$ 775,000
2008 Broad ST New Castle, IN 47362
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Listed by Hector Orton • Fair Market Value Investment Sales
$ 775,000
Est. payment | /mo
5,184 SqFt
$ 775,000
Est. payment | /mo
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
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
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