HUGE Value-Add Opportunity!

Unit Mix: 

• Four 2BR/1 Bath Unit

• Three 1BR/1 Bath Unit​

Occupancy: 100% Vacant

Market Rents: $929-$1,075/unit

Taxes: $1,143

Insurance: $1,000

Utilities: Tenants pay for all utilities.

Building Square Footage: 7,449 Sq Ft

Lot Size: 9,372 Sq Ft

Year Built: 1900

Management: Currently self-managed, but excellent local property management company ready to step in and manage this one for the next owner.

Cap Rate (Pro Forma): 17.76% (5% Vacancy, Taxes, Insurance, and 10% Prop Management included in Pro Forma Cap and Actuals)

​Rehab Needed:

• $24,000 Drywall

• $4500 Insulation

• $4500 Brick repair/ siding and paint

• $2500 gutter finish

• $25k  electric remaining (total remaining 8k) (finishing now)

• commercial water heater

• $60-75k to buy from lower materials all interior items for kitchen, bathrooms, lighting, plumbing, flooring, hardware, appliances,  trim, doors and hardware

• $30k for final interior finish was the quote I got not including materials above.

• Mini splits for a/c labor 1k each and 753.00 for material

• Contact us for list of rehab items completed 

​Rehab Already Completed: (~$200K)

• $14000 roof and decking

• Demo and haul away $30000

• $4080 Asbestos

• $9000 Waterproofing basement

• $8000  building permits

• $22k windows

• $13k  jeremy (interior contractor)

• $1750k facia boards

• $5000 materials for fascia board, and soffits

• $44k outside water hook up

• $5500  water hook up fee

• $27k new plumbing

• $16800 new main drain 

Notes:

• This property is 2 miles from the new I-69 Interstate that bridges Indianapolis and Indiana University in Bloomington. This puts IU Bloomington only 15 minutes away where thousands of kids, grad students and so on attend.

Due Diligence: While we do our best to get all the relevant information to you, buyers are encouraged to do their own due diligence. (See Important Disclosures Below)