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1010 Cedar Street

Michigan City, IN 46360
  • $8,500,000
  • STATUS: Active
  • ON SITE: 28 Days
  • MLS #: 518862
UPDATED: 1 min ago
$8,500,000
  • 0
    BEDS
  • 7.59
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 70,044
    SQFT
  • $121
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1910
County:

School Ratings & Info

Description

Special opportunity for a single investor or investment group to get in on this fine collection of rental homes in Michigan City, plus a few in Laporte & Westville. Featuring 63 total rental units and 2 lots. This is of the emerging housing markets in Northwest Indiana with the South Shore NICTD double tracking project and transit oriented development already taking place in Michigan City. These 31 SF residences, 10 duplexes, 3 four-unit buildings + 2 lots have been assembled by over multiple generations, and proudly maintained and improved. Tremendous cash flow and potential equity value upside with a buy/hold/divest plan. Given their condition, they've historically been very easy to lease. Cap rate is 7.4. Most units have W&D hookup, tenants supply own W&D. Tenants responsible for all utilities, which are separated even in the multi units. Landlord cares for the grass and landscape in the Multis, SF tenants care for their own lawns. POF/banker letter required.

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© 2022 Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. All rights reserved. Information Deemed Reliable but Not Guaranteed. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of the Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. Real estate listings held by brokerage firms other than Lisa Gaff Team | White Hat Realty Group are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2022-09-30T12:52:50.223.
www.lisagaff.com/homes/132667898
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1010 Cedar Street Michigan City, IN 46360

  • Price: $8,500,000
  • Status: Active
  • On Site: 28 Days
  • Updated: 1 min ago
  • MLS #: 518862
0
Beds
0
Baths
0
½ Baths
7.59
Acres
70,044
SQFT
$121
$/SQFT
1910
Built
Neighborhood:
Varies
County:
Laporte
Area:
Michigan City
Property Description
Special opportunity for a single investor or investment group to get in on this fine collection of rental homes in Michigan City, plus a few in Laporte & Westville. Featuring 63 total rental units and 2 lots. This is of the emerging housing markets in Northwest Indiana with the South Shore NICTD double tracking project and transit oriented development already taking place in Michigan City. These 31 SF residences, 10 duplexes, 3 four-unit buildings + 2 lots have been assembled by over multiple generations, and proudly maintained and improved. Tremendous cash flow and potential equity value upside with a buy/hold/divest plan. Given their condition, they've historically been very easy to lease. Cap rate is 7.4. Most units have W&D hookup, tenants supply own W&D. Tenants responsible for all utilities, which are separated even in the multi units. Landlord cares for the grass and landscape in the Multis, SF tenants care for their own lawns. POF/banker letter required.
Exterior Features

Building Construction Other Building Exterior Other Dock Features None Foundation Other Frontage Access City Street Lot Dimensions Irr Misc Outside Other Parking Other Parking Spaces 0 Rail Availability None Roof Coverings Varies Roof Structure Other

Interior Features

Air Conditioning Ventilation Central AirWindow Units Ceiling Type Other Floor Finish Other Heat Ventilation Forced Air Misc Inside Other

Property Features

Amenities Other Backup Information Leases/CopiesLegal Description Current Use Multi FamilySingle Family Electrical Service Other Fire Protection None Information 48 Hr Notice ReqConfidentiality ReqLag Must Accompany Possession Subject To Tenant Potential Use Multi FamilyOther Property Subtype1 Other Property Subtype2 Multi Family Taxes 0.00 Tenant Pays Other Terms CashConventional Transaction Type Sale Utilities On

Listing information © 2022 Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®.
Listing courtesy of Matt Evans of Re/Max Lifestyles: matt@themattevansteam.com;219-462-2121.

© 2022 Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. All rights reserved. Information Deemed Reliable but Not Guaranteed. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of the Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. Real estate listings held by brokerage firms other than Lisa Gaff Team | White Hat Realty Group are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2022-09-30T12:52:50.223.
 
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