We are pleased to present this high quality 8 unit multifamily investment opportunity located within Hickory Trace Apartments, a partially developed Class A multifamily community. Qualified investors are presented with a unique opportunity to capture discounted management cost efficiencies in concert with the adjacent performing apartments. Built in 2008, this property continues to succeed due to substantial trends of increased rental demand. This professionally managed asset is in position to be a strong performer for many years. The units at Hickory Trace are uniquely equipped with many attractive amenities that generate substantial resident satisfaction and long-term tenancy. Each unit is equipped with gas fireplaces, black GE kitchen appliances (dishwashers, electric ranges, microwaves, and refrigerators), along with laundry hookups. Each of the units boast two spacious bedrooms, two full bathrooms, a generous living room along with a private balcony or patio area with additional exterior storage. Residents enjoy above average storage space within the units with copious amounts of closet space. All existing units provide 1,100 square feet of living space. Investment Highlights: -Located within the High Growth Corridor Near I-65 & I-265 A great deal of manufacturing and other employment is located along the I-65 corridor. Hickory Trace sits just east of I-65 and north of I-265 (Gene Snyder Freeway), which allows for convenient access to employment, shopping, dining and other area amenities. -Value Add Potential Existing units additionally have upside in rents where a new owner could add value. This building consists of one current down unit in need of about $40K buildout and all current performing units are slightly below market. This is an immediate opportunity for new owner to capture full market rent on the newly renovated unit and to implement a business plan for growth across the remaining units. **The seller is willing to offer $40,000 concession to buyer at closing to completely improve the down unit. -Well Maintained Existing Units with Healthy Cash Flow Existing units are all 2BR/2BA comprising of 1,100 SF. On average, the units rent for $900/unit ($.81/SF) and market rent is estimate to be $930/unit ($.84/SF). Avg. unit size: 1,100SF Unit Mix: 2BR/2BA Parking: 12 Spaces Laundry: In Units
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