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853 W State Road 38 2,095 SF 100% Leased Retail Building New Castle, IN 47362 $295,000 ($140.81/SF) 11.53% Cap Rate
EXECUTIVE SUMMARY
Quaint little rental property on the outskirts of town. One mile west of State Road 3. This property comes with four mobile homes, a commercial property (currently Wolf's Worm Shack), and an adorable one-bedroom apartment. All units are currently occupied with good renters and normally always are. Two additional RV spots are currently being added. This property consists of 2 acres that back up against the woods. Three fire pits and plenty of parking for tenants. A mile from Kroger, Aldi, restaurants, etc. Good neighbors in a quiet part of town. City water, septic. Don't miss this opportunity for a great investment.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Building Size
2,095 SF
Building Class
C
Year Built
1964
Price
$295,000
Price Per SF
$140.81
Cap Rate
11.53%
NOI
$34,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.05
Lot Size
0.95 AC
Zoning
C1
Parking
10 Spaces (5.03 Spaces per 1,000 SF Leased)
Frontage
200’ on State Road 38
AMENITIES
- 24 Hour Access
- Air Conditioning
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Presented by
David Adams
853 W State Road 38
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