Infill Multifamily For Sale

Multi-Family for Sale
Catylist Listing ID: 30829947
Property Subtypes: Low-Rise/Garden
Number of Units: 32 Units
Building Size (RSF): 21,200 SF
Gross Building Area: See Agent
Gross Land Area: 1.50 Acres
Sale Price: $2,800,000
Unit Price: $87,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/30/2023

Overview / Comments

We are pleased to present this recently renovated 32-unit multi-family investment opportunity centrally located in Southern Indiana in Clarksville, Indiana at 1630 Greentree Boulevard adjacent to the Veteran’s Parkway thriving retail/business corridor. This multifamily listing offers investors stable cash flow along with a value-add opportunity in a highly demanded submarket. Positioned in high growth, high demand sub-market of Clarksville, IN - a bedroom community of Louisville, KY - the property is situated nearby many diverse employers, retailers, restaurants, major interstates and thoroughfares. This 32-unit complex re-branded as “Flats at Greentree” is a workforce housing multifamily community compromised of 31 1BD/1BA units and one 2BD/1BA unit. The proximity of this community to the nearby amenities makes it an irreplaceable location with high residual land value with strong tenant leasing demand.

Approximately 50% of the units have been renovated in 2021/2022. Offered at $2,800,000 - $87,500/door. This asset makes for a great value add opportunity for an investor to boost NOI by increasing rents on existing units to a market rate as well as completing the renovations on the remaining units to increase rents to an appropriate rate for newly renovated units in this market.

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Additional Details

Nearest MSA: Louisville/Jefferson County
County: Clark
Tax ID/APN: 10-24-03-200-922.000-013
Zoning: R-3
Percent Occupied: 100%
Property Located Between: Veterans Pkwy and Lewis & Clark Parkway
Highway Access: I-65
Site Description: General Multifamily
Area Description: Dense retail area with ample amenities
Total Number of Buildings: 3
Property Condition: Good
Number of Stories: 2
Year Built: 1978
Year Renovated: 2021
Construction/Siding: Brick
Exterior Description: General Multifamily
Parking Type: Surface
Parking Description: Ample
Sprinklers: None
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,286 74,362 171,435
Median Age: 36.43 38.36 37.58
Households: 3,756 30,927 71,378
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