211 N Kimble Dr, Bloomington, IN 47404

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Building Details:

Summit Realty Group has been retained as the exclusive investment advisor in the sale of Red Brick Apartments, a 36-unit property located in Bloomington, Indiana. Red Brick has been well-maintained and benefits from its proximity to Indiana University, employment, retail and State Road 37.

Priced at $1,450,000
$40,278 per unit
36 units
8% cap rate on in-place NOI
Built in 1970

A value-add opportunity lies in unit upgrades and through the bill-back of water, sewer and trash. Current rents and occupancy at Red Brick are below market. In addition, one acre is available immediately adjacent to the property which is zoned for multifamily and commercial use.

The property is very well-located in Bloomington Indiana, a regional economic center anchored by Indiana University and home to a diverse business community that excels in medical devices, pharmaceuticals, technology, health care, and the arts. The property is located on West 3rd Street, just one quarter mile east of the 3rd Street / SR 37 interchange. The trade area includes Lowe’s, Bed Bath, Kroger, Marsh, national hotels, and numerous employment centers. West 3rd is currently being rebuilt, including new bike lanes and sidewalks, with construction to be completed in summer, 2011. A new signaled intersection at Kimball Drive will greatly enhance access to the property.