390 Jackson Park Dr Seymour, IN 47274
- Commercial real estate
- 0.73 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 390 Jackson Park Dr
- Year built
- 1990
- Lot size
- 0.73 lot acres
- Property type
- Commercial real estate
Description
Maple Springs Apartments, a 50-unit apartment building in Seymour, Indiana, presents a compelling investment opportunity. This two-story, all-brick complex, built in 1990, boasts 26,712 net rentable square feet on a 0.73-acre lot. The property comprises 13 studio apartments, 35 one-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit, and a one-bedroom unit currently used as a leasing office (convertible to a residential unit). Located just five minutes from I-65, Maple Springs benefits from its proximity to major retailers, businesses, and significant industrial employers, including a large Walmart distribution center undergoing substantial expansion. Seymour's robust economy, fueled by industrial growth and a remarkably low 1.4% submarket vacancy rate, positions this property for strong performance. The asking price is $3,850,000, representing $77,000 per unit. The property's current in-place cap rate is above 7%, with significant potential for increased revenue through lease-up and rent increases. Pro forma projections indicate a potential 8.63% cap rate and a 13.61% cash-on-cash return. The uniform floor plans and excellent location contribute to the property's overall appeal and investment potential. This is an exceptional opportunity to acquire a well-positioned multifamily asset in a thriving Indiana market.
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
- Seymour
- County
- Jackson
- State
- Indiana
- Longitude
- -85.8732075
- Latitude
- 38.9595876
