The Paul Revere-12 Unit Trophy Complex

Multi-Family for Sale
Catylist Listing ID: 30466998
Property Subtypes: Mid-Rise
Number of Units: 12 Units
Building Size (RSF): 6,650 SF
Gross Land Area: 0.46 SF
Sale Price: $825,000
Unit Price: $68,750 Per Unit
Property Use Type: Investment
Building Name: The Paul Revere
Sale Terms: Cash to Seller
Cap Rate: 6.86%
Average Occupancy Rate: 100
Last Updated: 1/19/2022

Overview / Comments

The Paul Revere is a 12 unit, 1 building, full brick complex that is the perfect addition to your portfolio. Located in a Class A residential area with above average income. Retail and offices close by. Easy access for residents to main thoroughfares and in the heart of the Eastside of Evansville just down the street from the University of Evansville (and in progress plans via the Walnut Street project for a direct hiking/biking trail at the end of the street to make easy and direct access to the new IU med school and downtown) makes this the perfect investment, strong tenant base and a great history of occupancy. Significant capital improvements have been made throughout, with new roof, new windows, updated electrical, updated plumbing, fixtures, etc. On site laundry with laundry income as a bonus. All separately metered units. A large parking lot with great frontage and potential to build out additional income along this main thoroughfare as well.

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Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $3,572 (Annual)
Gross Operating Income $76,860 (Annual)
Net Operating Income $56,674 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Tax ID/APN: 82-06-27-015-029.001-027
Zoning: COMMERCIAL 01
Percent Occupied: 100%
Property Located Between: Lincoln and Walnut
Highway Access: Highway 62 and Highway 41
Airports: EVV
Site Description: Level with blacktop parking lot
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Built: 1970
Year Renovated: 2020
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Full brick
Parking Type: Surface
Parking Description: Blacktop paved
Total Parking Spaces: 21
Laundry: Shared
Heat Type: Electricity
Heat Source: Central
Fuel: Gas
Lot Frontage: 65
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,312 88,908 133,298
Median Age: 34.79 37.37 38.27
Households: 7,365 38,810 57,011
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