IN > New Castle
New Castle, IN 47362,2008 Broad ST
New Castle, IN 47362,2008 Broad ST
New Castle, IN 47362,2008 Broad ST
New Castle, IN 47362,2008 Broad ST
New Castle, IN 47362,2008 Broad ST
New Castle, IN 47362,2008 Broad ST
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Brad Taflinger

Brad Taflinger

+1(765) 748-2104
Listed by Hector Orton • Fair Market Value Investment Sales
$ 775,000
Est. payment | /mo

5,184 SqFt

Save
$ 775,000
Est. payment | /mo
Save

5,184 SqFt

Key Details

Property Type Commercial

Sub Type Multi-Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 5,184 sqft

Price per Sqft $149

MLS Listing ID 22003793

Year Built 1966

Tax Year 2023

Lot Size 0.430 Acres

Acres 0.43

Property Description

An opportunity for investors to develop an additional 12 units on the existing 12-unit-apartment site in New Castle, Indiana. The two parcels were consolidated in 2014, and a variance has since been approved to build an additional 12 units on the current rear gravel parking lot. The existing two-story building, constructed in 1966, was renovated in 2021. The updates included interior renovations for all 12 units, the installation of water softeners and tankless water heaters, and a new roof and gutters added in 2022. The existing units comprise eight one-bedroom, one-bath units and four two-bedroom, one bath units. The total weighted average rent is $647 per month. The primary opportunity on the existing building lies in the two-bedroom units, where the current weighted average rent is $656, compared to a potential market rate of $750. The advertised price does not include the development site at the rear with its approved variance (Asking $125,000). The seller is not willing to sell the building with the existing 12 units separately: the development site must go with the package.

Location

State IN

County Henry

Zoning Multifamily

Interior

Fireplace N

Exterior

Exterior Feature Balcony

Utilities Available Electricity Connected, Sewer Connected, Water Connected

Roof Type Metal

Parking Type Common, Asphalt, Gravel

Building

Story Two

Foundation Slab

Architectural Style Colonial

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

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2008 Broad ST