637 Oak StSeymour, IN 47274

Property Details for 637 Oak St

Year built

1991

Lot size

4.65 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Oak Estates, a well-maintained 76-unit apartment complex in Seymour, Indiana, presents a compelling investment opportunity. This fee-simple property boasts 62,800 square feet of net rentable space across eight, two-story buildings situated on a 4.65-acre lot. Built in 1991 and renovated in 2005 and 2021, the property comprises a mix of one- and two-bedroom units, currently commanding market rents of $1000 and $1300 respectively. The property's strong financial performance is reflected in its current NOI of $512,027 and a pro-forma NOI of $587,556, yielding a current cap rate of 6.02% and a pro-forma cap rate of 6.91%. The asking price is $8,500,000, translating to $111,842.11 per unit and $135.35 per square foot. Located at 637 E Oak St, Seymour, IN 47274, this property benefits from Seymour's impressive population growth and its strategic location between Indianapolis and Louisville, offering easy access to major transportation routes. The city's vibrant community, low crime rate, quality schools, and affordable housing contribute to the property's strong appeal and potential for future growth. This value-add opportunity allows investors to capitalize on a thriving market in a stable tertiary submarket.

Location Insight

City

Seymour

County

Jackson

State

Indiana

Latitude

38.953

Longitude

-85.8785

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