Shenandoah Townhomes
For sale242-282 Shenandoah Pl, Henderson, KY 42420
Property type
Multifamily
Unit / Space count
20
Price
$2,200,000
Building size
26,700 sf
Rentable area
26,700 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
1.45 Acres
Bedroom count
Price per Unit
$110,000
Price per SF
$82.40
Property description
Shenandoah Townhomes is a turnkey 20-unit multifamily asset in Henderson, Kentucky, offering substantial recent capital investment, high-quality interiors, and meaningful embedded upside. Built in 1973 with brick construction, the property has received approximately $700,000 in recent improvements, including new roofs, fully renovated kitchens with new cabinetry and granite countertops, updated flooring, modern fixtures, and interior renovations throughout. The property features spacious townhome-style floorplans averaging approximately 1,205 SF, with units ranging from 1,000–1,400 SF and a mix of primarily 2 Bed / 1.5 Bath and 3 Bedroom units. Three additional units are currently being renovated and are expected to be completed prior to closing, providing an immediate opportunity to increase rental income through lease-up. Positioned at the top end of the Henderson apartment market with some of the area's highest-quality interiors, Shenandoah Townhomes benefits from its strategic location approximately 11 miles from Evansville, Indiana, providing access to the broader Evansville MSA's major employers, healthcare, retail, and dining amenities. The property is also minutes from major Henderson retailers and employers, making it an attractive option for residents seeking spacious, high-end housing at a competitive cost relative to homeownership.
Property highlights
- Brick Construction Built in 1973
- Turnkey Multifamily Asset with Extensive Recent Capital Improvements and Strong In-Place Operations
- Approximately $700,000 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 Renovation of 3 Units Expected to Be Completed Prior to Closing, Creating 3 Additional Rentable Units and Providing Immediate Upside Through Increased Rental Income
- The 3 Units Currently Being Renovated Provide a Clear Path to Additional Revenue Growth, Allowing a New Owner to Capture the Upside from Completing and Leasing the Units
- 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