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Cambridge Pointe 2718 Zion Rd 48 Unit Apartment Building For Sale Henderson, KY 42420
Investment Highlights
- 2028 LIHTC Expiration Creates Path to Market-Rate Upside
- Supply-Constrained Henderson Market with Access to Evansville MSA Demand Drivers
- Well-Maintained 1998-Vintage Asset with $17K+/Unit in Capital Improvements
Executive Summary
Cambridge Pointe is a 48-unit affordable housing community located in Henderson, Kentucky, within the Evansville, IN MSA. Built in 1998, the property offers a compelling investment opportunity through its scheduled 2028 LIHTC restriction expiration, creating a clear path to market-rate conversion with no decontrol period provisions.
The asset has been well maintained with approximately $17,300/unit in capital improvements, including flooring, appliances, asphalt overlay, siding, roofs, entry doors, and HVAC replacements. Cambridge Pointe also benefits from a supply-constrained Henderson market, 91.67% occupancy, all 2- and 3-bedroom floor plans, in-unit washer/dryer connections, and meaningful future rent upside supported by nearby market-rate comparables.
The asset has been well maintained with approximately $17,300/unit in capital improvements, including flooring, appliances, asphalt overlay, siding, roofs, entry doors, and HVAC replacements. Cambridge Pointe also benefits from a supply-constrained Henderson market, 91.67% occupancy, all 2- and 3-bedroom floor plans, in-unit washer/dryer connections, and meaningful future rent upside supported by nearby market-rate comparables.
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Property Facts
| Sale Type | Investment | Lot Size | 4.00 AC |
| No. Units | 48 | Building Size | 40,640 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1998 |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | COMMERCIAL | ||
| Sale Type | Investment |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 4.00 AC |
| Building Size | 40,640 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1998 |
| Opportunity Zone |
Yes |
| Zoning | COMMERCIAL |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Storage Space
- Ceiling Fans
- Eat-in Kitchen
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
- Playground
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 32 | - | 784 |
| 3+2 | 16 | - | 972 |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 66-54 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,229,000 |
Property Taxes
Parcel Number
66-54
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,229,000
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