First Street Apartments
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||$58,235.29 Per Unit
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||Cash to Seller, Purchase Money Mortgage
Overview / Comments
SVN | The Martin Group is pleased to offer for sale this beautifully restored 17-unit apartment building located in the heart of downtown Evansville. The mechanicals of this building have been fully upgraded, and 16 of the 17 studio units have been extensively remodeled with new kitchens, baths, and luxury vinyl tile flooring. The new kitchens offer a pantry, stainless steel appliances (including a 5-burner gas range), hi-rez countertops, and tile backsplashes.
Common hallways in this 3 story building have wood plank ceramic tile flooring. Hallway walls are covered with beaded wainscoting and orange peel for ease of maintenance, and topped off with crown moulding. High-end light fixtures can be found throughout.
This restoration project was in process in 2018 and wrapped up in 2019, with the most recently leased units commanding $750/mo.
Located in the historic section of downtown, residents are within walking distance of the riverfront as well as the growing numbers of shops, galleries, and restaurants in the Haynie’s Corner Arts District. The new Indiana University School of Medical campus is a short 5 minute bike ride away.
Attachments & Media
||Evansville’s Downtown is in the midst of a renaissance that arguably began in 2011 with the opening of the Ford Center, a $127M multi-sport arena that replaced a similar facility that had been in use since 1956. City leaders choose to locate it the new arena downtown with the idea of connecting it a new convention hotel ($71.4M 241-room Doubletree added in 2017) and the refurbished convention center via skybridge.
Tropicana has operated a gaming riverboat in Evansville since 1995 but when Indiana legislators approved land-based casinos in 2015, soon announced a $50M project to construct a 75k SF facility with restaurants, bars, lounges and a gaming area that opening in late 2017.
The increase in business and leisure travel attracted the developer of a 139-room Hyatt Place hotel under construction due to open in fall 2019, and a 72-room boutique hotel that is a redevelopment of a shuttered former hotel along the riverfront.
The Evansville Multi-Institutional Academic Health Science Education and Research Campus (often called the IU Med School for short) opened for classes in 2018. This $61M campus houses graduate and doctorial programs for Indiana University, University of Evansville, and the University of Southern Indiana, which will bring in thousands of students and faculty to downtown.
All this activity has brought new life to downtown and a need for housing. Many of the historic properties in this area were built as apartment houses and have been remodeled to provide units with charm and modern features. Properties such as the McCurdy which was originally a hotel built in 1917 later operating as a nursing home, and the Rathbone Retirement Home have been renovated into high-end apartment units.
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