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Multifamily

Tradewinds Apartments

404 Edgar St, Evansville, IN 47710

Listing Price: $525,000

Cap Rate
7.32%
Number of Units
14
Price/Unit
$37,500
Price/Gross SF
$72.51
Gross SF
7,240

Investment Overview

Tradewinds Apartments is a 14-Unit community consisting of all 1-bedroom units between two buildings. The units have two layouts, (8) large units that are 560 SF and (6) smaller units that are 460 SF. LOCATION Tradewinds is well located just outside of Downtown Evansville. The property is within walking distance to Deaconess Health and Berry Global. These two employers are in the top 5 employers in Evansville and gives this property proximity to over 9,000 employees. This location makes it a great option to attract a strong nearby workforce. It is also within a 5-minute drive to the majority of Downtown Evansville and gives easy access to the most trafficked road in the city, W Lloyd Expressway. This east-west expressway makes it a quick commute to anywhere in the city as it intersect with US-41 that runs north-south this makes the city limits in any direction less than a 15-minute drive in any direction form Tradewinds. OPPORTUNITY Tradewinds Apartments offers a new investor the opportunity to complete the renovations on the remaining 3-units and increase rents closer to what competitors are achieving. It is estimated that rents can be increased by +$80/month on average and net operating income can be increased by an estimated +$6,172.

Investment Highlights

  • One Block from 1st & 5th Largest Employers
  • Half Mile to Downtown Evansville
  • Completely Renovated Units

Exclusively Listed By

Listing Price: $525,000

Cap Rate
7.32%
Number of Units
14
Price/Unit
$37,500
Price/Gross SF
$72.51
Gross SF
7,240

Investment Highlights

  • One Block from 1st & 5th Largest Employers
  • Half Mile to Downtown Evansville
  • Completely Renovated Units

Investment Overview

Tradewinds Apartments is a 14-Unit community consisting of all 1-bedroom units between two buildings. The units have two layouts, (8) large units that are 560 SF and (6) smaller units that are 460 SF. LOCATION Tradewinds is well located just outside of Downtown Evansville. The property is within walking distance to Deaconess Health and Berry Global. These two employers are in the top 5 employers in Evansville and gives this property proximity to over 9,000 employees. This location makes it a great option to attract a strong nearby workforce. It is also within a 5-minute drive to the majority of Downtown Evansville and gives easy access to the most trafficked road in the city, W Lloyd Expressway. This east-west expressway makes it a quick commute to anywhere in the city as it intersect with US-41 that runs north-south this makes the city limits in any direction less than a 15-minute drive in any direction form Tradewinds. OPPORTUNITY Tradewinds Apartments offers a new investor the opportunity to complete the renovations on the remaining 3-units and increase rents closer to what competitors are achieving. It is estimated that rents can be increased by +$80/month on average and net operating income can be increased by an estimated +$6,172.

Exclusively Listed By

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