IN > New Castle
New Castle, IN 47362,2401 Vine ST
New Castle, IN 47362,2401 Vine ST
New Castle, IN 47362,2401 Vine ST
New Castle, IN 47362,2401 Vine ST
New Castle, IN 47362,2401 Vine ST
New Castle, IN 47362,2401 Vine ST
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Brad Taflinger

Brad Taflinger

+1(765) 748-2104
Listed by Hector Orton • Fair Market Value Investment Sales
$ 725,000
Est. payment | /mo

6,125 SqFt

Save
$ 725,000
Est. payment | /mo
Save

6,125 SqFt

Key Details

Property Type Commercial

Sub Type Multi-Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 6,125 sqft

Price per Sqft $118

MLS Listing ID 22003740

Year Built 1980

Tax Year 2023

Lot Size 0.530 Acres

Acres 0.53

Property Description

Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal roof and gutters, updated vinyl double pane windows (two windows have not been replaced), resurfaced and restriped the parking lot, and upgraded the main water line from two inches to one inch, resulting in a substantial reduction in water costs. According to Addison Properties fifty percent of the units have newer cabinets and flooring. According to current rent roll average rents of $440 are seventy three percent below the $600 market rate (according to recent sold investment sales comps in Henry County and other rent comp studies), providing an experienced investor with an opportunity to capitalize on this value-add potential and achieve greater returns into the future. According to property manager no major capital improvements are needed to achieve these results, as the significant upgrades have already been completed and the interior of the units is in market-ready condition. If you prefer traditional lending terms over seller financing, we can connect you with our extensive network of credit union banking partners for potentially more favorable terms and a lower down payment. Additionally, if you're out of state and need a property manager, we can provide reliable connections for that as well.

Location

State IN

County Henry

Zoning Mulitfamily

Interior

Heating Baseboard

Cooling Separate Meters, Wall Unit(s)

Fireplace N

Exterior

Utilities Available Electricity Connected, Sep Electric Meter, Sewer Connected, Water Connected

Roof Type Metal

Parking Type Common, Asphalt

Building

Story One

Foundation Slab

Architectural Style Ranch

Structure Type Brick

New Construction false

Schools

Middle Schools New Castle Middle School

School District New Castle Community School Corp

MIBOR MLS
© 2024 Listings courtesy of MIBOR as distributed by MLS GRID. All Rights Reserved.
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+1(765) 748-2104

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3512 N Walnut St, Muncie, IN, 47303, USA

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2401 Vine ST