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Address Not Available By Request

Michigan City, IN 46360
  • $3,675,000
  • STATUS: Active
  • ON SITE: 44 Days
  • MLS #: 803265
$3,675,000
  • 0
    BEDS
  • 0.13
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 214,667
    SQFT
  • $17
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1875
County:

School Ratings & Info

Listing provided by McColly Real Estate: .

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.

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Northwest Indiana REALTORS® Association Multiple Listing Service logo The content relating to real estate for sale and/or lease on this Web site comes in part from the Internet Data eXchange (“IDX”) program of the Northwest Indiana REALTORS® Association Multiple Listing Service (“NIRA MLS”). and is communicated verbatim, without change, as filed by its members. This information is being provided for the consumers’ personal, noncommercial use and may not be used for any other purpose other than to identify prospective properties consumers may be interested in purchasing or leasing.

The accuracy of all information, regardless of source, is deemed reliable but is not warranted, guaranteed, should be independently verified and may be subject to change without notice. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes. Featured properties may not be listed by the office/agent presenting this information.

NIRA MLS MAKES NO WARRANTY OF ANY KIND WITH REGARD TO LISTINGS PROVIDED THROUGH THE IDX PROGRAM INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NIRA MLS SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THESE LISTINGS.

Listings provided through the NIRA MLS IDX program are subject to the Federal Fair Housing Act and which Act makes it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. NIRA MLS does not knowingly accept any listings that are in violation of the law. All persons are hereby informed that all dwellings included in the NIRA MLS IDX program are available on an equal opportunity basis. Copyright 2024 NIRA MLS - All rights reserved. 800 E 86th Avenue, Merrillville, IN 46410 USA. ALL RIGHTS RESERVED WORLDWIDE. No part of any listing provided through the NIRA MLS IDX program may be reproduced, adapted, translated, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or any information storage and retrieval system, or otherwise, without the prior written permission of NIRA MLS. The information contained herein including but not limited to all text, photographs, digital images, virtual tours, may be seeded and monitored for protection and tracking. If you believe any NIRA MLS listing contains material that infringes your copyrighted work, please Click Here to review our DMCA policy and learn how to submit a takedown request. Data last updated 2024-06-20T23:53:08.49.

MLS Grid logo Based on information submitted to the MLS GRID as of 2024-06-20T23:53:08.49 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The data relating to real estate on this Web site derive in part from the Greater Northwest Indiana Association of Realtors IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither McCormick Real Estate nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2024 Greater Northwest Indiana Association of Realtors.

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Address Not Available By Request Michigan City, IN 46360

  • Price: $3,675,000
  • Status: Active
  • On Site: 44 Days
  • MLS #: 803265
0
Beds
0
Baths
0
½ Baths
0.13
Acres
214,667
SQFT
$17
$/SQFT
1875
Built
Neighborhood:
Burrs Add
County:
La Porte
Area:
Michigan City
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.
Exterior Features

Exterior Features None Fencing Back YardChain LinkFront Yard Lot Features Back Yard View Neighborhood Waterfront YN No

Interior Features

Appliances None Interior Features Eat-in Kitchen Laundry Features Gas Dryer HookupWasher Hookup

Property Features

Auction YN No Community Features Street Lights Heating Forced Air Listing Terms CashConventional Lot Size Dimensions IRR Parking Features DrivewayOff Street Property Attached YN No Property Sub Type Multi Family Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 22400 Tax Year 2022 Township Michigan Utilities Cable AvailableNatural Gas ConnectedSewer ConnectedWater Connected Water Source Public Zoning Description Residential

Listing information © 2024 NIRA MLS.
Listing courtesy of Javina Bell-Lyles of McColly Real Estate: .

Northwest Indiana REALTORS® Association Multiple Listing Service logo The content relating to real estate for sale and/or lease on this Web site comes in part from the Internet Data eXchange (“IDX”) program of the Northwest Indiana REALTORS® Association Multiple Listing Service (“NIRA MLS”). and is communicated verbatim, without change, as filed by its members. This information is being provided for the consumers’ personal, noncommercial use and may not be used for any other purpose other than to identify prospective properties consumers may be interested in purchasing or leasing.

The accuracy of all information, regardless of source, is deemed reliable but is not warranted, guaranteed, should be independently verified and may be subject to change without notice. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes. Featured properties may not be listed by the office/agent presenting this information.

NIRA MLS MAKES NO WARRANTY OF ANY KIND WITH REGARD TO LISTINGS PROVIDED THROUGH THE IDX PROGRAM INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NIRA MLS SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THESE LISTINGS.

Listings provided through the NIRA MLS IDX program are subject to the Federal Fair Housing Act and which Act makes it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. NIRA MLS does not knowingly accept any listings that are in violation of the law. All persons are hereby informed that all dwellings included in the NIRA MLS IDX program are available on an equal opportunity basis. Copyright 2024 NIRA MLS - All rights reserved. 800 E 86th Avenue, Merrillville, IN 46410 USA. ALL RIGHTS RESERVED WORLDWIDE. No part of any listing provided through the NIRA MLS IDX program may be reproduced, adapted, translated, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or any information storage and retrieval system, or otherwise, without the prior written permission of NIRA MLS. The information contained herein including but not limited to all text, photographs, digital images, virtual tours, may be seeded and monitored for protection and tracking. If you believe any NIRA MLS listing contains material that infringes your copyrighted work, please Click Here to review our DMCA policy and learn how to submit a takedown request. Data last updated 2024-06-20T23:53:08.49.

MLS Grid logo Based on information submitted to the MLS GRID as of 2024-06-20T23:53:08.49 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The data relating to real estate on this Web site derive in part from the Greater Northwest Indiana Association of Realtors IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither McCormick Real Estate nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2024 Greater Northwest Indiana Association of Realtors.

Digital Millennium Copyright Act
 
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Crown Point IN, 46307
Listing provided by McColly Real Estate: .