1737 Culbertson Ave 37 Unit Apartment Building $2,750,000 ($74,324/Unit) New Albany, IN 47150

Culbertson Cross Apartments presents an opportunity to acquire a multifamily asset consisting of 37 one-bedroom apartment units, a three-bedroom single-family residence, dedicated off-street parking, green space, and ancillary storage space. The property has benefited from substantial recent capital improvements that support ongoing operations and position the asset for continued performance. Recent upgrades include the installation of 23 new HVAC systems with transferable warranty coverage, a new key-fob access system, updated appliances in approximately 15 units, new flooring, interior painting, and renovations to numerous apartment interiors.
The property’s operational structure provides several features that can contribute to efficient management. Gas and electric utilities are individually metered and paid directly by tenants, while water and trash expenses are recovered through monthly tenant chargebacks. Each unit is equipped with its own furnace and central air-conditioning system, reducing reliance on centralized mechanical infrastructure. Additional amenities include an elevator, three stairwells, a large coin-operated laundry facility, and dedicated parking for residents.
Located in New Albany, Indiana, the property benefits from convenient access to Interstate 64, Interstate 65, and the Ohio River bridges connecting Southern Indiana to Louisville, Kentucky. The location provides access to major employment centers, retail destinations, dining establishments, healthcare services, and regional transportation routes. Proximity to the Clarksville commercial corridor and the greater Louisville metropolitan area supports continued residential demand and enhances the property's long-term investment appeal.