701-709 Etzler Dr, Salem, IN 47167
28 Unit Apartment Building | $2,250,000 ($80,357/Unit) | 8.47% Cap Rate | Salem, IN 47167
For Sale
Active
Asking Price $2,250,000
- Property Type
-
Multifamily
- Square Feet
- 16,720 SF
Listing Contacts
David Orton
Property Overview
FMV Investment Sales is pleased to offer Country Pines a 1031 Exchange Up-leg fulfillment situated in Economic Growth Region 10 of Indiana which is part of Indiana's largest emerging growth markets Clarksville, Jeffersonville, and New Albany. Clarksville (2024 Population 22,171). Clarksville is a 32 mile commute for tenant employment opportunities. Additional emerging growth markets include Jeffersonville (2023 Population 51,235) a 34 mile commute for tenant employment opportunities and New Albany (2023 Population 37,329) a 30 mile commute for tenant employment opportunities.
The opportunity: renters from these three emerging markets (Floyd and Clark County) are seeking more affordable options than $1,200 - $1,300 for a similar two bedroom. Why this matters, tenants opting to commute 30 minutes away from more expensive emerging growth markets tend to seek and find more affordable living options in surrounding donut satellite cities/towns is a non-negotiable to hedge against housing inflation in Clarksville, New Albany, and Jeffersonville.
The property: Total of 28 units. 4 buildings total. Situated on two parcels. (2) Duplex Style w/attached garages built in 1990. (1) 8 unit building "ski lodge' with carport built in 1980. (1) 8 unit building built in 1971. (1) 8 unit building built in 1971. (27) units are large two bedroom one bath (1) large three bedroom one bath. Common area laundry facility in basement of one building, however, the majority of the units have washer/dryer hoop ups in the units. All units individually metered for electric, gas, and most individually metered for water/sewer. Some units master metered for sewer/water. Over $150,000 in 2023 for capital expenditures for improvements to the property. Opportunity to raise rents to market rate on 13 of the 28 units. Most units have been upgraded and rehabbed.
The opportunity: renters from these three emerging markets (Floyd and Clark County) are seeking more affordable options than $1,200 - $1,300 for a similar two bedroom. Why this matters, tenants opting to commute 30 minutes away from more expensive emerging growth markets tend to seek and find more affordable living options in surrounding donut satellite cities/towns is a non-negotiable to hedge against housing inflation in Clarksville, New Albany, and Jeffersonville.
The property: Total of 28 units. 4 buildings total. Situated on two parcels. (2) Duplex Style w/attached garages built in 1990. (1) 8 unit building "ski lodge' with carport built in 1980. (1) 8 unit building built in 1971. (1) 8 unit building built in 1971. (27) units are large two bedroom one bath (1) large three bedroom one bath. Common area laundry facility in basement of one building, however, the majority of the units have washer/dryer hoop ups in the units. All units individually metered for electric, gas, and most individually metered for water/sewer. Some units master metered for sewer/water. Over $150,000 in 2023 for capital expenditures for improvements to the property. Opportunity to raise rents to market rate on 13 of the 28 units. Most units have been upgraded and rehabbed.
Property Details
- Class
- B
- Year Built/Renovated
- 1980/2024
- Stories
- 2
- Lot Size (sq. ft)
- 125,888 SF
- Units
- 28
Highlights
- 30 Miles from Clarksville, Jeffersonville, and New Albany
- Most units updated and large
- Most utilities individually metered and tenants paying their own utilities
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