Veranda at Speedway

Posted: 4/1/2020
53 Units
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About

About Veranda at Speedway

Veranda @ Speedway opened in June 2019 with the highest finishes in the submarket. With only highly sought-after studio and 1 bedroom floorplans and average rents below most competitors in the submarket. The property was fully occupied the day after the last building was completed, proving that the rents are well below market.

The property is within walking distance to a large shopping center providing lots of employment nearby as well as making the property a "walk-to" location for restaurants, bars, grocery, and other retail. The Indianapolis Motor Speedway is less than 2 miles away, which hosts the world’s largest sporting event, Indy 500, every year. The average income in a 1 mile radius is $54k, which is more than 6x the average market rent at Veranda. Also, within a 1 mile radius over 66% of housing is occupied by renters. This is likely due to the lack of housing options and high housing costs near the Indianapolis Motor Speedway.

The property is currently 96% occupied, allowing a new owner to come in and benefit from a high yield day one. The current owners invested over $140k in a completely new parking lot, new roofs, new windows, and painted siding. The units were completely gutted less than one year ago, with all new finishes, appliances, HVAC and plumbing. A new owner would not incur any major capital expenses for the near future.