Shady Tree Apartments
Investment Highlights:
Foreclosed Property Offered for Quick Sale by Lender: Offers are due on April 26, 2013 and the lender is motivated to complete a quick sale.Low Price Per Unit: Shady Tree is offered at $2,400,000 or just $19,048 per unit.
High Cap Rate on Readily Achievable Forecast NOI: Assuming only 90% occupancy, the asking price represents an 9.0% cap rate on forecast net operating income. Current occupancy is 74%
Great Opportunity to Add Value: Shady Tree offers an investor the opportunity to create additional value through modest unit upgrades, landscape enhancements, and the institution of a bill-back program for water and sewer utilities.
Located in a Strong Rental Market: Evansville has a healthy economy and an average market occupancy of 93%.
Convenient to Shopping, Employment Centers and Colleges: The area’s primary shopping district
and Ivy Tech Community College (2,400 students) are less than a mile from Shady Tree. The north side location is also attractive to workers at multiple manufacturing facilities.
Quiet, Country-like Atmosphere: A picturesque creek runs through Shady Tree’s wooded site and the property is bordered by trees on three sides.
Attractive Exterior with Mostly Brick: Low maintenance, mostly masonry exteriors enhance the property’s appearance.
0 comments:
Post a Comment