Well Maintained Asset: Current ownership has spent over $685,000 maintaining the asset, including resealing and restriping the parking lot, all roofs replaced in 2018, exterior paint, new windows, locks, and doors, range and hood replacement, new appliances, and new carpet and vinyl.
Proven Value-Add Opportunity: Current ownership renovated 6 units with new hardwood flooring, counters, cabinets, appliances, and bathroom vanities after a fire and is achieving a $50 premium on these units. An additional 16 units have been renovated but are not being charged a premium. New ownership will be able to add over $60,000 in potential income through renovating the remaining 90 units and increasing rent for the 16 additional renovated units.
Value-Add Through Fee Income: Current ownership recently increased RUBS from $20 per unit to $40 for 1BD and $55 for 2BD units with plans to increase these amounts even more. New ownership will be able to continue the new RUBS rate on all new leases to add additional value.
Proximity to Evansville’s Best Retail: Fairmont is ideally positioned within 10 minutes of Evansville’s premier shopping centers, including:
Evansville Demand Drivers: The Evansville area is home to several large employers, including:
Central Location to Major U.S. Markets: The total population within a 300-mile radius of Evansville is 43,287,941, and Evansville is under a 4-hour drive from major MSA’s including St. Louis, Indianapolis, Cincinnati, Louisville, and Nashville.
Growing Evansville Market: The Evansville market is a thriving economic hub for a three state region. The city issued over 525 building permits in 2019 and has $975 million invested in regional quality of place projects.