56 Unit Apartment Building Downtown New Albany, IN

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30274952
Property Subtypes: High-Rise
Status: Pending/Contingent
Number of Units: 56 Units
Building Size (RSF): 79,427 SF
Gross Land Area: 1.06 Acres
Sale Price: $2,350,000
Unit Price: $41,964.29 Per Unit
Property Use Type: Investment
Building Name: St. Edward Court
Usable Size (USF): 61,402 SF
Sale Terms: Cash to Seller
Last Updated: 9/4/2018

Overview / Comments

Multifamily investment opportunity for investors seeking upside in a quality location. This property was converted and completely renovated to apartments 20 years ago through low income housing tax credits (originally operated as a hospital) and has since been stabilized with high occupancy. Qualified investors can now capture income upside as income requirements for residents has now been lifted to 60% of AMI, which allows in place rents to increase. Interior cosmetic upgrades are suggested for operators to achieve the rent increases that may exist within the marketplace. Seller is a non-profit organization which presents a great opportunity in a competitive market to acquire a property with NOI upside. Value add opportunity exists in raising income per higher AMI income levels (were raised from 40% AMI in April '18) and through reduce expenses for a more operationally focused investor. Income restrictions do exist for another 25 years.

Unit Mix:

20 1BR/1BA Units
31 2BR/1BA Units
4 3BR/1BA Units
1 4BR/1BA Unit

Tenants pay water & sewage (billed back) and electric (which are separately metered) and landlord pays for gas (hot water). There are 20 current tenants receiving Section 8 assistance. The property is in great condition with a new boiler and cooling tower as of 2017 and 20 of the heating and cooling air handlers inside the units have been replaced. Plumbing and electric have all been upgraded to code. Two elevators on site (one freight) and are serviced monthly. Coin laundry exists for tenants on each floor.

Situated one block from brand new, Class A, 191 Unit $27,000,000 Breakwater Apartment which recently completed in February 2018. Rent at the Breakwater ranges from $705 to $1,670, according to a 2017 News and Tribune article. The community that is developing in this corridor is attractive and growing with a tremendous amount of upside for investors.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-03-500-096.000-008
Zoning: R-4
Percent Occupied: 100%
Community Amenities: Play Ground, On-Site Maintenance
Property Located Between: E 9th and 7th street on Elm and Spring Street.
Highway Access: I-64, I-265, I-264, I-65
Airports: Louisville International Airport
Area Description: Located in an excellent downtown New Albany location, one block from the new class A Breakwater Apartment development and near a multitude of employment, dining, restaurant and nightlife options. Minutes from the Sherman Minton Bridge connecting New Albany to Louisville within a very convenient commute.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 5
Year Renovated: 1999
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick exterior with landscaped frontage as well as a courtyard encompassing a children's playground.
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Parking Description: 14 parking spaces behind the building with an additional 45 car parking lot across East Elm Street directly adjacent to the property.
Total Parking Spaces: 59
Laundry: Shared
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Heat Pump
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Large hallways and high ceilings provide for spacious common areas and attractive floorplans for residents.
Zoning Description: Multifamily
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,987 84,846 193,820
Median Age: 34.54 36.48 36.75
Households: 5,895 35,000 81,346


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