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[Address not provided], Michigan City, IN 46360
$3,675,000
[Address not provided], Michigan City, IN 46360View this property at [Address not provided], Michigan City, IN 46360
[Address not provided]Michigan CityIN46360
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Property Description
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.
Full Property Details
Full Property Details for MLS# 803265
General
- Price: $3,675,000
- Taxes: $22,400 (2022)
- Status: Active
- Type: Commercial Multi-Family
- MLS ID: 803265
- Updated: 5/8/2024
- Added to Site: 12 day(s) ago
Interior
- Interior Features: Eat-in Kitchen
- Appliances: None
Exterior
- Exterior Features: None
Parking
- Parking Features: Driveway, Off Street
Location
- County: La Porte
- Township: Michigan
- Subdivision: Burrs Add
- Driving Directions: all homes vary
Heating & Cooling
- Heating Type: Forced Air
Structural Information
- Square Feet: 214,667
- Year Built: 1875
Lot Features
- Lot Size (Acres): 0.1263
- Lot Size (Sq. Ft.): 5,501.63
- Lot Dimensions: IRR
- Lot Features: Back Yard
- Zoning: Residential
Financial Considerations
- Tax Amount: $22,400
- Tax Year: 2022
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
- Legal Description: 42-01-28-316-010 BURRS LT 2 BLK 4. TIF ASSMT #51
- Property ID: 46-01-28-316-010.000-022
Listed by McColly Real Estate
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Schools
Schools serving MLS# 803265
School District:Michigan City Area Schools
Rating | Name | Grades | Distance |
---|---|---|---|
401 E Homer St, Michigan City, IN 46360 | PK-5 | 0.4 mi | |
2001 Springland Ave, Michigan City, IN 46360 | 6-8 | 2 mi | |
8466 W Pahs Rd, Michigan City, IN 46360 | 9-12 | 2.8 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for MLS# 803265
Date
Details
Price
Change
Source
5/07/2024
Listed
$3,675,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for MLS# 803265
Year
Property Taxes
Change
Tax Assessment
Change
2023
$29
—
$1,600
—
2022
$29
-9%
$1,600
-6%
2020
$32
—
$1,700
—
2019
$32
3%
$1,700
—
2018
$31
3%
$1,700
—
2017
$30
—
$1,700
6%
2016
$30
—
$1,600
—
2015
$30
—
$1,600
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for MLS# 803265
MLS# 803265, Michigan City, IN 46360 (MLS# 803265) is a Commercial Multi-Family property. MLS# 803265 is currently listed for $3,675,000 and was received on May 07, 2024. Want to learn more about MLS# 803265? Do you have questions about finding other Commercial Multi-Family real estate for sale in Michigan City? You can browse all Michigan City real estate or contact a Coldwell Banker agent to request more information.