26 units were renovated in 2020 with new 2 tone paint, flooring, crown molding, light fixtures, ceiling fans, plugs, switches, smoke detectors, and handles.
Newburgh Court offers an investor a turnkey, 2008 vintage property with minimal deferred maintenance. The property underwent a renovation in 2020 including unit upgrades, exterior deck repair/replace/paint, exterior LED lighting, state-of-the-art sub-meter and leak detection system, and parking lot resurfaces and restriped.
New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Three pre-leased units are scheduled to rent for $969, which is $84 per unit more than in-place leases.
Newburgh Court offers investors a day 1 cash flow opportunity based on consistent historical performance, ability to increase rents, and an attractive basis.
Residents of Newburgh Court are zoned for Sharon Elementary, Castle South Middle, and Castle High, all rated 8/10 or better according to greatschools.org
Newburgh Court is located in a zip code that has impressive median income, education levels, and home values.
Newburgh Court is ideally positioned within 15 minutes of Evansville’s premier shopping centers.