Flats at Greentree
1632 Greentree Blvd, Clarksville, IN 47129
For Sale
$3,100,000
Stabilized multifamily property in Clarksville, Indiana with recent renovations.
Property Size10,962 SF
Days on Market226
Property Features for 1632 Greentree Blvd
General Information
Standard status
Size
Property subtype
Building Details
Building Size
Year Built
Units
Listing Agency:
Hoagland Commercial Realtors
Listed By:
Christopher O'Rear
(502) 550-7658
Source:
Commercialcafe
Added: Mar 26
Changed: Oct 25
Last Checked: Nov 6 at 5:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hoagland Commercial Realtors
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Investment Insights
Based on property information with market context.
The Flats at Greentree Apartment Homes, located in Clarksville, Indiana, are available for sale. This multifamily property features thirty-one 1-bedroom units and one 2-bedroom unit. The property has undergone significant operational and physical improvements. On-site amenities include a coin laundry facility with new machines installed in August 2023. All units and tenants have been updated within the past eighteen months. Three out of four hot water heaters were replaced in 2024, with the remaining one replaced in 2022. Exterior capital improvements over the past couple of years include new windows and exterior doors on all buildings, new parking lot paving and striping, new exterior paint, and new roofs installed in 2020.
Key Highlights
- Stabilized multifamily property in a desirable, growing submarket.
- Recently underwent drastic operational and physical overhaul.
- All units and tenants turned over within the past 18 months.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$115,545
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,310,900
$2.3M
Cap Rate 7%
$1,650,643
$1.7M
Cap Rate 9%
$1,283,833
$1.3M
Market Conditions
NOI Build-Up for 10,962 SF
Gross rent
$222.3K $20.28/SF
− Vacancy
−$12.2K −$1.12/SF
EGI
$210.1K $19.16/SF
− OpEx
−$94.5K −$8.62/SF
NOI
$115.5K $10.54/SF
Area
Clark County, IN
Vacancy
5.50%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,310,900
Cap Rate 7%
$1,650,643
Cap Rate 9%
$1,283,833
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.93M
NOI $115,545 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $223,099 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
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Business Placement
Demographics for 47129, IN
19,739
Population
9,382
Households
2.1
Avg Household Size
39
Median Age
17%
College-Educated
83%
High-School Grad
9.6 sq mi
ZIP Area
2,056
Density / Sq Mi
$55,447
Median Household Income
$36,592
Median Earnings
$1,027
Median Rent
$162,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Stabilized multifamily property in Clarksville, Indiana with recent renovations.
Where is this apartment building located?
The property is located at 1632 Greentree Blvd Clarksville, IN.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Stabilized multifamily property in a desirable, growing submarket.; Recently underwent drastic operational and physical overhaul.; All units and tenants turned over within the past 18 months.
