This is a great opportunity to own The PHOENIX APARTMENTS. The complex features three 13-unit brick apartment buildings located near US Highway 41 in Evansville, Indiana. All buildings are full brick exterior with steel beam construction and all interior walls are solid concrete & plaster, per seller. Current owner has worked very hard to turn these apartments around getting the units renovated and occupied for a good, positive cash flow. There is potential for increased return by completion of the final 6 units. Financials available upon request. CAP Rate based on Seller's financials.
Nice two bedroom apartment upstairs rented $600/month. 18 NW Sixth St rented for $600/month to Tenant since 2003. Eight private offices, conference room, law library, file room storage and 1 car garage. Rented law office $600/Month. One half block from new arena.
The Martin Multifamily Team is pleased to present this opportunity to acquire an apartment community on Evansville's Eastside. Jefferson Square Apartments consists of 7 buildings on 5 parcels with a total of 45 units. 34 units were built in 1999 and 11 units were built in 1952 (1 duplex & 3 triplexes) The property has recently received numerous updates including new roofs, gutters, downspouts, windows, appliances, A/C units, and flooring in various units.
This property is a combined commercial/residential opportunity with a CAP rate of 14.4%. Contains 4 suites: 1,076 SF of professional space (plus an extra 156 SF which can be used), a 2 BR residential space with 1,260 SF, a 1 BR residential space with 572 SF, and a residential loft with 1,000 SF. Newer HVAC, windows, and siding. New gutters last year. New exterior doors in March 2015.
This housing portfolio is a significant investment opportunity for a long term hold strategy. The portfolio is held and managed by AMA Estates. All nine homes in the portfolio are preforming at a 10.50 percent CAP rate, and have been professionally leased up and managed since the properties have been acquired. This is an opportunity for an investor to buy and hold and eventually sell off homes at a lower CAP rate over time. Either strategy yields a significant upside.