Fully Leased Multifamily Plus Development Opportunity

Multi-Family for Sale
Also listed as Vacant Land
Catylist Listing ID: 30622653
Property Subtypes: Low-Rise/Garden
Number of Units: See Agent
Building Size (RSF): 5,150 SF
Gross Building Area: See Agent
Gross Land Area: 1.50 Acres
Sale Price: $420,000
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/25/2020

Overview / Comments

PRG is pleased to offer for sale this stabilized, cash flowing six unit property which sits on a large, 1.5 acre, corner lot and comes with shovel-ready, pre-approval for four additional duplexes.

The main building, which has five fully leased and occupied 2BR/1BA units, has a new roof from 2019. There is an additional building, which has another occupied 2BR/1BA unit. Five of the six units have been completely renovated. Total current monthly revenue is $4,325/month.

In addition to the existing structures and ample off-street parking, the seller has plans and approvals to build an additional four 3BR/1.5BA duplexes, creating eight more units on the property, for a total of 14 units.

This Clarksville, IN property has the benefit of being located in a mature, single family neighborhood, and is located minutes from I65 and Downtown Louisville.

Highlights:

<> Six 2BR/1BA occupied units bringing $4,325/month in rent and water reimbursements
<> Large, corner, 1.5 acre lot
<> Ample off street parking
<> Shovel-ready plans to build 8 3BR/1.5BA units for a total of 14 units
<> Tenants pay gas/electric and a portion of water, landlord pays water/sewer remainder

The seller of this property also owns a well-performing 4-plex nearby and would sell that as well. Please ask for details.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Clark
Tax ID/APN: 10-14-00-800-573.000-012
Zoning: R-2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,812 96,479 248,045
Median Age: 36.04 36.8 37.21
Households: 3,318 40,001 107,013
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