1227 W Porter Avenue, 1217, Chesterton, IN 46304
$869,000
Property Type:
Commercial Sale
Square Footage:
4,952
Lot Size (sq. ft.):
11,718
Status:
Active
Current Price:
$869,000
List Date:
9/09/2026
Last Modified:
9/19/2026
Listing Details MLS# 845034
General Property Information
- Number Of Units Total
- 6
- Living Area
- 4952
- Building Area Source
- Assessor
- Year Built
- 1999
- Parking Total
- 16
- Lot Size Acres
- 0.269
- Lot Size Square Feet
- 11718
- Lot Size Source
- Assessor
- Waterfront YN
- No
- Basement YN
- No
Property Features
Appliances:
Dishwasher; Refrigerator
Building Features:
Balcony; Patio
Business Type:
Other
Construction Materials:
Brick; Vinyl Siding
Cooling:
Central Air
Current Use:
Multi-Family
Electric:
Other
Heating:
Forced Air
Listing Terms:
Other
Owner Pays:
Common Area Maintenance; Sewer; Taxes; Trash Collection; Water
Parking Features:
Concrete; Off Street
Possession:
Subject To Tenant Rights
Rail Availability:
None
Roof:
Shingle
Sewer:
Public Sewer
Special Listing Conditions:
None
Tenant Pays:
Electricity; Gas; Water
Utilities:
Other
Water Source:
Public
Contract Information
- Auction YN
- No
- Original List Price
- 869000
- Property Sub Type
- Multi Family
- Listing Agreement
- Exclusive Right To Sell
- Owner Name
- Aey LLC
- Occupant Type
- Tenant
Location Tax and Legal
- Street Number
- 1227
- Street Direction Prefix
- W
- Street Name
- Porter
- Street Suffix
- Avenue
- Unit Number
- 1217
- County
- Porter
- State
- IN
- Postal Code
- 46304
- Subdivision Name
- Chicago Porter Home Inv Cos
Remarks and Miscellaneous
- Public Remarks
- Six-unit multifamily property in Chesterton, built in 1999 and masonry-framed over two stories: four two-bedroom, one-bath units and two one-bedroom, one-bath units across 4,952 SF, averaging 825 SF per unit on a 0.27-acre parcel with 16 off-street parking spaces. Address range 1217 to 1227 W Porter Ave. Unit finish is unusually strong for the price point. Every unit carries its own forced-air furnace, central air conditioning and water heater, and the county record card values in-unit fireplaces at 30,200 dollars. Tenants pay their own gas, electric and in-unit water, leaving ownership responsible only for common-area electric, water and sewer, trash and grounds. That structure holds the current expense load to 36.8 percent of collected income and produces in-place NOI of 52,281 dollars, a going-in cap rate of 6.02 percent at the offering price. The value-add case is the rent roll. In-place rents average 1,158 dollars per unit against ownership pro forma of 1,528, roughly 32 percent of embedded upside, with two units already on month-to-month terms and a third rolling in January 2027. Marked to those levels the property produces pro forma NOI of 69,515 dollars, a cap rate of 8.00 percent at the offering price, with no change to the physical plant. Chesterton sits inside the Duneland School Corporation, minutes from I-94, US-20 and the Dune Park South Shore station, and adjacent to Indiana Dunes National Park.
Status Change Information
- Major Change Timestamp
- 2026-09-09T20:01:36Z
- Major Change Type
- New Listing
- Status Change Timestamp
- 2026-09-09
More Information
Exemption Information
- Exemption YN
- No
Showing Requirements
- Showing Instructions
- Call Listing Agent
Listing Office:
Ellsbury Group
Last Updated: September - 19 - 2026
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