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1623 Portage Ave 12 Unit Apartment Building $1,800,000 ($150,000/Unit) 6.31% Cap Rate Chesterton, IN 46304
Investment Highlights
- 100% Occupied!
- Coin-Op Laundry!
- 9 of 12 Units fully remodeled!
Executive Summary
All-Brick & Fully Occupied 12-Unit apartment building consisting of (10)-2bed/ 1-bath units and (2) 1-bed/ 1-bath units. 9 of the 12 apartments have been Updated/Remodeled in the last few years. New roof, gutters, windows have been installed since 2011. Each apartment is separately metered for NIPSCO/Water/Sewer. The apartments have wall air conditioners and baseboard heat. The Landlord pays common area utilities, snow, landscape & garbage. On-site laundry! Parking in the front & rear of the building.
Property Facts
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 0.57 AC |
| Sale Type | Investment | Building Size | 10,500 SF |
| Cap Rate | 6.31% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 2.76/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3 | ||
| Price | $1,800,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 6.31% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 10,500 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 2.76/1,000 SF |
| Zoning | R-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1 | 10 | - | - |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 64-06-02-260-001.000-023 | Improvements Assessment | $1,179,400 |
| Land Assessment | $137,800 | Total Assessment | $1,317,200 |
Property Taxes
Parcel Number
64-06-02-260-001.000-023
Land Assessment
$137,800
Improvements Assessment
$1,179,400
Total Assessment
$1,317,200
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1623 Portage Ave
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