The Waller Group Properties is proud to present the 95% occupied, 20-unit Carriage House Apartments in Evansville, Indiana. Built in 1966 with renovations completed in the past few years, the property consists of all 1-bedroom, 1 bathroom units, with a laundry room and a workshop.
The property has undergone a variety of renovations. In terms of exterior, current ownership has replaced the roof, siding, security system, added 2 washer and dryers into the communal laundry room, and is currently renovating the exterior stairs. The unit interiors have had toilets replaced, HVACs, carpet, some counter tops, and 5 of the units have had furnaces replaced.
This property is a value add, and currently generates $10,500 in monthly gross rental revenue, and $92,537 NOI. New ownership, based on area rent comps, can bump rents by $75 / unit, which is a $0.16 / sqft bump. With this bump, annual proforma NOI is $105,264.
New ownership also has the opportunity to implement additional income fees through a ratio utility billing system. Further increases in additional income can be through water conservation opportunities such as reducing water irrigation, updates on faucets, and showers, which can save up to 20% on water bills.
The property is currently being self-managed; however, current and proforma financials were underwritten with a 7% management fee to take into account higher expenses for new ownership.