4266 Old State Route 261 | Newburgh, IN 47630
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- LoopNet Team
4266 Old State Route 261
Newburgh, IN 47630
Newburgh Apartments · Multifamily Property For Sale
·
32 Units
INVESTMENT HIGHLIGHTS
- LOAN ASSUMPTION – Freddie SBL is currently in place at 3.56% interest with 5.7 years remaining on term
- MARKET PROVEN RENTS – Current owners have increased rents over 10% YOY on classic units with no interior renovations
- ANNUAL MEDIAN INCOME – The Annual Median Income for Newburgh is $124,000 per household, over 8x the projected rent
- LOW BASIS – Offered at $137,500 per door, well below replacement cost in today’s market
- VALUE-ADD STRATEGY – Ownership is achieving a $205 monthly premium on updated units renovating to stainless appliances and upgraded light fixtures
PROPERTY FACTS
| No. Units | 32 | Lot Size | 1.23 AC |
| Property Type | Multifamily | Building Size | 35,200 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 2008 |
| Building Class | C | Parking Ratio | 3.41/1,000 SF |
| Zoning | Commercial | ||
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.23 AC |
| Building Size | 35,200 SF |
| No. Stories | 3 |
| Year Built | 2008 |
| Parking Ratio | 3.41/1,000 SF |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- High Speed Internet Access
- Refrigerator
- Stainless Steel Appliances
SITE AMENITIES
- Business Center
- Clubhouse
- Fitness Center
- Laundry Facilities
- Playground
- Property Manager on Site
- Gated
- Basketball Court
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 32 | - | 1,001 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,013,900 | |
| Land Assessment | $251,700 | Total Assessment | $2,265,600 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$251,700
Improvements Assessment
$2,013,900
Total Assessment
$2,265,600
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