Turnkey Property with Significant Improvements
New Water Heater and Boiler Controls
New Roof, Decks and Hallway Paint & Carpet
Lincoln School is a 45-unit apartment building located in Waupun. The property is comprised of one 2-story apartment building built in 1992, with 45 two-bedroom units and parking for 90 vehicles. The property was developed under the federal Low Income Housing Tax Credit program and continues to operate as affordable housing subject to a land use agreement that expires at the end of 2022. Lincoln School has undergone significant capital improvements over the last several years, including new roof, decks, hallway carpet, boiler controls, water heater, and trash enclosure. Offered at a low price per unit and far below replacement cost, this turnkey property is projected to deliver 9% leveraged cash returns, and 18% total returns to investors who adjust rents to 60% of county median income.