Fair Commons Apartments 1828 5th St 42 Unit Dormitory $5,300,000 ($126,190/Unit) Anderson, IN 46012
INVESTMENT HIGHLIGHTS
- - Student housing being sold as “market rent” apartments
- - Current student room rates are significantly above market rents
- - Over 200 dedicated parking stalls
- - Most sought-after student housing location on campus – fully leased
- - Opportunity to add at least 3 units; and opportunity to develop vacant 1 AC lot
- - Located on the eastern boundary of Anderson University
EXECUTIVE SUMMARY
We are pleased to present the Fair Commons Apartments in Anderson, IN for sale. This 3-story, approximately 43,371 sf building was built in 2005 and houses 42 units, of which 35 are existing 4BR 2 BA floorplans. The property also contains a 9,000sf conference center, which can be partially redesigned to accommodate at least 3 additional rental units. Additionally, the property sits on approximately 4.6 acres, one of which is vacant and can be developed. The property is located on the eastern boundary of Anderson University and serves as one of the premier housing options for its students and is currently fully leased. Please contact Dan O’Neil to further discuss the outstanding investment opportunity.
PROPERTY FACTS
| Price | $5,300,000 |
| Price Per Unit | $126,190 |
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 4.60 AC |
| Building Size | 43,371 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 2005 |
| Parking Ratio | 7.14/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+2 | 4 | - | - |
| 4+2 | 35 | - | - |
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PROPERTY TAXES
| Parcel Number | 48-12-07-401-089.000-003 | Improvements Assessment | $0 |
| Land Assessment | $2,300 | Total Assessment | $2,300 |
ZONING
| Zoning Code | R-4 (Residential) |
