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706 E 11TH ST MICHIGAN CITY, IN 46360
- Single Family Home / Resale (MLS)
Property Details for 706 E 11TH ST, MICHIGAN CITY, IN 46360
Features
- Price/sqft: $17
- Lot Size: 5500.00 sq. ft.
- Total Rooms: 1
- Room List: Basement
- Stories: 150
- Roof Type: Asphalt
- Heating: Forced Air Heating
- Construction Type: Frame
Facts
- Year Built: 01/01/1875
- Property ID: 881276205
- MLS Number: 803265
- Parcel Number: 46-01-28-316-010.000-022
- Property Type: Single Family Home
- County: LA PORTE
- Listing Status: Active
Sale Type
This is an MLS listing, meaning the property is represented by a real estate broker, who has contracted with the home owner to sell the home.
Description
This listing is NOT a foreclosure. Pleased to present to qualified investors this 32- Single Family Homes and 3 duplex portfolio scattered throughout the Michigan City, Indiana area. The majority of the units are located on two sides of the city. The investment portfolio consists of units varying from one bedroom to four bedrooms.The portfolio consistently operates at a 95% occupancy. The next investor / operator has potential to add significant instant equity because units have such low current rents.Most of the units were constructed in the 1950' with the exception of a few. The average price of comparable units are at a price point of $115,000-120,000 per unit.This portfolio has strong potential for revenue and growth coupled with the limited supply of housing in the area these factors add tremendous value in terms of both cash flow and home price appreciation for the next Buyer. This rental portfolio is poised to outperform current numbers due, to the fact leases are expiring and rent increases are beginning to occur. This opportunity offers the next Buyer a chance to take advantage of high occupancies and increase rents accordingly.This investment offering is a huge opportunity to build on the currently under- priced units and take advantage of natural rent growth post stabilization, offering the next investor an opportunity to grow rents and take advantage of home price appreciation for several years to come.Current rents are well below market rents, offering the next buyer a significant opportunity to grow revenue, optimize expenses, and drive the NOI margin.
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Property Brokerage:
McColly Real Estate
1964 N. Main Street
Crown Point
IN
46307
Copyright © 2024 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
All information provided is deemed reliable, but is not guaranteed and should be independently verified.