116 1/2 E Church St 7 Unit Apartment Building $599,900 ($85,700/Unit) 8.67% Cap Rate Alexandria, IN 46001

Expand your portfolio with this versatile commercial property located in the heart of downtown Alexandria, directly across from the city park and library. This offering includes two connected buildings featuring a total of seven units, five of which are currently leased, generating over $5,400 in monthly gross income. With a mix of residential apartments and adaptable commercial spaces, this property offers exceptional flexibility for investors seeking strong rental potential and long-term appreciation.
The site benefits from a convenient downtown location with easy access to local amenities and public parking, plus an included private parking lot. Units have been utilized for various purposes, including a hair studio and bookstore, making this an ideal choice for mixed-use strategies. Recent upgrades include a new TPO roof installed in 2022 and exterior painting, along with newer furnaces and updated flooring in select units. Each unit is separately metered for electric, and tenants cover their own gas and electric utilities, reducing owner expenses. City water, sewer, and trash are currently paid by the owner.
This property has been well-maintained for over 15 years and is offered as-is, presenting a rare opportunity to acquire a stabilized income asset in a growing community. With its prime location, strong rental history, and adaptable layout, this investment is positioned for continued success.