407 W Washington Street, Lebanon, IN 46052

Property Description

PRIME value-add investment opportunity with this 6-unit apartment building in booming Lebanon!! Situated just two blocks from downtown shops and dining, and five minutes to I-65. The property is positioned directly in the growth corridor of the transformational 9,000-acre LEAP Innovation District-home to multibillion-dollar commitments from Eli Lilly ($9B) and Meta-this six-unit property captures surging rental demand from incoming jobs. The asset features two well-maintained structures (4-unit front, 2-unit rear) with dedicated off-street parking, a 2023 roof, individual HVACs, and private in-unit washer/dryer hookups in every unit. Five units have been renovated, offering an immediate upside play: convert one 1-bedroom into a 2-bedroom to achieve an optimal mix of four 2-bed ($1,100/mo) and two 1-bed ($900/mo) floor plans. Professionally managed with five units generating $4,447/mo, leasing the vacant 2-bed unit brings gross rent to $5,547/mo, with a path to $6,200+/mo at market turnover. Substantial NOI expansion awaits by executing remaining utility bill-backs upon lease renewals: electric is separately metered, and passing through common utilities and trash recovers ~$6,000/year. Combining market rents with full utility bill-backs adds over $13,000 annually in revenue, substantially increasing the value of the property!!