Apartment Portfolio - Evansville, IN / #2332

Multi-Family for Sale
Catylist Listing ID: 30505928
Property Subtypes: Low-Rise/Garden
Number of Units: 66 Units
Building Size (RSF): 36,750 SF
Gross Building Area: See Agent
Gross Land Area: 1.74 Acres
Sale Price: $2,573,426
Unit Price: $38,991.30 Per Unit
Property Use Type: Investment
Building Name: Apartment Portfolio
Sale Terms: Cash to Seller
Cap Rate: 8.31%
Average Occupancy Rate: 95
Last Updated: 11/15/2019

Overview / Comments

✔︎ 3 Apartment Complexes - 66 Units

✔︎Historically 95% - 100% Occupancy

✔︎ Abundant recent capital improvements

✔︎ All within walking distance (2 are adjacent)

✔︎ 8.31% Cap Rate | $38,991/unit

✔︎ Upside opportunity - most rents below average due to tenant longevity and expenses not currently stabilized due to recent significant improvements

Attachments & Media

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $24,904 (Annual)
Potential Rental Income $347,376 (Annual)
Gross Operating Income $353,376 (Annual)
Net Operating Income $213,841 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Tax ID/APN: Various
Zoning: R-3 & R-4
Highway Access: SR 62; US 41
Airports: Evansville Regional Airport
Area Description: Centrally located in the City of Evansville within close proximity to schools, restaurants, shopping, entertainment, a diverse employment base and easy access to major roadways/corridors.
Total Number of Buildings: 8
Property Condition: Good
Number of Stories: 2
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,166 71,942 151,864
Median Age: 38.09 38.92 38.24
Households: 4,140 30,017 64,303
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