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Correll Commercial - Iub Ds V FC& MC (Page 3)

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Correll Commercial - Iub Ds V FC& MC
Neighborhood
The subject properties are located in Marion County and Center Township, on the near north side of Indianapolis. The
properties are located on Fall Creek Parkway and Balsam Avenue, adjacent to the Monon Trail Greenway, in an established
area of small walk-up apartments and single family homes. This location is generally across the way, to the South, from the
Indiana State Fairgrounds.
The Village at Fall Creek property consists of a cluster of three vintage buildings that face Fall Creek Parkway and are at the
corner of Fall Creek and Balsam Avenue. The property is adjacent to the Monon Trail, a public bike path, which was com-
pletely revitalized at this location in 2003-2004. While properties along Fall Creek Parkway represent an eclectic collection of
architectural styles dating back to the 1930's, the Balsam Avenue block had been a blighted zone for many years. This has
begun to change with the acquisition and renovation of the subject properties.
To the immediate West of the subject sites is the Monon Greenway, beyond the Greenway are single-family homes along Fall
Creek Parkway until 30
th
Street. To the East of the subject sites is a mix of small multi-family complexes and single-family
homes until Fall Creek Parkway meets with 38
th
Street. Fall Creek Parkway and 38
th
Street serve as neighborhood bounda-
ries, along with 30
th
Street to the South and College Avenue to the West. This is an established residential region that dates
back to the mid-1920's.
In the 1960's and 1970's this area was a wealthy area and it is currently going through a revitalization period. South of the
subject property along Fall Creek Parkway there is a new Starbucks and we are aware that an old, previously vacant school is
being fully renovated and restored to be the latest Indianapolis Charter school. Many of the homes along Fall Creek Parkway,
after years of decline, have been purchased for renovation and/or restoration.
The Indiana State Fair Grounds are located at the northwest corner of 38
th
Street and Fall Creek Parkway. The 38
th
Street cor-
ridor runs across Indianapolis from west to east and is the major high traffic commercial district of the near north side neigh-
borhoods. The subject properties are part of a major renewal phase for Balsam Avenue, which had been in a state of decline
before being renovated in 2004. The five apartment buildings make up the majority of the rental space on Balsam Avenue and
their renovation is arguably the largest contributing factor to the renewal of the immediate neighborhood. Additionally, the
State backed conversion of the Monon Rail line into a Greenway for exercise and recreation from 10
th
Street thru Downtown
has been a contributory positive for the neighborhood.
The financials for 2005 reflect vacancy during lease up. Income during 2006 will be the first year of stabilized income and ex-
penses. The financial summary is shown following.
THE VILLAGE AT FALL CREEK AND MONON COURT
PAGE 3
CORRELL COMMERCIAL
7399 North Shadeland Avenue Indianapolis, Indiana 46250
www.richcorrell.com
Tel: 317-842-0007
Fax: 317-842-0008
Mobile:317-507-0009

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