For Sale
$1,350,000

1517 Jeanette AveEvansville, IN 47714

High-Yield Multifamily Property in Evansville, IN

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a well-maintained, three-building apartment complex in Evansville, Indiana. The property, known as Peyton Place Apartments, comprises 18,857 square feet and sits on a 0.46-acre lot at 1517 Jeanette Ave, 47714. Built in 1970, the two-story brick buildings feature a mix of 21 one-bedroom units and one efficiency apartment. Currently boasting a 93.5% occupancy rate (as of October 2024), with only two vacant units, this property demonstrates historically stable occupancy. The property's strong financial performance is highlighted by a 6.60% cap rate and a Net Operating Income (NOI) of $89,078. The property is zoned R-3 and benefits from a convenient location near S. Green River Road, McGary Middle School, and Holy Rosary Catholic School/Church, with easy access to Evansville's public transportation. The property's strong cash flow, stable occupancy, and desirable location make it an attractive investment for discerning buyers. The Assessor's Parcel Number (APN) is 82-06-35-011-151.001-027. This is a turnkey opportunity to acquire a profitable multifamily asset in a growing market. The asking price is $1,350,000.

Highlights

  • $1,350,000 asking price for this multifamily investment opportunity.
  • Multifamily apartment building with 22 units (21 one-bedroom, 1 efficiency).
  • 18,857 square feet on a 0.46-acre lot in Evansville, Indiana.
  • 6.60% cap rate with a current NOI of $89,078.
  • 93.5% occupancy as of October 2024.
  • Three, two-story brick buildings built in 1970.

Property Details for 1517 Jeanette Ave

Property type
Apartment buildings
Square Feet
18,857 SF
Year Built
1970
Buildings
3
Stories
2
Lot Size (sq. ft)
20,038 SF

Location Insight

City
Evansville
County
Vanderburgh
State
Indiana
Latitude
37.954995971643
Longitude
-87.50207124045
1517 Jeanette Ave, Evansville, Indiana

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1517 Jeanette Ave
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