• 4032 Rudy Martin Dr, Owensboro, KY 42301

For Sale

Multi-Family

For Sale

This property is available for sale
0.72
Acres
$425,000
Sale Price
  • Year Built
    1976
  • Total Building Size
    7,370 RSF
  • Overview

    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. This asset consists of large (737 sf) one-bedroom one-bath apartments 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. 40% 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 that will produce a 8.92% pro forma cap rate and a 17.4% cash on cash return. Appliances in units: refrigerators and ovens/ranges Disclosure: owner is a licensed real estate broker in the Commonwealth of Kentucky.

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Property Details

5 Duplex Portfolio - Owensboro, KY

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. This asset consists of large (737 sf) one-bedroom one-bath apartments 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. 40% 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 that will produce a 8.92% pro forma cap rate and a 17.4% cash on cash return. Appliances in units: refrigerators and ovens/ranges Disclosure: owner is a licensed real estate broker in the Commonwealth of Kentucky.

  • Property Type
    Multi-Family
  • Year Built
    1976
  • Sale Price
    $425,000
  • Total Building Size
    7,370RSF
  • Total Acres
    0.72
  • Sale Status
    Available
  • Last updated
    Oct 25, 2019
  • Property ID
    2098712

Landlord's Sales Representative

  • Bo Barron
    Wm G Barron Enterprises, Inc.