Listed by Bradley Company Indianapolis
$370,000
Shadeland School
Details
Property Type Mixed Use, Multifamily
Sub Type Apartment Building
Square Footage 37,000
Units 25
Cap Rate 10.00%
NOI $50,000
Year Built 1923
Stories 2
Acreage 1.700
Zoning R3
Mixed Use | 10.00% CAP | 37,000 SqFt
Marketing description
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.
Investment highlights
- Ample parking.
- Short drive or long walk to everything in downtown anderson – shopping, restaurants, office, etc.
- Located in two district government incentivized zones – new market tax credit and qualified opportunity zone.
- 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.
- Other uses such as self storage, warehousing, or a school would require a change in zoning.
- 360 degree property tour: https://kuula.Co/share/collection/7 ygk p?Fs=1&vr=1&autorotate=-0.01&thumbs=3&info=0&logo=1&logosize=68
Listing Contacts
Listed by Bradley Company Indianapolis
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$50,000.00
$4,166.67/mo
Valuation Metrics
0
DSCR
13.51%
Cap Rate
13.51%
ROI
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
