1120 State Road 662, Newburgh | 1120 IN-SR 662
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1120 State Road 662, Newburgh 1120 IN-SR 662
5 Unit Block of Flats £514,851 (£102,970/Unit) Newburgh, IN 47630
Investment Highlights
- Proximity to lifestyle amenities and largest area employers.
Executive Summary
This 5 unit building, on the outskirts of Downtown Newburgh, has been updated from top to bottom and is ready for a new owner. This could be a great short term rental opportunity or could be a traditional long term rental opportunity as well. The existing owner is leaving the units vacant currently so a new Buyer can decide how they want to move forward. There is only 1 gas/electric and water meter for the full property. There is a shared laundry area for the 4 - 1 Bed units and the lower 2 Bed unit has laundry hook ups available in the unit.
Seller is a Licensed Real Estate Broker in the State of Indiana.
Seller is a Licensed Real Estate Broker in the State of Indiana.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£122,614
|
£31.34
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£24,523
|
£6.27
|
| Effective Gross Income |
£98,091
|
£25.07
|
| Taxes |
£3,257
|
£0.83
|
| Operating Expenses |
£21,744
|
£5.56
|
| Total Expenses |
£25,001
|
£6.39
|
| Net Operating Income |
£73,090
|
£18.68
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £122,614 |
| Annual Per SF | £31.34 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £24,523 |
| Annual Per SF | £6.27 |
| Effective Gross Income | |
|---|---|
| Annual | £98,091 |
| Annual Per SF | £25.07 |
| Taxes | |
|---|---|
| Annual | £3,257 |
| Annual Per SF | £0.83 |
| Operating Expenses | |
|---|---|
| Annual | £21,744 |
| Annual Per SF | £5.56 |
| Total Expenses | |
|---|---|
| Annual | £25,001 |
| Annual Per SF | £6.39 |
| Net Operating Income | |
|---|---|
| Annual | £73,090 |
| Annual Per SF | £18.68 |
Property Facts Under Contract
| Price | £514,851 | Lot Size | 0.60 AC |
| Price Per Unit | £102,970 | Building Size | 3,912 SF |
| Sale Type | Investment | Number of Floors | 3 |
| No. Units | 5 | Year Built/Renovated | 1972/2024 |
| Property Type | Residential | Parking Ratio | 1.2/1,000 SF |
| Property Subtype | Apartment |
| Price | £514,851 |
| Price Per Unit | £102,970 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Lot Size | 0.60 AC |
| Building Size | 3,912 SF |
| Number of Floors | 3 |
| Year Built/Renovated | 1972/2024 |
| Parking Ratio | 1.2/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 650 |
| 2+2 | 1 | - | 1,300 |
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PROPERTY TAXES
| Parcel Number | 87-12-33-400-078.000-014 | Total Assessment | £170,297 (2023) |
| Land Assessment | £96,238 (2023) | Annual Taxes | £3,257 (£0.83/sf) |
| Improvements Assessment | £74,059 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
87-12-33-400-078.000-014
Land Assessment
£96,238 (2023)
Improvements Assessment
£74,059 (2023)
Total Assessment
£170,297 (2023)
Annual Taxes
£3,257 (£0.83/sf)
Tax Year
2024
zoning
| Zoning Code | C-2 |
| C-2 |
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1120 State Road 662, Newburgh | 1120 IN-SR 662
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