509 E Commercial Ave 8 Unit Apartment Building $740,000 ($92,500/Unit) 7.43% Cap Rate Lowell, IN 46356

509 E. Commercial Ave presents the opportunity to acquire a fully renovated eight-unit apartment building in the heart of downtown Lowell, Indiana. Constructed of durable brick with a dedicated 10-space rear parking lot, the property has benefited from an extensive renovation program.
Previous ownership completed gut renovations (including new plumbing and electrical systems) in five units between 2018 and 2023, while current ownership invested approximately $25,000 per unit to renovate the remaining three apartments in 2024 and 2025. With all major capital improvements complete, and all units renovated, the property offers minimal deferred maintenance and low expected operating costs.
Situated on Lowell's historic Commercial Avenue, the property is within walking distance of the town's restaurants, retail, parks, and community amenities. Lowell continues to experience steady growth while offering convenient access to Northwest Indiana and the greater Chicagoland employment base, making it an attractive market for both residents and investors.
The trailing twelve-month financials reflect temporary vacancy resulting from the final unit renovations completed in 2025. With renovations now complete, the asset is positioned to operate at its full income potential without the need for additional capital investment.