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:  

The data relating to real estate for sale on this web site comes in part from the Northwest Indiana REALTOR Association. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Giorgios Karayannis shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified.

©2024 Northwest Indiana REALTOR Association. All rights reserved.

 

Powered byLuxury Presence