1450 Luther Sq - Apartments FOR SALE


Evansville, IN 47714- East Evansville
$8,500,000 USD
1450 Luther Sq, Evansville, IN for Sale
$8,500,000 USD
Apartments - FOR SALE
1/38
null | 6.12% Cap Rate

1450 Luther Sq
Evansville, IN 47714
East Evansville


HIGHLIGHTS

  • Senior, Income Based, Public Bus Route, Onsite Management

OVERVIEW

Kinney Realty & Development, LLC is pleased to present Horizon Homes, a senior housing community reserved for residents 55 years of age and over. Horizon Homes has 148 housing units, including 29 Project-based Section 8 units, and a 20-year HAP contract dated May 2012. The property has been executing a rental increase plan, which has increased rental rates over the past several years. The apartment occupancy in the area has remained strong for many years, and many Horizon Homes tenants have lived at the property for more than 10 years. The property last received a REAC score of 92 and consistently gets above 90. The owner replaced 100% of the wood siding with vinyl siding on all 43 buildings in 2016, new roofs in 2009, and is currently replacing carpeting with LVT and new low-flow toilets.

FOR SALE DETAILS

PRICE

$8,500,000 USD

PRICE/SF

$111 USD /SF

# OF UNITS

148

PRICE/UNIT

$57,432

CAP RATE

6.12%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Horizon Homes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1969

PARKING SPACES

179

LAND DETAILS

LAND ACRES

15.41 AC

LAND SF

671,260 SF

ZONING

R-4

APN/PARCEL ID

82-06-35-017-125.002-027

ASK ABOUT THIS PROPERTY

Keith KinneyKinney Realty & DevelopmentMore Info

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Keith KinneyKinney Realty & DevelopmentMore Info

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