Michigan City, IN 46360

$8,500,000
70,044
SqFt

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.

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of RE/MAX Lifestyles.

The data relating to real estate for sale on this Web site comes in part from the Broker ReciprocitySM Program of the Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. Real estate listings held by brokerage firms other than RE/MAX Lifestyles on the detailed information includes the name of the listing brokers.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2023 Multiple Listing Service of the Greater Northwest Indiana Association of REALTORS®, Inc. All rights reserved.
Information is being provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that consumers may be interested in purchasing.
Updated . Information deemed reliable but not guaranteed.