407 South St Greenfield, IN 46140
- Apartment buildings
- 12,008 SF
- 1.67 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 407 South St
- Year built
- 1995
- Lot size
- 1.67 lot acres
- Property size
- 12,008 SF
- Property type
- Apartment buildings
Description
This exceptional 16-unit apartment building presents a compelling investment opportunity in the thriving Greenfield, Indiana market. Boasting a total of 12,008 square feet across 1.67 acres, this property, built in 1995, comprises fourteen two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. The asking price is $1,600,000, translating to $100,000 per unit and $133.24 per square foot. The property currently generates a Net Operating Income (NOI) of $92,961, representing a 5.81% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $128,912 and an 8.06% cap rate, reflecting the substantial value-add potential. Recent capital improvements include new roofs on all eight duplexes and a completely replaced concrete parking lot. The property's location in Greenfield offers residents convenient access to Indianapolis's job market and amenities while enjoying a lower cost of living. Greenfield's consistent population growth and booming industrial real estate sector further enhance the investment appeal. Significant upside potential exists through upgrading kitchens, bathrooms, and landscaping to capitalize on current market rents, which are 20-25% above current levels. The property's address is 407 W South St, Greenfield, IN 46140, and its APN is 30-11-05-203-001.001-009.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Greenfield
- County
- Hancock
- State
- Indiana
- Longitude
- -85.7754
- Latitude
- 39.7841
