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East Ridge Apartments 2302 N Ritter Ave

42 Unit Apartment Building $4,854,835 CAD ($115,591 CAD/Unit) 7.18% Cap Rate Indianapolis, IN 46218

Investment Highlights

  • Attractive unit mix - 78% 2-bedrooms
  • Extensive capital expenditures completed - new gas lines, exterior painting, all new AC units, and more
  • Year-over-year rent growth of 6.8% in submarket
  • 100% of units renovated

Financial Summary (Actual - 2023) Click Here to Access

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income (CAD)
Annual $99,999
Annual Per SF $9.99
Other Income (CAD)
Annual $99,999
Annual Per SF $9.99
Vacancy Loss (CAD)
Annual $99,999
Annual Per SF $9.99
Effective Gross Income (CAD)
Annual $99,999
Annual Per SF $9.99
Taxes (CAD)
Annual $99,999
Annual Per SF $9.99
Operating Expenses (CAD)
Annual $99,999
Annual Per SF $9.99
Total Expenses (CAD)
Annual $99,999
Annual Per SF $9.99
Net Operating Income (CAD)
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $4,854,835 CAD
Price Per Unit $115,591 CAD
Sale Type Investment
Cap Rate 7.18%
Gross Rent Multiplier 8.52
No. Units 42
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 2.01 AC
Building Size 38,967 SF
Average Occupancy 90%
No. Stories 3
Year Built/Renovated 1969/2022
Parking Ratio 1.98/1,000 SF

Unit Amenities

  • Air Conditioning
  • Balcony
  • Heating
  • Refrigerator
  • Range
  • Carpet
  • Family Room
  • Patio

Site Amenities

  • Laundry Facilities

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 8 $974.51 CAD 650
2+1 33 $1,138 CAD 875
3+1 1 $1,417 CAD 1,000

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
49-07-27-103-002.000-701
Land Assessment
$170,456 CAD
Improvements Assessment
$628,098 CAD
Total Assessment
$798,554 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
  • Listing ID: 33523183

  • Date on Market: 2024-10-15

  • Last Updated:

  • Address: 2302 N Ritter Ave, Indianapolis, IN 46218

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