701 Etzler Dr Salem, IN 47167

This exceptional 28-unit apartment complex presents a compelling value-add investment opportunity in Salem, Indiana. The property, encompassing 28,688 square feet across five buildings on a 1.89-acre lot, features a mix of one and two-story structures built between 1971 and 1990, with extensive renovations completed in 2024. The complex includes a variety of unit configurations, ranging from two-bedroom, one-bathroom units with carports and attached garages to three-bedroom, one-bathroom units. A common laundry facility is available, although most units have washer/dryer hookups. Currently boasting 86% occupancy, the property offers significant upside potential. Eight units underwent complete renovations following fire damage, resulting in eight brand-new units. Further, additional units have been refreshed as needed. The property is individually metered for utilities in most buildings, with tenants responsible for their own utility costs. The current NOI is $125,956, with a pro-forma NOI projected at $191,083, reflecting a pro-forma cap rate of 8.49%. The asking price is $2,250,000, representing a price per unit of $80,357.14 and a price per square foot of $78.43. The property is zoned commercial and offers significant potential for rent increases, particularly in the remaining four units, where market rents are considerably higher than current rents. This property is ideally situated just 40 miles northwest of Louisville, Kentucky, benefiting from the spillover effect of strong rental demand in nearby high-growth markets. The property is offered fee simple and is suitable for a 1031 exchange.