1737 Culbertson Ave - Apartments FOR SALE


New Albany, IN 47150
$2,750,000 USD
502-384-4991
1737 Culbertson Ave, New Albany, IN for Sale
$2,750,000 USD
Apartments - FOR SALE
1/15
null | Request Cap Rate

1737 Culbertson Ave
New Albany, IN 47150


HIGHLIGHTS

  • Recent capital improvements include 23 new HVAC systems and upgraded unit interiors.
  • Individually metered gas and electric utilities are paid directly by tenants.
  • Water and trash expenses are recovered through monthly tenant chargebacks.
  • Property includes 37 apartments, a single-family home, parking, and green space.
  • Elevator access, three stairwells, and on-site laundry support resident convenience.
  • Storage area offers potential for future conversion, subject to approvals.

OVERVIEW

Culbertson Cross Apartments presents an opportunity to acquire a multifamily asset consisting of 37 one-bedroom apartment units, a three-bedroom single-family residence, dedicated off-street parking, green space, and ancillary storage space. The property has benefited from substantial recent capital improvements that support ongoing operations and position the asset for continued performance. Recent upgrades include the installation of 23 new HVAC systems with transferable warranty coverage, a new key-fob access system, updated appliances in approximately 15 units, new flooring, interior painting, and renovations to numerous apartment interiors. The property’s operational structure provides several features that can contribute to efficient management. Gas and electric utilities are individually metered and paid directly by tenants, while water and trash expenses are recovered through monthly tenant chargebacks. Each unit is equipped with its own furnace and central air-conditioning system, reducing reliance on centralized mechanical infrastructure. Additional amenities include an elevator, three stairwells, a large coin-operated laundry facility, and dedicated parking for residents. Located in New Albany, Indiana, the property benefits from convenient access to Interstate 64, Interstate 65, and the Ohio River bridges connecting Southern Indiana to Louisville, Kentucky. The location provides access to major employment centers, retail destinations, dining establishments, healthcare services, and regional transportation routes. Proximity to the Clarksville commercial corridor and the greater Louisville metropolitan area supports continued residential demand and enhances the property's long-term investment appeal.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$100 USD /SF

# OF UNITS

37

PRICE/UNIT

$74,324

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1935

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.85 AC

LAND SF

37,026 SF

ZONING

R-4

APN/PARCEL ID

22-05-02-801-966.000-008

ASK ABOUT THIS PROPERTY

John RendeiroEncore Realty GroupMore Info
502-384-4991

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

John RendeiroEncore Realty GroupMore Info
502-384-4991

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.