See all 33 photos
33 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$2,900,000
Est. payment /mo
17,280 SqFt
Open House
Fri Sep 18, 2:00pm - 4:30pm
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 17,280 sqft
Price per Sqft $167
Subdivision Jefferson Park 12Th Add
MLS Listing ID 845033
HOA Y/N No
Year Built 1986
Annual Tax Amount $37,855
Tax Year 2025
Lot Size 1.520 Acres
Acres 1.52
Property Sub-Type Multi Family
Property Description
Five separately parceled four-unit buildings, held in common ownership and offered together as a single 20-unit portfolio in Valparaiso: 2004 McCord Road, plus 1302 Sturdy Road, 1304 Sturdy Road, 1306 Sturdy Road and 1308 Sturdy Road. All 20 units are two-bedroom, one-bath, averaging 864 SF, totaling 17,280 SF of building area on 1.52 acres. Each two-story building is paired with its own detached four-car garage, 20 private garage spaces, every one with an electric opener, an amenity uncommon in this unit-size band. Furnaces, A/C units and water heaters are individual to each unit, keeping capital planning incremental. Tenants pay water, sewer, trash, electric and gas, leaving ownership responsible only for common electric, lawn and snow, insurance, taxes and management, an expense ratio of 27.3 percent. In-place rents average 1,229 dollars per month against a pro forma of 1,475, a spread of 20 percent that local comparables support: three recent Valparaiso two-bedroom leases average 1,520. On a trailing basis the portfolio produces effective income of 291,538 and NOI of 212,019, a going-in return of 7.31 percent. Roughly 200,000 dollars of capital has already been deployed on unit rehabs and mechanical work.
Location
State IN
County Porter
Interior
Heating Forced Air
Fireplace N
Appliance Dishwasher, Refrigerator, Gas Range
Exterior
Parking Features Detached, On Street, Concrete
View Y/N true
Building
Sewer Public Sewer
Water Public
Others
Tax ID 641018454001000004
Acceptable Financing NRA20260909182141359820000000
Listing Terms NRA20260909182141359820000000
Read Less Info
Listed by Ellsbury Group • Tariq Suboh
Nearby Locations
GET MORE INFORMATION