1 UNTAPPED VALUE-ADD AT WELL MAINTAINED PROPERTY
Beech Grove Village is currently owned by a local Indianapolis non-profit entity that has kept rents low to fulfill their charitable mission. While the property has been very well cared for and maintained, no unit upgrades nor amenity enhancements have been completed. A new owner can raise rents immediately (even prior to renovations) and then further grown income by completing interior unit upgrades and addition amenities
2 UNDER MARKET RENTS & 100% OCCUPANCY FOR 5+ YEARS
With current rental rates that are more than $100 under market, the property has maintained extremely high occupancy for at least the past 5 years. The property also maintains a large waitlist. There are no vacant units available to lease for at least the next 4 months, which has been typical at the property.
3 NO PENDING EVICTIONS IN 2020 – $0 BAD DEBT
The current residents at Beech Groove provide an extremely reliable income stream. There were no evictions in 2020 and there are no current evictions pending. All residents are current on their rent and the property currently has $0 in bad debt.
4 LONG-TERM TENANT BASE AND LOW TURNOVER
The average tenancy length at Beech Grove Village is over 4 years. The property has experienced extremely low turnover due to great management, a desirable location and under market rents.
5 STRONG SOUTHSIDE SUBMARKET
The southside of Indianapolis maintains a strong rental market at 95% occupancy and achieved 5.0% rent growth in 2020. The location allows for extremely easy access to downtown Indianapolis and popular Greenwood, both of which provide vast employment opportunities.
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