1164-1170 Connecticut St 19 Unit Apartment Building $1,050,000 ($55,263/Unit) 10.04% Cap Rate Gary, IN 46407

The investment opportunity offers a clear value-add strategy through renovating the remaining unrenovated units, completing full gut rehabs of the two vacant units, and improving operations through modern leasing, marketing, and maintenance systems. The property consists of two adjacent buildings located at 1164 and 1170 Connecticut St. in Gary, Indiana, within walking distance to retail, grocery, and entertainment and just minutes from surrounding schools and nearby cities.
Originally built in 1927 and updated over time, the buildings feature multiple entrances, ample street parking, and access to an adjacent vacant lot used for tenant parking. Unit interiors include hardwood floors, wood trim, updated kitchens in select units, and strong natural light throughout. Tenants separately pay cooking gas and electric through NIPSCO, while ownership covers heat, common area electric, and water, creating potential upside through future RUBs implementation. Additional upside exists through basement renovations to bring tenant storage and on-site laundry online.
Most units have already received light renovations including updated finishes, flooring, cabinets, and appliances. Major capital improvements include complete tear-off roof replacements in 2021 and new boiler systems installed in 2022. Positioned just off Broadway, Gary's main north-south corridor, the asset stands to benefit from ongoing redevelopment and investment throughout the area.