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.