Country Club Apartments consists of 312 garden style apartments, including 132 one-bedroom units and 180 two-bedroom units in a total of 25 buildings. Value-add opportunity! The property is currently approximately 38% occupied. Upside in renting out the vacant units. Current owner has spent over $1,500,000 in recent improvements including new roofs on 7 of the buildings. Owner estimates an additional $2 million is needed in updates and improvements to reach full potential. 170 units have been fully renovated, the remaining units need varying degrees of renovation. The property consists of two phases. Phase 1 was built between 1963 and 1968, consists of 178 units. These units have boiler heat and landlord pays gas, electric, water and sewer. Phase 2 was built between 1972 and 1975, consists of 134 units. These units have electric, tenant-paid heat, but landlord pays water and sewer. Half of the water lines have been replaced with copper. The water lines are underground for half of the property. All original windows. Currently 5 buildings need full rehab. Rents will be increased to $475 for one-bedrooms and $575 for two-bedrooms.

Location Description:

Country Club Apartments is located in Wayne County, Richmond, Indiana. Richmond is located in east central Indiana between Dayton, Ohio and Indianapolis. The property is situated five short minutes from a major retail corridor which is home to The Richmond Square Shopping Center.

Highlights:

>> 312 Garden Style Units

>> Value-Add Opportunity / Currently 38% Occupied

>> Recent Capital Improvements totaling over $1.5 MM.

>> Approximately 170 units Fully Rehabbed / Remaining Units Need Rehab

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