701 E Spring St, New Albany, IN 47150

Commercial property for lease

• Description
• Outstanding multifamily investment opportunity for investors seeking upside in a quality location. This property was converted to apartments 20 years ago through low income housing tax credits (originally operated as a hospital) and has since been stabilized with high occupancy. Qualified investors can now capture income upside as income requirements for residents has now been lifted to 60% of AMI. Interior cosmetic upgrades are suggested for operators to achieve the rent increases that may exist within the marketplace. Seller is a non-profit organization which presents a great opportunity in a competitive market to acquire a property with NOI upside.Unit Mix:20 1BR/1BA Units31 2BR/1BA Units3 3BR/1BA Units1 4BR/1BA UnitTenants pay water, sewage, electric and landlord pays for gas (hot water). There are 20 current tenants receiving Section 8 assistance. The property is in great condition with a new boiler and chiller as of 2017 and many of the heating and cooling air handlers inside the units have been replaced. Plumbing and electric have all been upgraded to code. Two elevators on site (one freight) and are serviced monthly. Coin laundry exists for tenants on each floor. Situated one block from brand new, Class A, 191 Unit $27,000,000 Breakwater Apartment which recently completed in February 2018. Rent at the Breakwater ranges from $705 to $1,670, according to a 2017 News and Tribune article. The community that is developing in this corridor is attractive and growing with a tremendous amount of upside for investors. Building price details: $2,350,000.
• Exterior Features

• Parking:	Yes
  Parking Spaces:	59
  Parking Type:	Surface

• Contact info
• Tyler R Chesser

  Gant Hill & Associates, LLC
• Note

• Details Info about this row that located on 701 E Spring St, New Albany, IN 47150 was got from trusty sources, but HousesForSaleList.com can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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