The Phoenix is a 39 unit complex consisting of three buildings with 13 units each. Located on the SW corner of Highway 41 and Covert. Each building has a new boiler. Middle building has a laundry area that produces income. Current owner has worked hard rehabbing the units as needed, while building a new tenant base that pays their own electric. Water, trash, and sewer are included. Units are smoke free and pet free. Professionally managed and vacant units rent quickly. Opportunity to increase below market rents. Seller is a licensed real estate agent.
Off market
$1,648,800
1143-1163 Covert Ave, Evansville, IN 47714
63beds
11,490sqft
MultiFamily
Built in 1974
-- sqft lot
$1,648,800 Zestimate®
$143/sqft
$-- HOA
What's special
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 63
- Bathrooms: 39
- Full bathrooms: 39
Heating
- Baseboard
Appliances
- Included: Range / Oven, Refrigerator
- Laundry: Washer/Dryer Hookups
Features
- Flooring: Hardwood
- Basement: Full
Interior area
- Total interior livable area: 11,490 sqft
- Finished area below ground: 0
Property
Parking
- Total spaces: 44
Features
- Exterior features: Brick
Lot
- Size: 1.48 Acres
- Features: Level
Construction
Type & style
- Home type: MultiFamily
Condition
- Year built: 1974
Utilities & green energy
- Sewer: City
- Water: City
Community & neighborhood
Location
- Region: Evansville
HOA & financial
Other financial information
- Total actual rent: 197628
Other
Other facts
- Flooring: Wood
- Heating: Baseboard
- Appliances: Range/Oven, Refrigerator
- HeatingYN: true
- CoolingYN: true
- Basement: Full
- LeaseTerm: 12 Months
- OwnerPays: Sewer, Trash Collection, Water
- ConstructionMaterials: Brick
- LotFeatures: Level
- Cooling: Window Unit(s)
- PetsAllowed: Yes
- NumberOfUnitsTotal: 39
- NumberOfBuildings: 3
- FarmLandAreaUnits: Square Feet
- TenantPays: Electricity
- MaintenanceExpense: 4500
- ParkingFeatures: Off Street
- BelowGradeFinishedArea: 0
- NumberOfUnitsLeased: 35
- WaterSource: City
- LaundryFeatures: Washer/Dryer Hookups
- Sewer: City
- MlsStatus: Pending
- ElectricExpense: 10000
- FuelExpense: 10000
- GrossIncome: 16469
- InsuranceExpense: 3987
- TrashExpense: 2338
- NetOperatingIncome: 145645
- OtherExpense: 988
- TotalActualRent: 197628
- WaterSewerExpense: 13911
Services availability
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$1,648,800
2% more+ $32,976
With Showcase(estimated)
$1,681,776