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Midwest 10 Unit Multifamily
Citipoint Property Radar
1021 w Columbus Ave East Chicago IN 46312
22 Beds
11 Baths
12,000 Sq. Ft.
Pricing Explained
($60,000 per unit)
$600,000
Type
Multifamily
In-Place NOI
$49,694
Target CAP Rate
8.28%
Today's Market Value
$730,794
Target Purchase Price
$600,000
Units
10
Projected NOI
$57,154
Market CAP Rate
6.8%
Value w/Market Rents
$840,500
Cost Per Unit
$60,000
About the Property
A well maintained 10-unit apartment building in East Chicago, IN - fully rented out. Right across the road from East Chicago Central High School. All tenants are currently up to date on rent through the pandemic. Rents are currently below market. Take advantage of Indiana's low property taxes and landlord favorable eviction laws.
About the Neighborhood
East Chicago sits over the Illinois-Indiana border. The City is investing huge amounts of money into improving the downtown area - which is propped up by the AmeriStar Casino. The Hard Rock Casino is under construction a few hundred feet away from the property. This casino will bring jobs and revenue to the area.
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