7d • PICK ME (PROPERTY)
32 Unit in Vincennes, IN 47591
32 Units Vincennes, IN 47591
💰 Purchase Details
Purchase Price: $2,000,000 ($62,500/unit)
- Down Payment: $400,000
- Seller Financing: $1,600,000 (~5.1% interest)
- Monthly Payment: ~$8,500/mo
🏢 Property Highlights
- 32 one-bedroom, one-bath units
- Two-story garden-style Class B community
- Renovated in 2023 & 2025
- Adjacent to Vincennes University
- Located in a Qualified Opportunity Zone
- Value-add upside through lease-up (12 vacant units)
📊 Financials (Actuals)
Current Performance (T12 / In-Place)
- Gross Income: $187,180
- Operating Expenses: $38,289
- Net Operating Income (NOI): $148,891
- Current Cap Rate (on $2,000,000 price): 7.44%
- 11.7% cash on cash return
- Conservative proforma cash on cash return 17+%
📈 Pro Forma
- Conservative NOI: $170,000
- Pro Forma NOI: $213,693+ (as provided)
- Upside driven by:
- Lease-up of 12 vacant units
- Rent growth on stabilized occupancy
- Operational efficiency gains
📌 Value-Add Thesis
- 20 / 32 units currently occupied
- Immediate NOI expansion through lease-up
- Renovated asset (2023 & 2025)
- Strong spread between in-place yield (7.44% cap) and stabilized performance
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32 Unit in Vincennes, IN 47591
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