2.17.2014

Multifamily Investment Opportunity: Cana Apartments


Investment Highlights

Fantastic Noblesville Location: An Area of High Growth and Affluence:  Population has grown to over 55,000, an increase of 92% since 2000, approximately 200% since 1990. The city of Noblesville is one of the most affluent in Indiana. Median family income in the city was estimated at $85,567 in 2012, up from $61,455 in 2000.

Noblesville is Nationally Ranked as Desirable City: In recent years Noblesville has been honored as the 10th best city in America to raise a family by Sperling and Sanders, one of the nation’s 25 best suburbs by Businessweek.com and in the 100 Best Places to Live by CNN Money.

Long Term Owner Retiring: Cana Apartments has been owned for more than 25 years by the current owner. The property is being marketed for sale as the owner wishes to retire.

Cana Apartments’ Prestigious Hamilton County Setting Adds to Resident Appeal and Desirability: Hamilton County was ranked as the 24th wealthiest in the US when measured by median household income in 2012. The area is known for providing high quality public schools and a strong local economy.

Current High Occupancy: The property is currently over 90% occupied. Comparable rental properties have an average occupancy of 93%.

All Roofs Replaced Recently: The current owner replaced the roofs at the property around ± 2008.

Strong Upside Potential through Unit Upgrades and Utility Bill Back: Currently the residents are not being billed for gas or water/sewer usage. Implementing a resident bill back program will increase revenue. Interior units are dated and would benefit from cosmetic updates.

Additional Land Available for Development: A separate  +/-1 acre parcel of land is located directly in front/adjacent to Cana Apartments and is already zoned for multifamily development. This parcel of land can be purchased together with the apartment community.

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