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    Old Tyme Ct Evansville, IN 47711

    For Sale
    $6,500,000

    Luxury Apartment Building, High Occupancy

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional Class A, 18-unit apartment building in Evansville, Indiana, presents a compelling investment opportunity. Boasting a 94% occupancy rate and a pro-forma NOI of $453,168, this stabilized investment property offers a 6.97% pro-forma cap rate. The property, built in 2024, comprises six single-story buildings situated on Old Tyme Ct, zoned C-2. Each of the 18 units is meticulously designed, featuring upscale finishes and two distinct floor plans: The Belfry (2 bedrooms, 1 bath) and The Belvedere (2 bedrooms, 2 baths, 1-car garage). All units are fully furnished, catering to both short-term and extended-stay clientele. The property benefits from its prime location near the commercial district, offering easy access to shopping, dining, I-69, and the airport. Current management is in place and willing to assist a new owner, with the seller providing 90 days of transition support. The property's strong performance, high-end finishes, and desirable location make it an attractive investment prospect. The asking price is $6,500,000, with a gross lease type and no credit rating required for tenants. The property features a brick exterior and has seen three successful price increases without impacting occupancy. This is a turnkey operation with established corporate relationships and high-end clientele. The APN is 82-06-02-002-937.001-019.

    Property Features for 0 Old Tyme Ct

    General Information

    Property type
    Multifamily properties
    Class
    A

    Building Details

    Year Built
    2023
    Buildings
    6
    Stories
    1
    Units
    18

    HighLights

    • Brand new construction featuring a brick exterior and upscale finishes.
    • Strong tenant base with established corporate relationships.
    • High occupancy rates since opening, demonstrating strong demand.
    • Successful rent increases implemented three times without affecting occupancy.
    • Convenient location near abundant shopping and dining.
    • Excellent access to I‑69 and other major thoroughfares.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.492789835388
    Latitude
    38.035021674218

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    FAQs

    What type of property is this?
    Multifamily property - Luxury Apartment Building, High Occupancy
    Where is this multifamily property located?
    The property is located at Old Tyme Ct Evansville, IN.
    What is the asking price?
    The asking price for this property is $6,500,000.
    What are key features of this property?
    This property features: Brand new construction featuring a brick exterior and upscale finishes.; Strong tenant base with established corporate relationships.; High occupancy rates since opening, demonstrating strong demand.
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    Old Tyme Ct Evansville, IN 47711
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Old Tyme Ct Evansville, IN 47711
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