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 |
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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