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School to Residential Redevelopment Opp. 1525 W 14th St

25 Unit Apartment Building $721,600 CAD ($28,864 CAD/Unit) 10% Cap Rate Anderson, IN 46016

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INVESTMENT HIGHLIGHTS

Just a short drive or long walk to everything in Downtown Anderson – shopping, restaurants, offices, etc.
R3 zoning will allow up to 25 units on this property, believing the best use is to convert the property into apartment units or senior living.

1525 W 14th Street is in two district government incentivized zones – New Market Tax Credit and Qualified Opportunity Zone.
Other uses such as self-storage, warehousing, or a school would require a change in zoning.

EXECUTIVE SUMMARY

The former Shadeland School is a two-story, brick and limestone exterior building with an attached gymnasium located near downtown at 1525 W 14th Street in Anderson, IN. This property is currently zoned R3, allowing 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, offices, and more. 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. 1525 W 14th Street would be ideal for workforce housing, apartment homes, or senior living. Other uses, such as self-storage, warehousing, or a school would require a change in zoning.

1525 W 14th Street is 1.5 miles from Downtown Anderson. The former 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.

Shadeland_School_Apartments_-_Sale_Flyer

PROPERTY FACTS

Price	$721,600 CAD	Building Class	C
Price Per Unit	$28,864 CAD	Lot Size	1.98 AC
Sale Type	Investment or Owner User	Building Size	37,000 SF
Cap Rate	10%	No. Stories	2
Sale Condition	Redevelopment Project	Year Built/Renovated	1923/2020
No. Units	25	Parking Ratio	2.92/1,000 SF
Property Type	Multifamily	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Apartment

Price	$721,600 CAD
Price Per Unit	$28,864 CAD
Sale Type	Investment or Owner User
Cap Rate	10%
Sale Condition	Redevelopment Project
No. Units	25
Property Type	Multifamily
Property Subtype	Apartment
Building Class	C
Lot Size	1.98 AC
Building Size	37,000 SF
No. Stories	2
Year Built/Renovated	1923/2020
Parking Ratio	2.92/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.