WELL PERFORMING, BEST IN MARKET ASSET
New residents are drawn to the city’s best asset with condo-quality finishes and high-end living. The community amenities provide an upscale lifestyle feel and include a resort-style pool area with a grilling pavilion and TV lounge with fireplace.
LUXURIOUS SINGLE-FAMILY FEEL
The design and layout of Sycamore Terrace provide a quiet and secluded single-family feel with features like spacious units (1,236 Avg. SF) with open floor plans, 9’ to 10’+ ceilings, ample storage, and 50% of the units offer attached direct access garages.
RENT ELEVATION WITH LIGHT UPGRADES
Sycamore Terrace could be further elevated with minor enhancements to bring the property to the next level. This will assist in driving resident appeal and increasing rental rates.
CLOSE TO AMPLE EMPLOYMENT & AMENITIES
The city’s newest major amenity—Queen of Terre Haute Casino, (500 jobs coming late 2023) is less than one mile away. Sycamore Terrace also benefits from ample adjacent retail/dining, and quick access to I-70, SR-46, diverse employment, Terre Haute Regional Airport, four colleges/universities, and downtown Terre Haute.
EXCEPTIONAL MARKET FUNDAMENTALS
The Terre Haute multifamily market shows strong rent growth at 8.7% year-over-year and an average market-wide occupancy of 97%. Additionally, there has been very limited new construction over the last five years with nothing currently in the pipeline.
CITY'S MOST AFFLUENT AREA
The property is situated in the city’s most affluent area. The average household income within one mile of Sycamore Terrace is over $101,000 with an average home value of $232,524.
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the exclusive listing of 517 S. Broadway, a residential development opportunity in the iconic Baltimore City Neighborhood of Fells Point. The Property is zoned both residential and commercial, boding well for multifamily or mixed-use contruction.
Potential developers are able to acquire land at an attractive cost basis, with approved plans. The Property is in close proximity to The Sagamore Pendry, and recently redeveloped Broadway Market, with ease of access to Thames Street nightlife attractions.
5.7% Cap - 2000 Built Property - $105K/Unit
Mill Pond offers the rare opportunity to purchase a 2000s built well maintained asset with a 5.7% going-in cap rate and at a low $105K/unit basis with upside potential.
Proven Rent Premiums
A new owner has the opportunity to continue to upgrade units and add and enhance the amenity set. Proven rent premiums for upgraded units are up to $385.
City's Highest Income Area
The northeast side of Muncie is the highest-end area of the city with average household incomes of $74,000+ . The location offers nearly instant access to and viability on McGalliard Rd, the city's main commercial corridor.
$1.5M Capital Infusion Completed
A $1.5M+ capital infusion included extensive interior renovations with all new luxury-level finishes, new kitchens and baths, and new LVP flooring in 14 units. Other improvements included 100% roof replacement, hallways updates and more.
Meds and Eds
Muncie is best known for its medical and educational institutions. Ball State University boasts 22,000 students and is the state's most prestigious school for education and architecture. Ball Memorial Hospital is a teaching hospital and the city's only hospital.