Northside Apartment Portfolio Multi-Family FOR SALE


Evansville, IN - Diamond-Stringtown | 
$3,647,000 USD
812-430-4989
, Evansville, IN for Sale
$3,647,000 USD
Multi-Family - FOR SALE
1/13
null | 7.5% Cap Rate

Northside Apartment Portfolio
Evansville, IN
Diamond-Stringtown


HIGHLIGHTS

  • Single-corridor portfolio — all three properties sit on same street, consolidating 66 units under one management footprint.
  • Consistent vintage and construction — built 1978–1979, all brick construction, for a uniform maintenance profile.
  • Northside Evansville location — close to schools, shopping, restaurants, and major roadways.

OVERVIEW

This offering presents three stabilized apartment communities — Dogwood Manor, Pinewood Apartments, and Olmstead Manor — as a single portfolio, all situated on N. Kentucky Avenue within the same Evansville, Indiana corridor. Combined, the properties total 66 units of similar vintage (built 1978–1979), giving a buyer scale and operational consistency within a tight geographic footprint rather than three disparate assets. The proximity of the three complexes to one another supports shared management efficiencies — a single maintenance presence, consolidated vendor relationships, and simplified oversight — that a buyer typically can't achieve when acquiring unrelated properties across a market. Dogwood Manor, located at 2770-2792 N. Kentucky Avenue in Evansville, is the largest of the three assets with 26 units spread across five buildings on 0.82 acres, with a mix of 1-bedroom studios, standard 1-bedroom units, 2-bedroom units, and 2-bedroom townhomes. Construction is brick and aluminum with gable/shingle roofing, built in 1979. The property offers on-site laundry. Olmstead Manor, at 2700–2704 N. Kentucky Avenue, offers 16 one-bedroom units on 0.37 acres, two floors of brick construction with a mansard/shingle roof, built 1979. A distinguishing physical feature: concrete floors on each level, a soundproofing detail from the original owner (an engineer). Units include dishwashers and disposals, and there's an on-site laundry facility. Pinewood Apartments sits at 2511 N. Kentucky Avenue on 0.55 acres across two buildings, comprising 24 one-bedroom units. Brick construction, gable/shingle roof, built 1978. Each unit has a full kitchen with full-sized appliances. All three properties sit on the northside of Evansville, close enough to schools, shopping, and restaurants that tenants aren't sacrificing convenience for affordability. The area draws from a broad mix of employers, and getting anywhere else in the city is easy given the quick access to the main roadways. Historic financials and more interior photos available on NAI Prime Commercial website.

ASK ABOUT THIS PROPERTY

Scott HyattNAI Prime CommercialMore Info
812-430-4989

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Scott HyattNAI Prime CommercialMore Info
812-430-4989

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