4716 McCook Ave 6 Unit Apartment Building Offered at $230,000 East Chicago, IN 46312

Compelling value-add multifamily opportunity in a thin East Chicago rental market with limited comparable inventory. This 6-unit property offers a strong operational foundation with new HVAC systems, new water heaters, and a new sump pump, while the units themselves are habitable but dated, creating clear upside through interior renovation and lease-up. Sold as-is.
The property currently has four vacant units, allowing immediate repositioning without tenant displacement. In-place rents are well below market, with occupied units at $600 and $765 per month, while renovated units in the area support materially higher rents. Once updated, achievable rents are expected to be approximately $900 for studios, $1,200 for one-bedrooms, $1,400 for two-bedrooms, and $1,500 for the three-bedroom, subject to finish level and market conditions. Units are separately metered, limiting owner utility exposure. Offered at a compelling basis that supports renovation, vacancy stabilization, and meaningful rent growth, this asset is well suited for an investor seeking to create value through hands-on improvement and lease-up in a market with limited multifamily supply. Property sold as-is. Upon renovation and full stabilization, the property is projected to generate approximately $90,000 in gross annual rental income. After stabilized operating expenses consistent with current tax levels and typical ownership costs (including real estate taxes, water, and insurance), the property supports an estimated stabilized net operating income in the high-$70,000 range. Using a 12% stabilized market cap rate, this income profile supports an estimated stabilized valuation of approximately $650,000, reflecting a post-renovation outcome that allows investors to deploy meaningful improvement capital while still creating equity through renovation, lease-up, and rent normalization, subject to execution and market conditions.