Overview
Alpha Acres is a 36-unit multifamily property located in Scottsburg, Indiana, offering 2-bedroom units that average 867 square feet. Constructed between 1997 and 1999 with brick exteriors and pitched shingle roofs, the property offers a strong foundation and reliable utility infrastructure. Today, the property maintains an 86% occupancy rate with average asking rents of $1,054, delivering stable cash flow while still leaving room for upside. The broader market is showing modest rent pressure, with average rents in Scottsburg rising $335 year-over-year — a sign of tightening supply and demand. Meanwhile, Scott County’s population has grown ~0.6% in the past year to nearly 24,971 people, reflecting steady demographic trends in the region. Combined, these dynamics position Alpha Acres as a well-situated asset in a stable growth market, offering both immediate income and long-term upside potential.
Investment Highlights
Utility Cost Savings
Water sub-metering is being implemented across all units, expected to be completed by year-end—shifting water costs to tenants and lowering operating expenses.
Attractive Assumable Debt Opportunity
Alpha Acres can be purchased with the existing debt. It currently has an in-place loan of $2,497,000. The loan is interest only through June 2026 with a 5.92% fixed interest rate. The loan matures June 1, 2033.
Future Disposition Flexibility
All duplexes are subdivided, providing future ownership with the option to sell individual assets to investors, creating an additional exit strategy.
$71M Conco Inc. Expansion
Conco Inc. is adding 150,000 sq. ft. to its Scottsburg facility—part of a two-phase investment totaling $125M since 2023—enhancing local manufacturing capacity and employment.
Proximity to Key Demand Drivers
- Green Tree Mall – 85K+ sq. ft. retail center (Dillard’s, JCPenney, Bath & Body Works)
- Morgan Foods – 500+ employees
- Austin Tri-Hawk Automotive – 350+ employees
- Easy access to I-65, Hwy 31, and Hwy 56 (all within 5 minutes)
Louisville Job Growth Record (2024)
Louisville saw a record 4,577 new jobs across 35 projects, with $653M in capital investment. Key drivers include:
- North West Louisville Hospital – $120M
- Stellar Snacks – $135M, 350 jobs
- Louisville Sports & Entertainment District – $250M proposed
- Downtown Building Conversion Program – $100M+ to repurpose vacant office space into residential/mixed-use
Access to Major Louisville Employers
- UPS – 26,328 jobs
- Norton Healthcare – 15,044 jobs
- Ford Motor Co. – 13,020 jobs
- Humana – 11,000 jobs
- University of Louisville – 6,339 jobs
UNIT BREAKDOWN
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