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Evansville apts deal

304 Market ST, evansville, in 47708
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offering description

Global Integrity Investments is pleased to offer Evansville Apartments, a senior living conversion to apartments, built in 1919/2020 in the downtown area of Evansville, IN.

Property has 61,115 total rentable square feet that we will be converting to around 60 units of heavily upgraded apartments. Our projected unit mix has an average square footage of 732 sq ft for the apartments at around $1.40/sq ft for rents, which are below the nearby comps.

The property does have a mold issue from a sprinkler leak and a pipe burst back in 2020 so around $500k of our CapEx budget will be going towards mold remediation on day one of the business plan.

Overview

6%
Annual
Dividend
2.05x
equity
multiple
3-5
hold
period

offering terms

Target Raise:
Minimum Investment:
Maximum Investment:
Investment Period:
Prefered Dividend Return:
LP/GP Split:
Others:
~$1,250,000
$100,000
$1,000,000
3-5 year with a refinance event in 18-24 months
6% annual return paid monthly
45%/55%
Annual Dividend is ONLY for beginning 18 months
Target Raise:
~$1,250,000
Minimum Investment:
$100,000
Maximum Investment:
$1,000,000
Investment Period:
3-5 year with a refinance in 18-24 months
Prefered Dividend Return:
6% annual return paid monthly
LP/GP Split:
45%/55%
Others:
Annual Dividend is ONLY for beginning 18 months

business plan

Our plan involves immediately investing $3.25 million in Interior/exterior CapEx. The extensive project addresses $300K-$500K in mold damage from a sprinkler flood and introduces luxurious $45,000-per-unit interior upgrades to surpass market standards.

We will transform the basement laundry facility into a state-of-the-art fitness area, catering to residents’ wellness needs and enhancing the property’s desirability. Our comprehensive approach aims to attract discerning residents and command higher rental rates. Other income, such as application admin fees and 70-75% utility RUBS program billed to the tenant.

Our business plan proposes ~$4.IM in acquisition with an anticipated evaluation of $7.1M upon refinancing in 18 months. After all renovations and upgrades have been finished, we will refinance into long-term debt with the plan to sell in 3-5 years, depending on the market conditions, for around $8.2M-$8.5M.

ADDRESS: 304 Market St, Evansville, IN 47708
ASSET TYPE: Multifamily
PROPERTY CLASS: Class B
YEAR BUILT/RENO: 1919/2010
OTHER: Currently 100% vacant, senior living facility to be converted to 60+ apartments, new amenities, and energy-efficient building upgrades.

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