Foreclosed Property Offered for Quick Sale by Lender: Offers are due on April 26, 2013 and the lender is motivated to complete a quick sale.
Low Price Per Unit: Shady Tree is offered at $2,400,000 or just $19,048 per unit.
High Cap Rate on Readily Achievable Forecast NOI: Assuming only 90% occupancy, the asking price represents an 9% cap rate on forecast net operating income. Current occupancy is 74%
Great Opportunity to Add Value: Shady Tree offers an investor the opportunity to create additional value through modest unit upgrades, landscape enhancements, and the institution of a bill-back program for water and sewer utilities.
Located in a Strong Rental Market: Evansville has a healthy economy and average market occupancy of 93%.
Convenient to Shopping, Employment Centers and Colleges: The area’s primary shopping district and Ivy Tech Community College (2,400 students) are less than a mile from Shady Tree. The north side location is also attractive to workers at multiple manufacturing facilities.
Quiet, Country-like Atmosphere: A picturesque creek runs through Shady Tree’s wooded site and the property is bordered by trees on three sides.
Attractive Exterior with Mostly Brick: Low maintenance, mostly masonry exteriors enhance the property’s appearance.
Shady Tree is a 126-unit apartment community situated on 8.53 acres on Evansville’s north side. Originally built in 1976, the community consisted of 108 units in eleven buildings. Two buildings containing 18 units were added in 1995. The property offers 118 one bedroom units (in three floor plans) and 8 two bedroom units (in a single floor plan). Eight units include washer / dryer hookups and there are two common laundry facilities. Units feature generous floor plans and all-electric HVAC, water heaters and appliances. Select second floor units have balconies.
Recent physical projects at the property include installation of new exterior lighting and the remodeling of the laundry areas and the leasing/management office. An additional 2.14 acre parcel of undeveloped land (zoned C-4 for development with exception) is located 7 miles from the property and is available to be purchased.