Log In/Sign Up
Your email has been sent.
1412 Connecticut St 6 Unit Apartment Building $350,000 ($58,333/Unit) 7.82% Cap Rate Gary, IN 46407
Investment Highlights
- Stabilized Six-Unit Property – Well-maintained building with only one vacancy and stable in-place income.
- Unique Unit Mix – Includes a distinctive basement apartment that adds character and flexibility to the property.
- On-Site Amenities – Features a digital laundry facility and a garage used for tenant parking and storage.
- Section 8 Rent Upside – Opportunity to increase rents by aligning current leases with Section 8 Fair Market Rent levels as units turn.
- Well Maintained Asset – Retains original character with updated mechanical systems over time.
- Additional Land Included – Two adjacent lots are included in the sale, providing added value and potential flexibility.
Executive Summary
Kiser Group is pleased to present a six-unit multifamily investment opportunity located in Gary, Indiana. The property is a stabilized asset with only one vacancy and has been well maintained over time, with light renovations completed as units turn. The building features a unique unit mix, including a distinctive basement apartment, and retains much of its original character while benefiting from updated mechanical systems throughout the years. The property also includes an on-site digital laundry facility, a garage currently used for tenant parking and storage, and two adjacent lots that are included in the sale.
The investment offers clear value-add potential through rent growth. Several tenants are currently paying below applicable Section 8 fair market rent levels, providing new ownership the opportunity to increase revenue by aligning rents with voucher benchmarks as natural tenant turnover occurs. This strategy allows investors to improve cash flow while maintaining strong occupancy in a market with consistent demand for affordable housing.
With stable in-place income, additional land included in the offering, and the opportunity to increase rents through a proven voucher program, the property represents an attractive small-scale investment with both reliable income and meaningful upside.
The investment offers clear value-add potential through rent growth. Several tenants are currently paying below applicable Section 8 fair market rent levels, providing new ownership the opportunity to increase revenue by aligning rents with voucher benchmarks as natural tenant turnover occurs. This strategy allows investors to improve cash flow while maintaining strong occupancy in a market with consistent demand for affordable housing.
With stable in-place income, additional land included in the offering, and the opportunity to increase rents through a proven voucher program, the property represents an attractive small-scale investment with both reliable income and meaningful upside.
Property Facts
| Price | $350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $58,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 7.82% | Building Size | 4,200 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment |
| Price | $350,000 |
| Price Per Unit | $58,333 |
| Sale Type | Investment |
| Cap Rate | 7.82% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 4,200 SF |
| No. Stories | 2 |
| Year Built | 1929 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 45-08-10-156-010.000-004 | Improvements Assessment | $235,000 |
| Land Assessment | $8,000 | Total Assessment | $243,000 |
Property Taxes
Parcel Number
45-08-10-156-010.000-004
Land Assessment
$8,000
Improvements Assessment
$235,000
Total Assessment
$243,000
1 of 7
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
1412 Connecticut St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.