- List Price $320,000
- Price / Unit $53,333
- Property Type Multifamily
- Units 6
- Current Rents $43,560
- Pro Forma Rents $68,352
- In Place NOI $29,618
- Projected NOI $53,072
- Target CAP Rate 9.3%
- Market CAP Rate 7.5%
- Today's Market Value $394,000
- Value w/Market Rents $700,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 14
- 6
- 5544
- 1918
- 80%
- 14
- 2
- Forced Air
- Window Units
- None
14
6
5544
- 1918
- 80%
- 14
- 2
- Forced Air
- Forced Air
- None
About the property
An 80% occupied 6-unit apartment building in East Chicago. Owner has maintained the property meticulously over the past 30-years. It is currently rented severely below market. This property provides an exceptional opportunity to raise rents and cash-out refinance in a short time. Take advantage of Indiana’s low property taxes and favorable eviction laws.
About the neighbourhood
- East Chicago sits over the Illinois-Indiana border. The City is investing huge amounts of money into improving the downtown area - which is propped up by the AmeriStar Casino. Next door, the brand new Hard Rock Casino is bringing jobs and revenue to the area.
Property Documents
Property Financials
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Mortgage Calculator
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Walkscore
Nearby
- Arts & Entertainment
-
St George Serbian Orthodox Church (0.39 mi)
-
Artistic Wall Designs By Jennifer Higgins (5.2 mi)
-
Kids First Academy (6.59 mi)
- Education
-
Bespoken Empowered Instruction (0.29 mi)
-
Ivy Tech Community College - East Chicago (1.32 mi)
-
St Stanislaus School (2.43 mi)
- Food
-
El Ranchero (0.15 mi)
-
La Rancherita Bakery (0.16 mi)
-
El Pastorcito Main Restaurant (0.16 mi)
- Health & Medical
-
Rhim Chang DDS (0.21 mi)
-
CVS Pharmacy (0.28 mi)
-
Ruiz-Montero Jaime, MD (0.67 mi)
Contact Information
- List Price $320,000
- Property Type Multifamily
- Current Rents $43,560
- In Place NOI $29,618
- Target CAP Rate 9.3%
- Today's Market Value $394,000
- Price / Unit $53,333
- Units 6
- Pro Forma Rents $68,352
- Projected NOI $53,072
- Market CAP Rate 7.5%
- Value w/Market Rents $700,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
