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The Parkside Apartments 810-811 Howard Ave 42 Unit Apartment Building $3,000,000 ($71,429/Unit) Jeffersonville, IN 47130
Investment Highlights
- The Parkside Apartments are just a 5-minute drive across the bridge to Louisville.
- Minutes from the University of Louisville, Indiana University SE Grad Center, and Southern Baptist Seminary.
- Easy access to Jeffersonville Waterfront Park and the Louisville Waterfront Park.
- Jeffersonville has established itself as a gentrifying and growing market.
Executive Summary
Matthews Real Estate Investment Services is pleased to present the value-add opportunity of the Parkside Apartments at 810-811 Howard Avenue. The renovated units are currently achieving a $75/month premium on partially renovated units. With light upgrades, an incoming investor can bring the remaining units to similar finishes and average $900/month for one and two-bedroom units, an increase of over $5,500 per month of revenue, adding $943,000 of value when capitalized at a 7% cap rate.
The Parkside Apartments are located blocks from 10th Street, offering proximity to shopping, dining, and entertainment options, and around the corner from Bob Hedge Park. Additionally, tenants benefit from easy access to Jeffersonville Waterfront Park and the Louisville Waterfront Park, with walking and biking paths that connect the two. The property is also only minutes from the University of Louisville, Indiana University Southeast Graduate Center, and Southern Baptist Seminary. Furthermore, the River Ridge project is less than 15 minutes from Jeffersonville, a 6,000-acre business park.
Notable key city investments highlight the fact that the property is located in Jeffersonville, IN, a 5-minute drive across the bridge to Louisville, and has established itself as a gentrifying and growing market. A couple of notable investments in the city include: Canadian Solar, building a solar cell plant to create 1,200 jobs, Jeffboat redevelopment, a $1B plan to redevelop 100-acre riverfront, which would include a park, hospitality, mixed-use commercial, and multifamily property, $33MM natatorium in planning by the city.
Opportunity to assume the existing loan:
Loan details:
Freddie
Interest Rate: 3.82
Maturity: 3/1/2029
As of Feb 2025 - Unpaid Principal Balance: 2,140,616
Amortization: 30 Years
Broker of Record:
Kyle Matthews, License No. RC52200195 (IN), (866) 889-0550
Matthews Real Estate Investment Services
1600 West End, Ste. 1500 Nashville, TN 37203
The Parkside Apartments are located blocks from 10th Street, offering proximity to shopping, dining, and entertainment options, and around the corner from Bob Hedge Park. Additionally, tenants benefit from easy access to Jeffersonville Waterfront Park and the Louisville Waterfront Park, with walking and biking paths that connect the two. The property is also only minutes from the University of Louisville, Indiana University Southeast Graduate Center, and Southern Baptist Seminary. Furthermore, the River Ridge project is less than 15 minutes from Jeffersonville, a 6,000-acre business park.
Notable key city investments highlight the fact that the property is located in Jeffersonville, IN, a 5-minute drive across the bridge to Louisville, and has established itself as a gentrifying and growing market. A couple of notable investments in the city include: Canadian Solar, building a solar cell plant to create 1,200 jobs, Jeffboat redevelopment, a $1B plan to redevelop 100-acre riverfront, which would include a park, hospitality, mixed-use commercial, and multifamily property, $33MM natatorium in planning by the city.
Opportunity to assume the existing loan:
Loan details:
Freddie
Interest Rate: 3.82
Maturity: 3/1/2029
As of Feb 2025 - Unpaid Principal Balance: 2,140,616
Amortization: 30 Years
Broker of Record:
Kyle Matthews, License No. RC52200195 (IN), (866) 889-0550
Matthews Real Estate Investment Services
1600 West End, Ste. 1500 Nashville, TN 37203
Property Facts Under Contract
| Price | $3,000,000 | Building Class | C |
| Price Per Unit | $71,429 | Lot Size | 1.16 AC |
| Sale Type | Investment | Building Size | 35,220 SF |
| No. Units | 42 | Average Occupancy | 97% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1971/2020 |
| Apartment Style | Low-Rise | Parking Ratio | 2.65/1,000 SF |
| Price | $3,000,000 |
| Price Per Unit | $71,429 |
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.16 AC |
| Building Size | 35,220 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2020 |
| Parking Ratio | 2.65/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Wi-Fi
- Freezer
Site Amenities
- Laundry Facilities
- Picnic Area
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 40 | - | 601 |
| 2+2 | 2 | - | 902 - 1,043 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,978,500 | |
| Land Assessment | $278,900 | Total Assessment | $2,257,400 |
Property Taxes
Parcel Numbers
Land Assessment
$278,900
Improvements Assessment
$1,978,500
Total Assessment
$2,257,400
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The Parkside Apartments | 810-811 Howard Ave