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2573-2581 Parkview Street - 2573-2581 Parkview Street, Portage, IN 46368 8 Unit Apartment Building Offered at $1,295,000 at a 7% Cap Rate Portage, IN 46368
Executive Summary
Rare opportunity to acquire eight (8) townhome units in Portage, Indiana.
Each unit features a spacious three-bedroom, one-and-a-half-bath layout with a private fenced back patio. Tenants are responsible for gas and electric utilities, while ownership covers water and trash service.
The property currently generates over $143,000 in gross annual rental income, with projected income exceeding $168,000 once all units are brought to market rent. All units are fully occupied. A detailed rent roll and income/expense statement are available upon request.
The asset is currently operating at a true 7% cap rate based on actual performance and projects to approximately an 8.4% cap rate at market rents with updated pro forma expenses.
Opportunities to acquire stabilized, fully occupied multi-unit townhome properties in this market are rare. Please reach out for additional details or to request financials.
Each unit features a spacious three-bedroom, one-and-a-half-bath layout with a private fenced back patio. Tenants are responsible for gas and electric utilities, while ownership covers water and trash service.
The property currently generates over $143,000 in gross annual rental income, with projected income exceeding $168,000 once all units are brought to market rent. All units are fully occupied. A detailed rent roll and income/expense statement are available upon request.
The asset is currently operating at a true 7% cap rate based on actual performance and projects to approximately an 8.4% cap rate at market rents with updated pro forma expenses.
Opportunities to acquire stabilized, fully occupied multi-unit townhome properties in this market are rare. Please reach out for additional details or to request financials.
Property Facts Under Contract
| Price | $1,295,000 | Property Type | |
| Price Per Unit | $161,875 | Building Size | 10,560 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 7% | Year Built | 1989 |
| No. Units | 8 |
| Price | $1,295,000 |
| Price Per Unit | $161,875 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 8 |
| Property Type | |
| Building Size | 10,560 SF |
| No. Stories | 2 |
| Year Built | 1989 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1.5 | 8 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $746,200 | |
| Land Assessment | $115,500 | Total Assessment | $861,700 |
Property Taxes
Parcel Numbers
Land Assessment
$115,500
Improvements Assessment
$746,200
Total Assessment
$861,700
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2573-2581 Parkview Street - 2573-2581 Parkview Street, Portage, IN 46368
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