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Benchmark II 440-450 S Grant St 36 Unit Apartment Building $20,615,003 CAD ($572,639 CAD/Unit) 6.08% Cap Rate West Lafayette, IN 47906
INVESTMENT HIGHLIGHTS
- 144-bed student housing asset in West Lafayette, IN
- (34) 4-Bed / 1.5-Bath units and (2) 4-Bed / 2-Bath units
- Master lease in-place with Purdue through the 2027/2028 school year. Stable, risk-free cash flow
- Located on Big 10 Purdue University campus
- Asset consisting of 2 buildings constructed in 1986
- Possible future on-campus redevelopment opportunity
EXECUTIVE SUMMARY
OVERVIEW
Triad Real Estate Partners is pleased to present Benchmark II Student Apartments on the campus of Big 10 Purdue University. The Apartments are located on the southeast side of Purdue's West Lafayette campus, about one block away from the College of Veterinary Medicine and approximately four blocks from the Purdue Memorial Union as well as Krannert School of Management and Rawls Hall. Chauncey Village is also a short walk (restaurants, Target and numerous other shopping locations).
The unit mix consists of (36) 4 Bedroom apartments, 144 beds. Purdue University has a master lease in-place through the 2028 school year with 5% rent bumps every school year. Purdue provides the furniture for all the units. Amenities include dishwashers, private bedrooms, cable and highspeed internet access in each bedroom, on-site laundry facilities, resident on and off-street parking.
UNIVERSITY
Purdue University is a renowned public institution located in Indiana, with an enrollment of over 55,000 students. Established in 1871, it has developed a strong reputation as a leading research university. Over the years, Purdue has consistently contributed to advancements in various fields, fostering innovation and scholarship among its diverse student body. The university's commitment to excellence in education and research has solidified its status as a premier destination for students seeking a rigorous and impactful academic experience.
OPPORTUNITY
This property is a prime investment opportunity for buyers seeking a well-located property near a major university. With Purdue University holding a master lease through the 2028 academic year and a planned 5% increase in rent annually, investors can expect reliable income and potential for growth. The high demand for student housing in this area, driven by the university's large enrollment, suggests a stable market for rental properties. Additionally, the inclusion of furnished apartments and essential amenities enhances the appeal to prospective tenants, making this property a strategic addition to any real estate portfolio.
Don't miss this opportunity to own 144 beds on the Purdue University campus with the possibility of a redevelopment play in the future.
Triad Real Estate Partners is pleased to present Benchmark II Student Apartments on the campus of Big 10 Purdue University. The Apartments are located on the southeast side of Purdue's West Lafayette campus, about one block away from the College of Veterinary Medicine and approximately four blocks from the Purdue Memorial Union as well as Krannert School of Management and Rawls Hall. Chauncey Village is also a short walk (restaurants, Target and numerous other shopping locations).
The unit mix consists of (36) 4 Bedroom apartments, 144 beds. Purdue University has a master lease in-place through the 2028 school year with 5% rent bumps every school year. Purdue provides the furniture for all the units. Amenities include dishwashers, private bedrooms, cable and highspeed internet access in each bedroom, on-site laundry facilities, resident on and off-street parking.
UNIVERSITY
Purdue University is a renowned public institution located in Indiana, with an enrollment of over 55,000 students. Established in 1871, it has developed a strong reputation as a leading research university. Over the years, Purdue has consistently contributed to advancements in various fields, fostering innovation and scholarship among its diverse student body. The university's commitment to excellence in education and research has solidified its status as a premier destination for students seeking a rigorous and impactful academic experience.
OPPORTUNITY
This property is a prime investment opportunity for buyers seeking a well-located property near a major university. With Purdue University holding a master lease through the 2028 academic year and a planned 5% increase in rent annually, investors can expect reliable income and potential for growth. The high demand for student housing in this area, driven by the university's large enrollment, suggests a stable market for rental properties. Additionally, the inclusion of furnished apartments and essential amenities enhances the appeal to prospective tenants, making this property a strategic addition to any real estate portfolio.
Don't miss this opportunity to own 144 beds on the Purdue University campus with the possibility of a redevelopment play in the future.
PROPERTY FACTS
| Price | $20,615,003 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $572,639 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 6.08% | Building Size | 59,736 SF |
| Gross Rent Multiplier | 12.01 | Average Occupancy | 100% |
| No. Units | 36 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | ||
| Zoning | PUD - Planned Urban Development | ||
| Price | $20,615,003 CAD |
| Price Per Unit | $572,639 CAD |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| Gross Rent Multiplier | 12.01 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 59,736 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1983 |
| Zoning | PUD - Planned Urban Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Ceiling Fans
- Carpet
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+1.5 | 33 | - | 1,538 |
| 4+2 | 3 | - | 1,538 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,220,475 CAD | |
| Land Assessment | $7,674,858 CAD | Total Assessment | $9,895,334 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$7,674,858 CAD
Improvements Assessment
$2,220,475 CAD
Total Assessment
$9,895,334 CAD
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Benchmark II | 440-450 S Grant St
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