Multi-Family•Low-Rise/Garden•For Sale

5 Duplex Portfolio - Owensboro, KY

4032 Rudy Martin Dr, Owensboro, Kentucky 42301

Sale Price $525,000
Sale Type Investment
Zoning R3-MF
Bldg Type Multi-Tenant
Status Existing
Year Built 1976
Stories 1
Vacancy 100%
Gross Bldg 7,370 SqFt
RBA 7,370 SqFt
Land Area .72 Acres
Project Size 10
Barron Commercial Group is pleased to present this portfolio of 5 duplexes located in Owensboro, KY. These properties consist of 10 one-bedroom oversized apartments. In fact, these one-bedrooms are larger (737 sf) than many of the two-bedroom apartments in town. This asset has been well maintained and is consistently 95+% occupied as current ownership has focused on high occupancy and high-quality tenants rather than maximizing rents. As a result, current effective rents are below direct competition and the surrounding submarket. This has led to long-term tenants who are low-maintenance. 60% of the tenants have been there since 2015 or longer. This leaves an exciting opportunity for an incoming investor to systematically raise rents to market level, further bolstering the strong in-place cash flow. Appliances in units: refrigerators and ovens/ranges Disclosure: owner is a licensed real estate broker in the Commonwealth of Kentucky. Located on Rudy Martin Dr. just west of Apollo High School, these 5 duplexes are an ideal location for the workforce housing demand the property meets. These duplexes a 10-minute drive to the Owensboro Riverport Industrial Park, downtown Owensboro, and the Owensboro Health Regional Hospital. The Airpark Industrial Park is also less than 2 minutes away providing vast employment choices for prospective residents. Additionally, these duplexes are well-situated in terms of retail amenities in the area. Less than 5 minutes away features a Walmart, Target, Lowe's, Home Depot, Towne Square Regional Mall, multiple bank branches, and many chain and local specialty restaurants.
  • High Market Demand
  • Below Market Rents
  • Tenants Pay All Utilities
  • Washer & Dryer Hook-Ups
  • Private Driveways
7/8/2019 11:42:07 PM 7/8/2019 11:53:35 PM

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