Windmill Apartments — Sale in Indianapolis, IN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Indianapolis, IN 46234

Photos

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Investment Figures

Cap rate
7.95%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to exclusively present Windmill Apartments, a 33-unit multifamily property located in the western suburbs of Indianapolis just east of Brownsburg, Indiana. Built in 1980, the property consists of three buildings with fifteen (15) studio units, seventeen (17) one-bedroom units, and one (1) two-bedroom unit. Current ownership has invested more than $550,000 in capital improvements over the past three years, including approximately $190,000 in interior renovations to 28 units, $200,000 to construct four (4) new units, $27,000 for two new boilers and one new furnace, and $160,000 in exterior and common area upgrades. Improvements include new signage, gutters, landscaping, mailboxes, parking lot repaving, an internet/TV package, and renovated hallways, positioning the property in excellent condition for future appreciation. Windmill Apartments is situated in a high-performing submarket near Avon and Brownsburg. From 2021 to 2023, these submarkets achieved 7.3 percent and 8.5 percent annual rent growth, outpacing both Indianapolis and national averages. The property is located within the highly regarded Brownsburg Community School Corporation, ranked #4 Best School District in Indiana for 2024 by Niche. Just three miles from the property, nearly 5.3 million square feet of industrial space is operational, with an additional 1.5 million square feet under construction. Major employers within 10 miles include Amazon, UPS, Salesforce, and Eli Lilly and Company. Nearby attractions such as Eagle Creek Park, Indianapolis Motor Speedway, and Lucas Oil Indianapolis Raceway Park enhance resident appeal. Windmill Apartments offers a rare high-cash-flow opportunity with significant upside. New ownership can focus on operations rather than deferred maintenance, with the ability to renovate five remaining units, capture approximately six percent below-market rents, and utilize excess land for additional units or community amenities. Combining strong in-plac

Market Context

This multifamily in Indianapolis, IN is listed for sale. It is offered at an approximate 8.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Indianapolis, IN — view the full market.

As of Q4 2025, the Indianapolis multifamily market showed average asking rents near $1342.50/unit/mo. Source: multiple brokerage reports, Q4 2025.

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