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Indiana Beach Resort 4983 E Indiana Beach Rd 90 Room Serviced Apartment Monticello, IN 47960 $4,500,000 ($50,000/Room)
Investment Highlights
- 55 total units in a waterfront setting
- 38 newly constructed units - 17 fully renovated units
- Heavy two-bedroom unit mix
- 80% current occupancy with lease-up upside
- Ability to operate as traditional multifamily or short-term rental
- Minimal near-term capital expenditure requirements
Executive Summary
Chiafos Rental Resort
55-Unit Waterfront Multifamily | $47,000/Month In-Place Income | 80% Occupied | STR Optionality
Monticello, Indiana
Executive Overview
Chiafos Rental Resort is a 55-unit waterfront multifamily asset located immediately outside the entrance to Indiana Beach Amusement & Water Park in Monticello, Indiana.
The property is currently operating at approximately 80% occupancy and generating $47,000 per month in gross rental income under a multifamily-style leasing model. This provides stabilized in-place cash flow with immediate upside through lease-up to market occupancy and operational optimization.
Originally repositioned and significantly improved, the asset offers investors a rare combination of:
Waterfront real estate
Newly constructed product
In-place income
Dock revenue expansion
Short-term rental (STR) optionality
Seller financing is available for qualified buyers.
In-Place Performance
Current Occupancy: ~80%
Current Gross Rents: ~$47,000 per month
Stabilized Lease-Up Opportunity: 95%+ occupancy target
Additional Revenue Upside: Dock expansion & STR conversion
At current performance, the property demonstrates proven demand and immediate cash flow, with further NOI growth achievable through operational optimization.
Unit Mix (55 Total Units)
20 Two-Story 2BR / 1BA Units
18 Single-Story 2BR / 1BA Units
17 One-Bedroom Units (hotel-style layout with full kitchens)
All units include full kitchens, supporting:
Traditional multifamily tenancy
Workforce housing
Extended-stay occupancy
Short-term rental conversion
The flexible layout allows investors to maintain long-term stability or transition portions of the asset to a higher-yield STR model.
Capital Improvements
Significant recent capital investment has materially reduced deferred maintenance risk:
Ground-up construction of 38 units
Complete renovation of 17 units
New siding, roofing, porches
New kitchens and bathrooms
Updated flooring and exterior finishes
Site and infrastructure upgrades
The scope of improvements positions the asset closer to new construction quality than legacy waterfront product typical in the market.
Waterfront Infrastructure
Direct frontage on Lake Shafer
12 completed boat docks
Approvals in place for expansion up to 36 docks
40’ x 60’ maintenance pole barn with restroom facilities
Dock expansion alone presents measurable ancillary revenue potential through seasonal leasing and premium waterfront positioning.
Location & Demand Drivers
Located directly adjacent to Indiana Beach and positioned on Lake Shafer, the property benefits from:
Strong seasonal tourism traffic
Lake-based recreational demand
Limited competing waterfront rental inventory
Diversified employment base supporting year-round occupancy
This combination supports both traditional multifamily stability and STR-driven revenue upside.
55-Unit Waterfront Multifamily | $47,000/Month In-Place Income | 80% Occupied | STR Optionality
Monticello, Indiana
Executive Overview
Chiafos Rental Resort is a 55-unit waterfront multifamily asset located immediately outside the entrance to Indiana Beach Amusement & Water Park in Monticello, Indiana.
The property is currently operating at approximately 80% occupancy and generating $47,000 per month in gross rental income under a multifamily-style leasing model. This provides stabilized in-place cash flow with immediate upside through lease-up to market occupancy and operational optimization.
Originally repositioned and significantly improved, the asset offers investors a rare combination of:
Waterfront real estate
Newly constructed product
In-place income
Dock revenue expansion
Short-term rental (STR) optionality
Seller financing is available for qualified buyers.
In-Place Performance
Current Occupancy: ~80%
Current Gross Rents: ~$47,000 per month
Stabilized Lease-Up Opportunity: 95%+ occupancy target
Additional Revenue Upside: Dock expansion & STR conversion
At current performance, the property demonstrates proven demand and immediate cash flow, with further NOI growth achievable through operational optimization.
Unit Mix (55 Total Units)
20 Two-Story 2BR / 1BA Units
18 Single-Story 2BR / 1BA Units
17 One-Bedroom Units (hotel-style layout with full kitchens)
All units include full kitchens, supporting:
Traditional multifamily tenancy
Workforce housing
Extended-stay occupancy
Short-term rental conversion
The flexible layout allows investors to maintain long-term stability or transition portions of the asset to a higher-yield STR model.
Capital Improvements
Significant recent capital investment has materially reduced deferred maintenance risk:
Ground-up construction of 38 units
Complete renovation of 17 units
New siding, roofing, porches
New kitchens and bathrooms
Updated flooring and exterior finishes
Site and infrastructure upgrades
The scope of improvements positions the asset closer to new construction quality than legacy waterfront product typical in the market.
Waterfront Infrastructure
Direct frontage on Lake Shafer
12 completed boat docks
Approvals in place for expansion up to 36 docks
40’ x 60’ maintenance pole barn with restroom facilities
Dock expansion alone presents measurable ancillary revenue potential through seasonal leasing and premium waterfront positioning.
Location & Demand Drivers
Located directly adjacent to Indiana Beach and positioned on Lake Shafer, the property benefits from:
Strong seasonal tourism traffic
Lake-based recreational demand
Limited competing waterfront rental inventory
Diversified employment base supporting year-round occupancy
This combination supports both traditional multifamily stability and STR-driven revenue upside.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $4,500,000 | Lot Size | 3.11 AC |
| Price Per Room | $50,000 | Building Size | 50,727 SF |
| Sale Type | Investment | No. Rooms | 90 |
| Property Type | Hospitality | No. Stories | 2 |
| Property Subtype | Serviced Apartment | Year Built/Renovated | 1925/2025 |
| Building Class | B | Corridor | Exterior |
| Zoning | B-2 - Neighborhood Mixed-Use District | ||
| Price | $4,500,000 |
| Price Per Room | $50,000 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Serviced Apartment |
| Building Class | B |
| Lot Size | 3.11 AC |
| Building Size | 50,727 SF |
| No. Rooms | 90 |
| No. Stories | 2 |
| Year Built/Renovated | 1925/2025 |
| Corridor | Exterior |
| Zoning | B-2 - Neighborhood Mixed-Use District |
Amenities
- Balcony
- High Speed Internet Access
- Patio
- Marina
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
- Multi-Room Suites
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 17 | $153.00 | - |
| Guest Room | 73 | $125.00 | - |
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Property Taxes
| Parcel Numbers | Improvements Assessment | $564,600 | |
| Land Assessment | $606,500 | Total Assessment | $1,171,100 |
Property Taxes
Parcel Numbers
Land Assessment
$606,500
Improvements Assessment
$564,600
Total Assessment
$1,171,100
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
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Street
Map
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Indiana Beach Resort | 4983 E Indiana Beach Rd
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