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1743 Culbertson Ave 37 Unit Apartment Building $2,750,000 ($74,324/Unit) New Albany, IN 47150
Investment Highlights
- Includes 37 apartment units and one single-family residence.
- Water and trash costs are recovered through monthly tenant charges.
- Convenient access to I-64, I-65, Clarksville retail amenities, and Louisville.
- Gas and electric utilities are individually metered and tenant-paid.
- On-site laundry facility provides additional income potential.
Executive Summary
Culbertson Cross Apartments presents an opportunity to acquire a stabilized multifamily asset in New Albany, Indiana, a community positioned within the Louisville metropolitan area and offering convenient access to major regional transportation corridors. The property consists of 37 one-bedroom apartment units, one three-bedroom single-family home, an off-street parking lot, green space, on-site laundry facilities, and additional storage space with potential for future conversion, subject to applicable approvals.
Ownership has invested approximately $139,500 in recent capital improvements, enhancing the property's operational efficiency and long-term appeal. Improvements include the installation of 22 new HVAC systems, a key-fob access system, updated appliances in multiple units, new flooring, interior painting, and renovations throughout numerous apartments. These investments help reduce near-term capital expenditure requirements while supporting tenant retention and leasing performance.
Each apartment features a practical layout with living, kitchen, bedroom, and bathroom areas along with ample closet space. Many units have been updated with modern finishes, including refreshed flooring, paint, and appliances. Separately metered gas and electric services are paid directly by tenants, while water and trash expenses are recovered through additional monthly lease charges, creating an efficient utility structure for ownership.
Located minutes from the Clarksville retail corridor, Interstate 64, Interstate 65, and the Ohio River bridges connecting Southern Indiana to Louisville, the property benefits from access to employment centers, shopping, dining, and regional transportation infrastructure. The combination of recent capital investment, diversified income streams, tenant utility reimbursements, on-site amenities, and potential future value-add opportunities positions Culbertson Cross Apartments as an attractive multifamily investment opportunity.
Ownership has invested approximately $139,500 in recent capital improvements, enhancing the property's operational efficiency and long-term appeal. Improvements include the installation of 22 new HVAC systems, a key-fob access system, updated appliances in multiple units, new flooring, interior painting, and renovations throughout numerous apartments. These investments help reduce near-term capital expenditure requirements while supporting tenant retention and leasing performance.
Each apartment features a practical layout with living, kitchen, bedroom, and bathroom areas along with ample closet space. Many units have been updated with modern finishes, including refreshed flooring, paint, and appliances. Separately metered gas and electric services are paid directly by tenants, while water and trash expenses are recovered through additional monthly lease charges, creating an efficient utility structure for ownership.
Located minutes from the Clarksville retail corridor, Interstate 64, Interstate 65, and the Ohio River bridges connecting Southern Indiana to Louisville, the property benefits from access to employment centers, shopping, dining, and regional transportation infrastructure. The combination of recent capital investment, diversified income streams, tenant utility reimbursements, on-site amenities, and potential future value-add opportunities positions Culbertson Cross Apartments as an attractive multifamily investment opportunity.
Property Facts
| Price | $2,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $74,324 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.85 AC |
| No. Units | 37 | Building Size | 27,522 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1935 |
| Zoning | R-4 - Residential Multi-Family | ||
| Price | $2,750,000 |
| Price Per Unit | $74,324 |
| Sale Type | Investment |
| No. Units | 37 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 27,522 SF |
| No. Stories | 2 |
| Year Built | 1935 |
| Zoning | R-4 - Residential Multi-Family |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 37 | - | 550 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 22-05-02-801-966.000-008 | Improvements Assessment | $476,900 |
| Land Assessment | $81,000 | Total Assessment | $557,900 |
Property Taxes
Parcel Number
22-05-02-801-966.000-008
Land Assessment
$81,000
Improvements Assessment
$476,900
Total Assessment
$557,900
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