Multi-Family Space For Sale @ 1151 S Bedford Ave

SVN | The Martin Group is proud to present this portfolio of 18 scattered site single family rental homes in Evansville, IN. Owned by Echo Housing Corporation, a 501(c)3 non-profit organization, these properties were redevelopment projects funded with grants and/or tax credits. The associated tenant income restricted compliance period has passed and the properties are available to any tenant at market rate and terms. The portfolio carries a cost basis well in excess of the asking price, and as a package is nearly 10% under the sum of their BPO individual values. The owner is offering for sale to free up capital to fund future redevelopment projects.

All properties are well maintained, with some built as recently as 1990. The package includes a mix of 2, 3 and 4 bedroom houses. All are zoned R-2.

September rent roll shows 16/18 units occupied on 1 year lease terms, with 2 of the current tenants receiving Section 8 assistance. Potential rental income of $10,074 per month. Properties are exempt from property taxes under current ownership.

Financials results for 2016:
Rents - $106,796.15
Taxes - $0
Insurance - $16,283.00
R&M - $9,738.57