Multifamily | 30 Units | $75,000/unit | 8.12% CAP

Description:

Whitehall Apartments is a well-maintained 30-unit multifamily property located at 1801 Ekin Ave, New Albany, IN, just minutes from downtown Louisville and major employment hubs.

The property consists of four buildings with a unit mix of 24 one-bedrooms and 6 two-bedrooms, totaling 18,466 SF of primary residential space plus 4,750 SF secondary. Current occupancy is 96.7%, with consistent rental demand and a strong tenant base.

Significant capital improvements have been completed, including new roofs and windows (2018) and multiple HVAC and water heater upgrades. Utilities are separately metered, with tenants responsible for their own electric bills, minimizing operating costs.

At full occupancy, gross income is projected near $300,000 annually, with additional upside through operational efficiencies, bringing below-market rents to current market levels, and mone stoptizing the (8) covered parking spaces and storage units at the rear of building 4. Payroll and commission expenses can be significantly reduced by transitioning to a new professional management company, driving higher NOI and returns.

Price: $2,250,000

Cap Rate (Day One): ~8% with value-add upside

This is a turnkey opportunity for investors seeking stable cash flow and clear paths to increase value in a growing submarket just across the river from Louisville.

30 Units / 4 Buildings: 24 × 1BR / 1BA and 6 × 2BR / 1BA
Parking: 33 parking spots + 8 covered spaces w/ secure storage
On-Site Laundry Facility
Separately Metered Electric – tenants pay their own
Recent CapEx:
- Roofs replaced with 35 yr dimensional shingle (2018)
- All windows replaced (2018)
- Majority of water heaters replaced in last 5 years
- 21 of 30 sliding glass doors converted to french doors (2018)
- Remaining sliding glass doors replaced with new doors (2021)

New Albany, IN, just minutes from downtown Louisville and major employment hubs.