$14,850,000 Multifamily for Sale — 2808 Browns Drive, Henderson, KY 42420

2808 Browns Drive, Henderson, KY 42420

Summary

This is a multifamily property for sale at 2808 Browns Drive, Henderson, KY 42420, listed at $14,850,000. The property has 173 units, 132,980 square feet, built in 1978. Financials show net operating income of $1,071,096, a 7.2% cap rate, gross income of $1,937,731 based on seller figures.

Key facts

Asking price: $14,850,000
Property type: Multifamily
Cap rate: 7.2%
NOI: $1,071,096
Gross income: $1,937,731
Occupancy: 100%
Price / unit: $85,838
Expense ratio: 41.9%
Units: 173
Building SF: 132,980
Lot (acres): 8.42
Year built: 1978

Description

Six-community, 183-door (173 rentable-unit) stabilized multifamily portfolio in Henderson, KY (Evansville MSA). Extensively renovated — approximately $5.7M in completed capital improvements including new roofs, HVAC, and full interior renovations — now 97%+ occupied with sub-1% delinquency. Turnkey, agency-financeable, in-place cash flow with modest organic upside as legacy leases roll. Communities: Parkside (2808 Browns Dr), Graystone (1750 N Green St), Green River Road (2345 Green River Rd), Elmwood (1818 N Elm St), North Park (2425 N Park Dr), and Cherrywood Townhomes (701 Cherry St).