1629 Main St Henderson, KY 42420

Property Details for 1629 Main St

Year built

1980

Lot size

13.85 lot acres

Property size

129,416 SF

Property type

Commercial real estate

APN

46A-67

Description

Chapelwood Place Apartments, a 160-unit Class B multifamily property in Henderson, Kentucky, presents a compelling investment opportunity. Built in 1980 and extensively renovated in 2023, this 12-building complex boasts 129,416 square feet of net rentable space situated on 13.85 acres. The property currently enjoys a 92.5% occupancy rate (as of July 14, 2024). Significant upgrades include enhanced landscaping, a renovated pool area, and a modernized clubhouse. New amenities added for residents include a fitness center, game room, playground, dog park, and grilling areas. The property offers stunning Ohio River views and is conveniently located just 10 miles south of Evansville, Indiana, providing access to a robust regional economy anchored by healthcare, finance, education, and manufacturing sectors. The recent opening of a major Pratt Industries paper mill nearby has further boosted the local economy, creating hundreds of high-paying jobs. An assumable Fannie Mae loan with a below-market interest rate and the potential for a supplemental loan at closing offers significant financial advantages. A value-add strategy is readily available through completing the remaining unit renovations and leveraging a proven 9.4% loss-to-lease opportunity, representing approximately $83 per unit per month in potential rental increases. This translates to nearly $158,000 in additional annual revenue once renovations are complete. The property's diverse unit mix and strong location position it for significant future growth and attractive returns.