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Multifamily

Heritage Werks Portfolio

308 East St, Madison, IN 47250

Listing Price: $4,000,000

Cap Rate
7.16%
Number of Units
63
Price/Unit
$63,492
Price/Gross SF
$96.78
Gross SF
41,330

Investment Overview

Heritage Werks Apartments is a 63-unit, two site portfolio in Madison, Indiana. The two sites consist of Carl’s Landing and Barb’s Riverview containing (35) thirty-five and (28) twenty-eight units respectively. Carl’s Landing has (6) six one-bedroom units at 535 square feet, (29) twenty-nine two-bedroom units at 784 square feet, and an on-site office. Barb’s Riverview has (24) twenty-four one-bedroom units at 521 square feet and (4) four two-bedroom at 720 square feet. These two properties together have received over $130k in capital improvements since 2018. Included in these capital improvements are renovations of 51 of the 63 units, roofs on one building, concrete work, door replacements, and hallway & exterior lighting replacements. LOCATION Heritage Werks Apartments are conveniently located in downtown Madison along the Ohio River with Barb’s Riverview offering views of the river directly across the street. Downtown Madison is the largest continuous National Historic Landmark consisting of 133 blocks. This downtown area features ample dining, shopping, and hospitality options with nearby parks and Heritage Trail running along the Ohio River. Madison’s economy is largely weighted by the health care industry with 3 of the top 4 employers operating in this industry. The community is also home to impressive industrial employers due to the advantageous location along the Ohio River. Clifty Falls State Park is located within the city which attracts over 425,000 visitors per year. The state park is known for its variety of canyons, waterfalls, and trails. In 2015, the city of Madison was named one of the finalists in the America’s Best Communities competition. OPPORTUNITY Heritage Werks offers the investor the opportunity to acquire a stabilized asset with great upside in a strong Indiana market. Madison as a city has a lack of rental housing options available with only 620 units of inventory for a population of 11,813. This shortage has led to a city vacancy rate of 2.1% and has consistently been decreasing since 2011. This market tightness has led to impressive rent growth and gives the new investor the opportunity to increase rents by a projected +13.6%.

Investment Highlights

  • Projected Rental Upside of +13.6%
  • +28.9% Potential NOI Growth
  • 51-Units Recently Renovated

Exclusively Listed By

Multifamily

Heritage Werks Portfolio

Listing Price: $4,000,000

Cap Rate
7.16%
Number of Units
63
Price/Unit
$63,492
Price/Gross SF
$96.78
Gross SF
41,330

Investment Highlights

  • Projected Rental Upside of +13.6%
  • +28.9% Potential NOI Growth
  • 51-Units Recently Renovated

Investment Overview

Heritage Werks Apartments is a 63-unit, two site portfolio in Madison, Indiana. The two sites consist of Carl’s Landing and Barb’s Riverview containing (35) thirty-five and (28) twenty-eight units respectively. Carl’s Landing has (6) six one-bedroom units at 535 square feet, (29) twenty-nine two-bedroom units at 784 square feet, and an on-site office. Barb’s Riverview has (24) twenty-four one-bedroom units at 521 square feet and (4) four two-bedroom at 720 square feet. These two properties together have received over $130k in capital improvements since 2018. Included in these capital improvements are renovations of 51 of the 63 units, roofs on one building, concrete work, door replacements, and hallway & exterior lighting replacements. LOCATION Heritage Werks Apartments are conveniently located in downtown Madison along the Ohio River with Barb’s Riverview offering views of the river directly across the street. Downtown Madison is the largest continuous National Historic Landmark consisting of 133 blocks. This downtown area features ample dining, shopping, and hospitality options with nearby parks and Heritage Trail running along the Ohio River. Madison’s economy is largely weighted by the health care industry with 3 of the top 4 employers operating in this industry. The community is also home to impressive industrial employers due to the advantageous location along the Ohio River. Clifty Falls State Park is located within the city which attracts over 425,000 visitors per year. The state park is known for its variety of canyons, waterfalls, and trails. In 2015, the city of Madison was named one of the finalists in the America’s Best Communities competition. OPPORTUNITY Heritage Werks offers the investor the opportunity to acquire a stabilized asset with great upside in a strong Indiana market. Madison as a city has a lack of rental housing options available with only 620 units of inventory for a population of 11,813. This shortage has led to a city vacancy rate of 2.1% and has consistently been decreasing since 2011. This market tightness has led to impressive rent growth and gives the new investor the opportunity to increase rents by a projected +13.6%.

Exclusively Listed By

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