17 Unit Multi-Family w/ land for future development

Multi-Family for Sale
Catylist Listing ID: 30843947
Number of Units: 17 Units
Building Size (RSF): 21,316 SF
Gross Building Area: See Agent
Gross Land Area: 1.12 SF
Sale Price: $2,200,000
Unit Price: $129,411.76 Per Unit
Property Use Type: Investment
Building Name: SpringHill Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/30/2023

Overview / Comments

Bass Group Real Estate is pleased to present the sale of 1420 Spring Street in Jeffersonville, IN. Also includes 1426 Spring St. This apartment complex is across from Clark Memorial Hospital and is just moments away from bustling Downtown Jeffersonville. The location is less than 3 miles from Downtown Louisville, Kentucky. This complex features a total of 17 renovated residential units and a newly furnished laundry room. Please see PRO-FORMA on BROCHURE.

• Master lease for all units with 12 of 17 units renovated and turned over to lessee
• Master lease term through August 2025 with option to extend through August 2028
• 0% vacancy once final units are renovated and turned to lessee
• Includes adjacent lots for development of 19-30 additional multi-family units or other possible uses
• Located in an Opportunity Zone

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Clark
Tax ID/APN: 101900102453000010
Percent Occupied: 70%
Property Located Between: 10th Street and Veterans Parkway
Highway Access: HWY I-65
Airports: SDF Louisville and Clark County Regional
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1922
Year Renovated: 2022
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Parking in front/side/rear. Parking lot accounted for in future development plans
Total Parking Spaces: 20
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Engineered System
Interior Description: All units are 1 bedroom/1 bathroom with sun room and/or possible extra sleeping area. Fully functional kitchen. 12 of the units have been rehabbed for new tenants. 5 remaining and will be leased month following per master lease.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PT BLK 148

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,863 93,388 264,332
Median Age: 38.73 36.4 37.2
Households: 4,315 40,792 114,450


Photograph of Listing Agent

Matthew L Conway

Conway & Associates KCREA Member
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