Shenandoah Townhomes
20 Units | $600K in Recent Capex | Henderson, KY
Marketing description
Shenandoah Townhomes is a 20-unit turnkey multifamily community in Henderson featuring spacious townhome-style floorplans and approximately $600,000 in recent and ongoing capital improvements. Built in 1973 with durable brick construction, the property has undergone extensive upgrades including new roofs, renovated kitchens with granite countertops and new cabinetry, updated flooring, modern fixtures, and renovated interiors throughout. Additional improvements currently in progress are expected to be completed prior to closing, minimizing near-term capital needs for new ownership.
The property features primarily 2-bedroom, 1.5-bath units averaging approximately 1,205 square feet and currently achieves average rents of approximately $1,160 per unit. Positioned at the top of the Henderson apartment market with luxury-level finishes and oversized unit layouts, Shenandoah Townhomes also benefits from convenient access to major employers, retail centers, and the broader Evansville employment base just 15–20 minutes away.
Investment highlights
- Brick Construction Built in 1973
- Turnkey Multifamily Asset with Extensive Recent Capital Improvements and Strong In-Place Operations
- Approximately $600,000 Invested in Recent Capital Expenditures Across the Property
- Recent CapEx Includes New Roofs, Full Kitchen Renovations Featuring New Cabinetry and Granite Countertops, Interior Renovations, Updated Flooring, Modern Fixtures, and Unit Upgrades Throughout the Property
- Additional CapEx Currently in Progress, Including Installation of 30+ New Windows and Renovation of the Onsite Duplex, Both Expected to Be Completed Prior to Closing
- Nicest Unit Interiors in the Henderson, KY Market, Positioning the Asset at the Top of the Competitive Set
- 20 Total Units Featuring Large Townhome-Style Floorplans with a Weighted Average Unit Size of ±1,205 SF
- Desirable Unit Mix Comprised Primarily of 2 Bed / 1.5 Bath Units with Additional 3 Bedroom Units
- Favorably Positioned Relative to Homeownership Alternatives, with Median 2-Bedroom Home Prices of Approximately $295,000 and Median Townhome Prices of Approximately $180,000 in the Henderson Market
- Spacious Unit Sizes Ranging from 1,000–1,400 SF Provide Competitive Advantage Over Nearby Properties
- Positioned at the Top End of the Henderson Apartment Market with High-End Finishes and Luxury-Level Interiors
- Conveniently Located Just 15–20 Minutes (Approximately 11 Miles) from Evansville, Indiana, Providing Residents Direct Access to the Evansville MSA’s Major Employment, Retail, and Healthcare Hubs
- Benefits from Proximity to the Evansville MSA, Expanding the Tenant Pool Through Access to a Broader Employment Base, Regional Healthcare Systems, Universities, and Major Retail Amenities
- Located Minutes from Major Henderson Retail Corridors Including Walmart Supercenter, Lowe’s, Target, and Downtown Henderson Retail & Dining
- Convenient Access to Major Employers Including Deaconess Henderson Hospital, Gibbs Die Casting, Audubon Metals, Tyson Foods, and the Evansville Employment Base
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