1712 Genung Dr, New Albany, IN 47150

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Building Details:

• Year Built: 1986

St. Charles Place Condominiums is a 40 unit multifamily development converted in 2005 to privately owned condominiums. Five of the units were successfully sold to private owners and are not included in this listing. The remaining thirty five units are currently being leased at an average of $611/month and are 2BR/2BA units and approximately 905sqft/unit. There are also thirteen enclosed garages available to lease for $50/month. There are also eight carports available to lease for $10/month. The market rent is $625/month for incoming tenants. Gross potential rent with all tenants paying $625/month is $21,875 and at $650/month it is $22,750. Gross potential rent for thirteen garages and eight carports adds an additional $730/month in income. Finally there is also a 1,372 sqft private leasing office on site complete with security camera's and monitor that can be easily converted into another rental unit with the addition of a kitchen and shower. The development is governed by the St. Charles Place Community Association which collects $150/month/unit for common area expenses. Contact listing broker for rent roll, association budget, etc.