering strong in-place performance and operational stability.

The property consists of 9 studio units, 36 one-bedroom units, and 10 two-bedroom units, appealing to a broad tenant base. The one-bedroom and two-bedroom units include washer and dryer hookups, enhancing convenience and supporting strong tenant demand. Dover Place is currently operating at high occupancy, reflecting consistent demand and strong tenant retention.

Operational performance is further supported by a highly stable tenant base, with approximately 42% of residents having occupied their units for over five years—including several residents with tenures exceeding 10 years, some over 20 years, and one exceeding 30 years.

Additionally, approximately 71% of current residents are due for a rent increase, presenting a clear and immediate revenue growth opportunity. Rent collections are exceptionally strong, with approximately 96% of rents paid within the grace period and effectively 100% collected by month-end for consecutive months. Under current ownership since 2022, the property has experienced zero evictions, highlighting the quality of tenancy and ease of management.

With its efficient unit mix, desirable amenities, stable occupancy, and clear path to increased revenue through rent normalization, Dove Place represents a compelling investment opportunity for buyers seeking a well-performing asset with meaningful upside potential and minimal operational friction.

Area Highlights – Madison, Indiana

Madison, Indiana tells a compelling story of affordability, workforce stability, and targeted growth, making it an increasingly attractive destination for employers, developers, and residents alike.

A walkable riverfront city with regional access and small-town cost advantages, Madison blends historic charm with economic opportunity. Positioned between Louisville and Cincinnati corridors, the city offers strategic access to major markets while maintaining a highly livable, community-oriented environment.

As the county seat of Jefferson County, Madison serves as the region’s economic and civic hub, with a population of approximately 12,300 residents. Its regional role is strengthened by a steady workforce base and connectivity to surrounding labor markets.

The local economy reflects a balanced structure anchored by manufacturing, with growing healthcare and service sectors, providing both stability and diversification. This foundation is supported by a workforce that benefits from regional commuting patterns and a short average commute of approximately 19 minutes, enhancing both productivity and quality of life.

Madison’s momentum is reinforced by proactive local leadership driving investment-ready opportunities, including redevelopment initiatives and housing expansion strategies that position the community for sustainable growth.

From a cost perspective, Madison offers a high quality of life at a fraction of major metro housing costs, creating a strong value proposition for both employers and employees. This affordability, combined with a reliable, experienced workforce with strong manufacturing and healthcare skills, makes Madison a competitive choice for business investment and talent attraction.

In summary: Madison delivers the accessibility of a regional location, the stability of a diversified workforce, and the affordability of a small-town environment—an ideal combination for long-term economic success.