Michael B. Drew CCIMSenior Vice PresidentInvestment & Multifamily ServicesDirect 317.663.6079Mobile 317.255.3900michael.drew@rcre.com

28 UNITS // MULTIFAMILY // VALUE ADD OPPORTUNITY

The New Yorker Apartment Homes is a 28 unit community located on the north side of Indianapolis at 3707

& 3715 North Meridian Street and 22 East 37th Street Indianapolis, Indiana 46208. The property includes two

Three Story apartment buildings with full basements plus one Two Story duplex. The gross square footage is

approximately 23,200 including 6 Studio (402 SF), 14 One Bedroom One Bath (560 SF), 6 Two Bedroom 2 Bath

(1,525 SF). There are 2 units in the Two-Story Duplex Home at 22 East 37th Street with two bedrooms per unit.

The property is located on a .97± acre site and is constructed of two and three-story wood frame with brick

veneer exterior. The apartment buildings have wood deck roofs and the duplex has a pitched asphalt shingle roof.

All units have tenant paid HVAC equipment. The property offers substantial upside for a buyer who updates the

renovation and leases up the vacant units with professional property management. Property amenities include

laundry facilities in many of the units and in basement hallways. Parking is secured by a gate that is operated by

access codes provided to the tenants. The New Yorker Apartments were built in 1918 and the apartments were

fully renovated in 1990.

RESOURCE Commercial Real Estate9339 Priority Way West Drive Suite 120Indianapolis, IN 46240

+ Owner will deliver free and clear for $40,000/unit.

+ Buyer can place new financing on the property.

+ The renovation only needs to be updated.

+ Convenient to shopping, restaurants, schools, and

downtown Indianapolis is only 10 minutes away.

+ The neighborhood is in the process of re-gentrification appealing to middle class income.

+ Resident paid electricity and gas.

+ Gas forced air heat and individual air conditioning units.

NEW YORKER APARTMENT HOMESASKING PRICE // $1,120,000 3707 & 3715 North Meridian Street // Indianapolis, IN 46208

www.RCRE.com

+ Proforma Levered IRR ___%.

+ Proforma cash on cash ___%.

+ Market timing provides upside potential with increased occupancy and rents.

+ Indy Go Metro City Bus Stop in front of property.

REASONS TO BUY // EXCLUSIVE 28 UNIT MULTIFAMILY OFFERING

FOR SALE // EXCLUSIVE MULTIFAMILY OFFERING

New Yorker Apartment Homes3707 & 3715 North Meridian Street // Indianapolis, IN 46208

Michael B. Drew CCIMDirect 317.663.6079michael.drew@rcre.com

PROPERTY AMENITIES

UNIT FEATURES

The property includes a private parking lot with a gate opened by security codes provided to tenants. Front and back exterior doors require a key for access. Washer and Dryer facilities are available in the basement hallways and in most of the units.

We are offering the New Yorker Apartment Homes for sale for $1,120,000 which is $40,000/unit and $48.28 per SF. The buyer will be able to place favorable new financing on the property with the seller delivering the property free and clear at closing.

The property is located at 3707 & 3715 North Meridian Street and 22 East 37th Street which is only 3.7 miles from downtown Indianapolis. Nearby universities include IUPUI in downtown Indianapolis and Butler University, a short 7 minute drive north to 46th Street then west a few blocks. Marian University is approximately 10 minutes west of the New Yorker.

Recent developments in the area include construction of the new apartments along Meridian Street south of the New Yorker and a total rehab of CityView Apartments one block north of the New Yorker. Prominent local developer Flaherty & Collins Properties bought the Five Story United Way of Central Indiana building at 3901 N Meridian St in April 2016 and have revealed plans to co-develop the property with community development group Midtown Indianapolis Inc.

The 28 units renovated in 1990 included new furnaces, water heaters, appliances, kitchen cabinets, carpets, paint, lights, fans, sinks, mini blinds. Most kitchens include an electric or gas range with microwave or hood and refrigerator/freezer. Some of the appliances have been replaced as needed. Cable TV is available and paid by the tenant. The two bedroom units have gas fireplaces.

FINANCIAL HIGHLIGHTS

LOCATION

AREA ANALYSIS

UNITS TYPEUNIT

SFTOTAL NRA RENT RENT PSF

TOTAL RENT

6 Studio 402 2,412 $450 $1.1194 $2,700

14 1 Bed

1 Bath

560 7,840 $550 $0.9821 $7,700

62 Bed

2 Bath1,525 9,150 $725 $0.4754 $4,350

22 Bed

2 Bath1,149 2,298 $600 $0.5222 $1,200

28 775 21,700 $570 $0.7350 $15,950

UNIT MIX

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FLOOR PLANSProperty Mgmt. Budget*

If Section 8 RentsStabilized Year 1

Proforma

INCOME TOTALS PER UNIT TOTALS PER UNIT

Gross Scheduled Market Rent $191,400 $6,836 $208,200 $7,436

Less:~ Loss to Lease/Vacancy $(15,312) -8.0% $(16,656) -8.0%

Less: Write Off $(2,000) -1.0% $(2,082) -1.0%

Less: Collection Loss $(2,000) -1.0% $- 0.0%

Total Rental Income $172,088 $6,146 $189,462 $6,767

Plus: Water/Sewer RUBS Income $- $- $- $-

Plus: Other Income $- $- $1,008 $36

Effective Gross Income $172,088 $6,146 $190,470 $6,803

VARIABLE EXPENSES

Payroll $1,000 $36 $1,400 $50

Administrative Expense/Show Apartments $1,000 $36 $1,400 $50

Advertising/Marketing $1,200 $43 $1,232 $44

Maintenance Turn & Landscaping $11,884 $424 $12,040 $430

Other Legal - Locksmith, Fire Alarm,ATT Pest Control:

$22,123 $790 $23,800 $850

Total Variable Expenses $37,206 $1,329 $39,872 $1,424

Real Estate & Personal Property Taxes* $15,288 $546 $16,528 $590

Utilities Electricity $9,763 $349 $10,080 $360

Utilities Natural Gas $7,836 $280 $7,000 $250

Utilities Water & Sewer $8,803 $314 $8,848 $316

Property Management Fee $15,000 $536 $15,238 8.0%

Insurance $15,000 $536 $15,120 $540

Trash Removal $2,542 $91 $2,660 $95

Total Operating Expenses $111,438 $3,980 $115,346 $4,119

NET OPERATING INCOME $60,650 $2,166 $75,124 $2,683

Less: Proposed Debt Service:** $(31,500) $(1,125) $(31,500) $(1,125)

CASH FLOW AFTER DEBT $29,150 $1,041 $43,624 $1,558

PHOTOS

1 Bedroom17’6” x 27’6”12’4” x 6’5” (kitchen)560 sq. ft.

Living/Dining17’6” x 16’1”

Bedroom10’6” x 11’4”

Closet

Closet

Clo

set Bathroom

7’3” x 7’5”

Table

Kitchen12’4” x 6’5”

Bedroom28’6” 18’7”

Dining12’1” x 12’8”

Living Room18’3” x 12’8”

Sunroom7’3” x 11’6”

New Yorker2 Bedroom, 2 Bathroom

61’1” x 24’7”1,525 sq. ft.

Bedroom9’11” x 11’11”

Closet

Closet

Clo

set

Closet

Pant

ry

Kitchen11’6” x 16’1” Entry

9’9” x 6’7”

Bathroom12’3” x 8’11”

Closet

New YorkerE�ciency3715 LLB

402 sq. ft.

Kitchen/Dining11’1” x 10’8”

Living Area7’11” x 10’10”

Entertainment Center

Bathroom

Closet

Furn

ace

Wat

er

Hea

ter

2018 BUDGET - PROFORMA*

*Draft for discussion only - not complete

The information contained herein was obtained from sources we consider reliable. We cannot be responsible for errors, omissions, prior sale or lease, withdrawal from the market or change in price. Seller and broker make no representation as to the environmental condition of the property and recommend the lessee’s/purchaser’s independent investigation. Ver 18.06.19-1750 www.RCRE.com

COMPARABLE RENTAL PROPERTIES

COMPARABLE SALES / REFINANCE

ADDRESS YEAR BUILT/RENOVATED UNITS CLOSED PRICE/

REFINANCE PRICE/UNIT

THE MARLEIGH1434-1448 N Delaware St Indianapolis, IN 46202

1918 49 June 2015 $1,800,000 $37,855

THE JORDAN1445 N Delaware StIndianapolis, IN 46202

1940 38 June 2015 $1,694,600 $44,594

HISTORIC SCARBOROUGH PLACE3753 N Meridian StIndianapolis, IN 46202

19 Dec 2016 $565,000 $29,737

THE DORCHESTER3720 N Pennsylvania StIndianapolis, IN 46205

1920 52 Aug 2016 $1,950,000 $37,500

PENNVIEW APARTMENTS3736 N Pennsylvania StIndianapolis, IN 46205

1920 24 July 2015 $910,000 $37,951

ADDRESS YEAR BUILT/RENOVATED UNITS VACANCY AVG UNIT SF AVG ASKING/UNIT

THE SHELDRAKE APARTMENTS2258 N Meridian St Indianapolis, IN 46208

1925 57 10.53% 457 SF $703

MARBLEHEAD3310 N Meridian StIndianapolis, IN 46208

1940/2003 36 16.67% 636 SF $649

HISTORIC SCARBOROUGH PLACE3753 N Meridian StIndianapolis, IN 46208

19 10.53% 971 SF $522

PENN TERRACE3515 N Pennsylvania StIndianapolis, IN 46205

1982 24 20.83% 708 SF $764

THE DORCHESTER3720 N Pennsylvania StIndianapolis, IN 46205

1920 52 7.69% 690 SF $636

PENNVIEW APARTMENTS3736 N Pennsylvania StIndianapolis, IN 46205

1920 24 0% 633 SF $575