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Pine Grove Apartments 3033 S P St 42 Unit Apartment Building $2,900,000 ($69,048/Unit) Elwood, IN 46036
EXECUTIVE SUMMARY
Ellsbury Commercial Group is pleased to present Pine Grove Apartments, a 42-unit community located in Elwood, IN. The property offers a desirable mix of 8 two-bedroom/one-bath, 27 one-bedroom/one-bath, and 7 studio units.
Spread across seven single-story buildings totaling 25,768 sq. ft., Pine Grove sits on a spacious 4.45-acre lot. Built in 1982, the community is stable with consistent occupancy and tenant-paid electric utilities.
With modest updates and potential rent growth, Pine Grove Apartments provides a compelling opportunity for reliable day-one income alongside future upside.
Spread across seven single-story buildings totaling 25,768 sq. ft., Pine Grove sits on a spacious 4.45-acre lot. Built in 1982, the community is stable with consistent occupancy and tenant-paid electric utilities.
With modest updates and potential rent growth, Pine Grove Apartments provides a compelling opportunity for reliable day-one income alongside future upside.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $69,048 | Lot Size | 4.46 AC |
| Sale Type | Investment | Building Size | 25,768 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 100% |
| No. Units | 42 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 2.91/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R-2 - Single family residential | ||
| Price | $2,900,000 |
| Price Per Unit | $69,048 |
| Sale Type | Investment |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.46 AC |
| Building Size | 25,768 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1982 |
| Parking Ratio | 2.91/1,000 SF |
| Zoning | R-2 - Single family residential |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Porch
- Window Coverings
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 7 | - | 1 |
| 1+1 | 27 | - | 1 |
| 2+1 | 8 | - | 1 |
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PROPERTY TAXES
| Parcel Number | 48-04-23-200-016.000-027 | Improvements Assessment | $1,574,500 (2024) |
| Land Assessment | $107,800 (2024) | Total Assessment | $1,682,300 (2024) |
PROPERTY TAXES
Parcel Number
48-04-23-200-016.000-027
Land Assessment
$107,800 (2024)
Improvements Assessment
$1,574,500 (2024)
Total Assessment
$1,682,300 (2024)
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Pine Grove Apartments | 3033 S P St
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