Active
Private Address
$3,675,000
$17.12 per sqft
Active
214,667 sqft
Commercial
Built in 1875
Pleased to present to qualified investors this 32- Single Family Homes and 3 duplex portfolio scattered throughout the Michigan City, Indiana area. The majority of the units are located on two sides of the city. The investment portfolio consists of units varying from one bedroom to four bedrooms.The portfolio consistently operates at a 95% occupancy. The next investor / operator has potential to add significant instant equity because units have such low current rents.Most of the units were constructed in the 1950' with the exception of a few. The average price of comparable units are at a price point of $115,000-120,000 per unit.This portfolio has strong potential for revenue and growth coupled with the limited supply of housing in the area these factors add tremendous value in terms of both cash flow and home price appreciation for the next Buyer. This rental portfolio is poised to outperform current numbers due, to the fact leases are expiring and rent increases are beginning to occur. This opportunity offers the next Buyer a chance to take advantage of high occupancies and increase rents accordingly.This investment offering is a huge opportunity to build on the currently under- priced units and take advantage of natural rent growth post stabilization, offering the next investor an opportunity to grow rents and take advantage of home price appreciation for several years to come.Current rents are well below market rents, offering the next buyer a significant opportunity to grow revenue, optimize expenses, and drive the NOI margin.
803265
MLSⓇ ID
May 2, 2024
Listed
May 9, 2024
Updated
Map
Private Address
Interior Features
Total Stories
2
Interior Features
Eat-in Kitchen
Appliances
None
Laundry Description
Gas Dryer Hookup, Washer Hookup
Floor Description
Carpet, Ceramic Tile, Linoleum, Varies, Vinyl
Fireplace
No
Cooling
Yes
Cooling Description
Multi Units, Varies by Unit
Heating
Yes
Heating Description
Forced Air
Exterior/Building Features
Lot Size
0.13 Acres
Exterior Features
None
Lot Features
Back Yard
Roof
Asphalt, Shingle
Sewer
Public Sewer
Other Property Details
Taxes
$22,400
Tax Frequency
Annually
Days on Market
6
Garage
No
Parking
Driveway, Off Street
View
Yes
View Description
Neighborhood
County
La Porte
Municipality
Michigan
Water Source
Public
Pool
No
Zoning
Residential
Buyer Agency Compensation
2%
Courtesy of McColly Real Estate, Javina Bell-Lyles,
Listing Contact:
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