About Millikan on Mass II
IRREPLACEABLE URBAN LOCATION
Millikan on Mass II is located within downtown Indianapolis along Mass Ave—the city’s #1 nightlife, dining and entertainment district. Residents are steps from a wide array of the best and most popular amenity options downtown has to offer.
OFFERED BELOW REPLACEMENT COST - $195K/UNIT
The cost to construct Millikan on Mass II in today’s market would cost significantly more than it did in 2015. According to NAHB, building materials prices increased 20.4% year over year and have risen 33% since 2020. With a pricing guidance of $195K per unit, the property is offered well below the replacement cost point.
UPSIDE POTENTIAL WITH UNDER MARKET RENTS
The property is owned by the City of Indianapolis Housing Agency which has struggled with staffing and turning units, even with an extensive waiting list. There is ample operational upside in a very strong market. Current market rents are $300-500 below nearby competing properties. The new owner could immediately raise rents organically on new leases and renewals to increase revenue.
CONVENIENT TO DIVERSE & ABUNDANT EMPLOYMENT
With award-winning employers within walking distance, the property’s location brings ‘Live-Work-Play’ to another level. The diversity of employers downtown (from tech to education and healthcare) offers a high level of stability in resident employment.
NEWER URBAN PRODUCT WITH FIRST FLOOR RETAIL
Built in 2015, the property features high-end finishes and open floor plan living with gorgeous views of Mass Ave and downtown Indy. Three popular eateries—Fat Dan’s, Goodfella’s Pizza and Salt on Mass—are convenient for residents to access on the first floor of the building.
The General Partner Interest for Millikan on Mass I (61 Units) is also be offered. More information can be downloaded from the Document Center after a Confidentiality Agreement as been executed.