Old Tyme Ct Evansville, IN 47711

Property Details for 0 Old Tyme Ct

Year built

2023

Property type

Specialty properties

Property subtype

Apartment buildings

Description

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.