Property summary
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.
Ownership intelligence
Resolved identity, portfolio, hold profile and investor signals. Included in the full report.
Owner contacts
Skip-traced phones and e-mails of the owner. Included with the full report.
Mortgages
Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.
Property tax
No data for this sectionNo tax or assessment record is on file for this parcel in the county feed.
Value estimate
· Sep 2026No data for this sectionNo value estimate could be modeled: the record carries too little market input for this parcel.
Recently sold
No data for this sectionNo cleaned sale $/SF benchmark exists for this use type in this ZIP, submarket or county yet.
Cap rate analysis
No income signal is modeled for this parcel yet — the Cap Rates tab runs the workflow.
Zoning insight
No data for this sectionNo zoning code is on file for this parcel. Coverage grows with every catalog release.
Location intelligence
Demand index: how under-served this business type is around this point — modeled from the LocInt grid (area demand vs. what already operates, adjusted by real visit traffic). Higher means stronger unmet demand.
Location
Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.
Comparables
6 recent transactions · within 1.5 miComparable in this City
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The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Phones and e-mails of the people behind this property's owner, traced from licensed contact data.
Owner phones and e-mails come with the full report for this property - traced from licensed contact data, with verification and Do-Not-Call flags on every number.
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The mortgage data is behind the paid report: recorded loans of the owner - lender, amount, rate and the estimated maturity - as part of the Ownership Intelligence workspace.
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