Hermitage

Posted: 7/22/2021
280 Units
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About

About Hermitage

Hermitage can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Hermitage can be purchased with:

Lawrence Landing (354 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.6% YR1 CAP / 5.4% T-3 CAP

Hermitage is available at a 5.4% Trailing 3 Cap Rate and a 6.6% Cap Rate on Year 1 (with no additional renovations). The community offers reliable cash flow and a strong return immediately and can be purchased free & clear.

2 OVER $3.9M SPENT ON CAPITAL IMPROVEMENTS

While the property was originally built in 1971, the current owner has spent more than $3.9M on the property and has substantially renovated the property in the past 10 years giving the property a newer look and feel.

3 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the loss to lease. In Trailing 3 months, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Leases signed in the past 90 days are on average $134 higher than the legacy lease rents.

4 UNIQUE SPEEDWAY LOCATION

Hermitage is located in Speedway, a popular city on the westside of Indianapolis, which offers quick easy access to Downtown Indy. Employment and entertainment options are plentiful on the westside and downtown and are very easy to access from the property.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Hermitage can be purchased with Coldwater Flats (271 units in Evansville, IN) and Lawrence Landing (354 units in Indianapolis, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties can also be purchased individually.