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Shadeland School Apartments 1525 W 14th St

25 Unit Apartment Building $500,000 ($20,000/Unit) 10% Cap Rate Anderson, IN 46016

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Investment Highlights

Ample parking.
Located in TWO district government incentivized zones – New Market Tax Credit and Qualified Opportunity Zone.
Other uses such as Self Storage, Warehousing, or a School would require a change in zoning.

Short drive or long walk to everything in downtown Anderson – shopping, restaurants, office, etc.
R3 zoning will allow up to 25 units on this property. We believe the best use is to convert the property into Apartment Homes or Senior Housing.

Executive Summary

Shadeland School is a 2-story, brick and limestone exterior building with attached gymnasium located near downtown at 1525 W. 14th Street, Anderson, IN 46016. This property is currently zoned R3 which will allow up to 25 apartment units. The property currently includes 18 classrooms and a full-size gymnasium. It has ample parking and is a short drive or long walk to everything in downtown Anderson – Shopping, Restaurants, Office, etc. There are several employers in the area including Community Hospital Anderson, St. Vincent Health, Nestle USA, Borg Warner Indiana Technical Center and Harrah’s Hoosier Park Racing. The building was built in 1923. This would be ideal for Workforce Housing, Apartment Homes, or Senior Housing. Other uses such as Self Storage, Warehousing, or a School would require a change in zoning.
The property is located at 1525 W. 14th Street, Anderson, IN. It is 1.5 miles to downtown Anderson. Shadeland School is close to The Anderson Museum of Art, Paramount Theatre, and beautiful parks for leisure activities. Anderson University is a short 2.4 mile, seven minute drive away.

Shadeland_School_Apartments_-_Sale_Flyer

Property Facts

Price	$500,000	Building Class	C
Price Per Unit	$20,000	Lot Size	1.98 AC
Sale Type	Investment or Owner User	Building Size	37,000 SF
Cap Rate	10%	No. Stories	2
Sale Conditions	Redevelopment Project	Year Built/Renovated	1923/2020
No. Units	25	Parking Ratio	2.92/1,000 SF
Property Type	Multifamily	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Apartment

Price	$500,000
Price Per Unit	$20,000
Sale Type	Investment or Owner User
Cap Rate	10%
Sale Conditions	Redevelopment Project
No. Units	25
Property Type	Multifamily
Property Subtype	Apartment
Building Class	C
Lot Size	1.98 AC
Building Size	37,000 SF
No. Stories	2
Year Built/Renovated	1923/2020
Parking Ratio	2.92/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.