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Multifamily

Elmwood Apartments

1818 N Elm St, Henderson, KY 42420

Listing Price: $1,350,000

Cap Rate
7.11%
Number of Units
30
Price/Unit
$45,000
Price/Gross SF
$64.90
Gross SF
20,800

Investment Overview

Elmwood Apartments is 30-unit apartment community consisting of (16) one bedrooms and (14) two bedrooms. These units are split between 4 buildings on 1.24 acres. The property is currently fully occupied showing strong demand for these units. LOCATION Elmwood is in Henderson, KY which is apart of the Evansville Metropolitan Area, otherwise known as the “Tri-State Area” as it is located near the borders of Indiana, Kentucky, and Illinois. The city has a population of 28,757 and has shown a strong and consistent historic growth with the 2000-2010 population growing a modest 5.1%. Henderson, KY is a manufacturing and distribution hub with advantageous access to I-69, CSX railroad, and being located on the Ohio River. This location allows a day drive to 2/3 of the population in the U.S. making it an ideal location for a growing distribution industry. The city has implemented a 5-year employment development program called “A New Day 2026”. This program is set out to increase the number of industries operating in the city and expand the current industries. The city has raised $1.3 million thus far from local governments and companies to support this initiative. OPPORTUNITY Elmwood has shown strong demand for its units as it is currently fully occupied. This allows a new investor to raise rents by a projected 13.5% in the unit's current state. There is also the opportunity to renovate the units to continue to raise rents. This opportunity can be seen by the neighboring “The Elms Apartments”, who is currently achieving over $600/month for their 1-bedroom units which is $109 or 22.2% higher than Elmwood’s current in-place rents.

Investment Highlights

  • 30-unit apartment community consisting of (16) one bedrooms and (14) two bedrooms
  • Elmwood is in Henderson, KY which is apart of the Evansville Metropolitan Area, otherwise known as the "Tri-State Area" as it is located near the borders of Indiana, Kentucky, and Illinois
  • Elmwood has shown strong demand for its units as it is currently fully occupied

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s) KY: 242197

    Kentucky

Multifamily

Elmwood Apartments

Listing Price: $1,350,000

Cap Rate
7.11%
Number of Units
30
Price/Unit
$45,000
Price/Gross SF
$64.90
Gross SF
20,800

Investment Highlights

  • 30-unit apartment community consisting of (16) one bedrooms and (14) two bedrooms
  • Elmwood is in Henderson, KY which is apart of the Evansville Metropolitan Area, otherwise known as the "Tri-State Area" as it is located near the borders of Indiana, Kentucky, and Illinois
  • Elmwood has shown strong demand for its units as it is currently fully occupied

Investment Overview

Elmwood Apartments is 30-unit apartment community consisting of (16) one bedrooms and (14) two bedrooms. These units are split between 4 buildings on 1.24 acres. The property is currently fully occupied showing strong demand for these units. LOCATION Elmwood is in Henderson, KY which is apart of the Evansville Metropolitan Area, otherwise known as the “Tri-State Area” as it is located near the borders of Indiana, Kentucky, and Illinois. The city has a population of 28,757 and has shown a strong and consistent historic growth with the 2000-2010 population growing a modest 5.1%. Henderson, KY is a manufacturing and distribution hub with advantageous access to I-69, CSX railroad, and being located on the Ohio River. This location allows a day drive to 2/3 of the population in the U.S. making it an ideal location for a growing distribution industry. The city has implemented a 5-year employment development program called “A New Day 2026”. This program is set out to increase the number of industries operating in the city and expand the current industries. The city has raised $1.3 million thus far from local governments and companies to support this initiative. OPPORTUNITY Elmwood has shown strong demand for its units as it is currently fully occupied. This allows a new investor to raise rents by a projected 13.5% in the unit's current state. There is also the opportunity to renovate the units to continue to raise rents. This opportunity can be seen by the neighboring “The Elms Apartments”, who is currently achieving over $600/month for their 1-bedroom units which is $109 or 22.2% higher than Elmwood’s current in-place rents.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s): KY: 242197

    Kentucky

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