1007 Elizabeth Drive, Valparaiso, IN 46383 (MLS# 802226)

1007 Elizabeth Drive, Valparaiso, IN 46383

$755,000

Property Type: Residential Income Bedrooms: 10 Lot Size (sq. ft.): 6,273 Status: Closed

Current Price: $755,000 List Date: 4/16/2024 Last Modified: 5/31/2024

Overview

Description

Rare opportunity!! This 5-unit townhouse package in the wonderful town of Valparaiso, IN is the investment opportunity you’ve been looking for. Each unit is occupied, and the current gross income is $75,000 annually. Each townhome has 2 large bedrooms,1 and a half bathrooms, a finished basement, and have been tastefully updated. This property has been well maintained and cared for by professionals over the past several years, which is an ideal situation for post-acquisition. Almost no utility bills! Tenants pay for their own gas, electric, water, and sewer utility bill, while the landlord pays for trash. Each townhome can be separately parceled out, which adds another interesting option for the future. This investment property currently sits at a true 6.0% cap rate, and projects to be a 7.3+% after a few simple moves. Reach out for detailed data, and to schedule a viewing of the property now!

Listing Details MLS# 802226

General Property Information

New Construction YN: No
Number Of Units Total: 5
Bedrooms Total: 10
Bathrooms Full: 5
Bathrooms Half: 5
Above Grade Finished Area: 3900
Below Grade Finished Area: 3900
Year Built: 1966
Garage YN: No
Parking Total: 15
Lot Size Acres: 0.144
Lot Size Square Feet: 6272.64
Lot Size Source: Assessor
Association YN: No
Waterfront YN: No
Basement YN: Yes

Property Features

Appliances: Dryer; Free-Standing Gas Range; Refrigerator; Washer Basement: Apartment; Concrete Community Features: None Cooling: Central Air Exterior Features: Private Yard Fencing: Back Yard; Partial; Privacy Flooring: Carpet; Ceramic Tile; Concrete; Vinyl Heating: Forced Air; Natural Gas; Separate Meters Interior Features: Ceiling Fan(s) Laundry Features: In Basement; In Unit Levels: 1-Sty/Ranch/Bungalow Listing Terms: Cash; Other Lot Features: Corner Lot Owner Pays: Grounds Care; Management; Snow Removal; Taxes Parking Features: Additional Parking; Parking Lot; Paved Pool Features: None Possession: Negotiable; Subject To Tenant Rights Rent Includes: None Road Frontage Type: City Street Road Surface Type: Asphalt; Paved Roof: Shingle Sewer: Public Sewer Tenant Pays: Electricity; Sewer; Water Water Source: Public Showing Requirements: Call Listing Agent; Email Listing Agent; No Lockbox; Text Listing Agent

Contract Information

Auction YN: No
Original List Price: 792000
Lease Considered YN: No
Property Sub Type: Quadruplex
Listing Agreement: Exclusive Right To Sell
Listing Service: Entry Only
Owner Name: Owner of Record

Location Tax and Legal

Street Number: 1007
Street Name: Elizabeth
Street Suffix: Drive
County: Porter
State: IN
Postal Code: 46383
Subdivision Name: Willowbrook Condos

Remarks and Miscellaneous

Public Remarks: Rare opportunity!! This 5-unit townhouse package in the wonderful town of Valparaiso, IN is the investment opportunity you’ve been looking for. Each unit is occupied, and the current gross income is $75,000 annually. Each townhome has 2 large bedrooms,1 and a half bathrooms, a finished basement, and have been tastefully updated. This property has been well maintained and cared for by professionals over the past several years, which is an ideal situation for post-acquisition. Almost no utility bills! Tenants pay for their own gas, electric, water, and sewer utility bill, while the landlord pays for trash. Each townhome can be separately parceled out, which adds another interesting option for the future. This investment property currently sits at a true 6.0% cap rate, and projects to be a 7.3+% after a few simple moves. Reach out for detailed data, and to schedule a viewing of the property now!

Status Change Information

Major Change Timestamp: 2024-05-31T19:26:10Z
Major Change Type: Status Change
Status Change Timestamp: 2024-05-31
Offer Acceptance Date: 2024-04-28
Close Date: 2024-05-31
Close Price: 755000
Concessions: Yes
Buyer Financing: Other

More Information

Exemption Information

Exemption YN: No

Income and Expenses

Cap Rate: 5.97
Expense Year: 2023
Gross Income: 75000
Insurance Expense: 2270
Maintenance Expense: 1710
Manager Expense: 3500
Net Operating Income: 47278
Other Expense: 2170
Trash Expense: 2208
Electric Expense: 0

Unit Details

Number Of Two Bedroom Units: 5

Unit 1

Unit Description: Unit A
Occupied YN: Yes
Rent: 1350
# Of Bedrooms: 2
# Of Bathrooms: 2
# Of Full Baths: Yes
# Of Half Baths: Yes

Unit 2

Unit Description: Unit B
Occupied YN: Yes
Rent: 1050
# Of Bedrooms: 2
# Of Bathrooms: 2
# Of Full Baths: Yes
# Of Half Baths: Yes

Unit 3

Unit Description: Unit C
Occupied YN: Yes
Rent: 1200
# Of Bedrooms: 2
# Of Bathrooms: 2
# Of Full Baths: Yes
# Of Half Baths: Yes

Unit 4

Unit Description: Unit D
Occupied YN: Yes
Rent: 1300
# Of Bedrooms: 2
# Of Bathrooms: 2
# Of Full Baths: Yes
# Of Half Baths: Yes

Unit 5

Unit Description: Unit E
Occupied YN: Yes
Rent: 1350
# Of Bedrooms: 2
# Of Bathrooms: 2
# Of Full Baths: Yes
# Of Half Baths: Yes

Showing Requirements

Showing Instructions: Showings on April 23rd from 12pm-2pm ONLY
Call Listing Agent: Yes
Email Listing Agent: Yes
No Lockbox: Yes
Text Listing Agent: Yes

Location, Tax, and Legal

Tax Annual Amount: 1972.96
Tax Year: 2023
Tax Legal Description: WILLOWBROOK CONDOS UNIT A
Parcel Number: 64-10-19-102-001.000-004
Township: Center

Appliances

Dryer: Yes
Free-Standing Gas Range: Yes
Refrigerator: Yes
Washer: Yes

Basement

Apartment: Yes
Concrete: Yes

Community Features

None: Yes

Cooling

Central Air: Yes

Exterior Features

Private Yard: Yes

Fencing

Back Yard: Yes
Partial: Yes
Privacy: Yes

Flooring

Carpet: Yes
Ceramic Tile: Yes
Concrete: Yes
Vinyl: Yes

Heating

Forced Air: Yes
Natural Gas: Yes
Separate Meters: Yes

Interior Features

Ceiling Fan(s): Yes

Laundry Features

In Basement: Yes
In Unit: Yes

Levels

1-Sty/Ranch/Bungalow: Yes

Listing Terms

Cash: Yes
Other: Yes

Lot Features

Corner Lot: Yes

Parking Features

Additional Parking: Yes
Parking Lot: Yes
Paved: Yes

Pool Features

None: Yes

Possession

Negotiable: Yes
Subject To Tenant Rights: Yes

Road Frontage Type

City Street: Yes

Road Surface Type

Asphalt: Yes
Paved: Yes

Roof

Shingle: Yes

Sewer

Public Sewer: Yes

Water Source

Public: Yes

Owner Pays

Grounds Care: Yes
Management: Yes
Snow Removal: Yes
Taxes: Yes

Rent Includes

None: Yes

Tenant Pays

Electricity: Yes
Sewer: Yes
Water: Yes

Documents

OM ›

Listing Office: Ellsbury Group

Last Updated: May - 31 - 2024

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