1400 Jefferson Street, Gary, IN 46407 (MLS# 819745)

1400 Jefferson Street, Gary, IN 46407

$6,459,000

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Play ground area / benches located throughout premises

Property Type: Commercial Sale Square Footage: 89,550 Lot Size (sq. ft.): 310,147 Status: Closed

Current Price: $6,459,000 List Date: 4/27/2025 Last Modified: 11/04/2025

Overview

Description

MADISON AVENUE TOWNHOMES ARE ONE OF THE MOST DESIRABLE RENTAL PROPERTIES IN THE CITY!! Exquisitely maintained -80 Unit complex, featuring 3Bd 1&1/2 BA , open concept floor plan ,living room/ dinning room and plenty of closet space. 3.2 Million recently spent on renovations, each tenant has individual heating and central -air units!! (tenants are responsible for all utilities). Appliances included are refrigerator,stove, dishwasher and garbage disposal. These adorable townhouses have plenty of onsite parking , exterior security lighting, and gated perimeter. Each unit provides front and back yards, the playground area and park benches accomodate tenants outdoor activities. There are a few ADA units with sprinkler systems. All units have smoke detectors, CO detectors, and fire extinguishers as required. Residents take pride in maintaining a clean and peaceful environment. The location is perfect , minutes from major interstate highways, Miller Beach, a major University, mini shoppi ... (Read more)

Listing Details MLS# 819745

General Property Information

Number Of Units Total: 80
Living Area: 89550
Building Area Source: Assessor
Accessibility Features YN: Yes
Year Built: 1997
Parking Total: 150
Lot Size Acres: 7.12
Lot Size Square Feet: 310147
Lot Size Source: Assessor
Waterfront YN: No
Basement YN: No
Stories: 3

Property Features

Accessibility Features: Accessible Bedroom; Accessible Doors; Accessible Full Bath Appliances: Dishwasher; Disposal; Electric Range; Refrigerator; Stainless Steel Appliance(s) Building Features: Courtyard; Exterior Lighting; Multi Tenant Business Type: Other Construction Materials: Aluminum Siding; Brick Cooling: Ceiling Fan(s); Central Air Current Use: Investment; Multi-Family; Subdivision Electric: 100 Amp Service; 200+ Amp Service; Circuit Breakers Exterior Features: Lighting; Private Yard; Storage Flooring: Laminate; Tile; Vinyl Heating: Forced Air; Hot Water; Natural Gas Interior Features: Ceiling Fan(s); Open Floorplan Laundry Features: Electric Dryer Hookup; Main Level; Washer Hookup Listing Terms: Cash; Conventional Lock Box Information: Call Listing Office Lot Features: Back Yard; Corner Lot; Few Trees; Front Yard; Landscaped; Near Public Transit; Paved Owner Pays: Common Area Maintenance; Exterior Maintenance; Grounds Care; HVAC Maintenance; Insurance; Management; Repairs; Roof Maintenance; Taxes; Trash Collection Parking Features: Paved Possession: Close Of Escrow; Subject To Tenant Rights Possible Use: Investment; Multi-Family Rail Availability: None Roof: Shingle Security Features: Carbon Monoxide Detector(s); Fire Hydrant On Site; Security Lights; Smoke Detector(s) Sewer: Public Sewer Special Licenses: None Special Listing Conditions: Standard Tenant Pays: All Utilities; Cable TV Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected View: Neighborhood Water Source: Public

Contract Information

Auction YN: No
Original List Price: 6999900
Property Sub Type: Multi Family
Listing Agreement: Exclusive Agency
Seller to consider offering concessions: No
Occupant Type: Tenant

Location Tax and Legal

Street Number: 1400
Street Name: Jefferson
Street Suffix: Street
County: Lake
State: IN
Postal Code: 46407
Subdivision Name: Chicago Tolleston Land & Inves

Remarks and Miscellaneous

Public Remarks: MADISON AVENUE TOWNHOMES ARE ONE OF THE MOST DESIRABLE RENTAL PROPERTIES IN THE CITY!! Exquisitely maintained -80 Unit complex, featuring 3Bd 1&1/2 BA , open concept floor plan ,living room/ dinning room and plenty of closet space. 3.2 Million recently spent on renovations, each tenant has individual heating and central -air units!! (tenants are responsible for all utilities). Appliances included are refrigerator,stove, dishwasher and garbage disposal. These adorable townhouses have plenty of onsite parking , exterior security lighting, and gated perimeter. Each unit provides front and back yards, the playground area and park benches accomodate tenants outdoor activities. There are a few ADA units with sprinkler systems. All units have smoke detectors, CO detectors, and fire extinguishers as required. Residents take pride in maintaining a clean and peaceful environment. The location is perfect , minutes from major interstate highways, Miller Beach, a major University, mini shopping plazas and the New Hard Rock Casino. Be part of the redevelopment blooming in the city with ownership of this long term profitable income investment property. Units are in excellent condition, with ONE HUNDRED PERCENT OCCUPANCY and a waiting list. This is one investment opportunity you don't want to miss out on!!

Status Change Information

Major Change Timestamp: 2025-11-04T14:39:20Z
Major Change Type: Status Change
Status Change Timestamp: 2025-11-04
Offer Acceptance Date: 2025-08-11
Close Date: 2025-11-03
Close Price: 6459000
Concessions: No
Buyer Financing: Conventional

More Information

Building Features

Number of Offices: Yes
Courtyard: Yes
Exterior Lighting: Yes
Multi Tenant: Yes

Exemption Information

Exemption YN: No

Income and Expenses

Gross Income: 700824
Net Operating Income: 700824
Total Actual Rent: 711456

Showing Requirements

Showing Instructions: Call listing Agent/Office B.Daniels Real Estate 219-730-5692

Location, Tax, and Legal

School District: Gary
Tax Annual Amount: 115288
Tax Year: 2023
Tax Legal Description: C.T.L. & I. CO'S 3RD BLOCK 4 LOTS 1 TO 26, BLOCK 5 LOTS 1 TO 26, BLOCK 18 LOTS 25 & 26 & BLOCK 20 LOTS 1 TO 26
Parcel Number: 450809279001000004
Additional Parcels YN: No
Zoning Description: Mixed Use
Township: Calumet
Directions: North on Broadway to 15th Avenue, turn west on 15th Avenue to Madison St. left to Jefferson.
Cross Street: Madison

Accessibility Features

Accessible Bedroom: Yes
Accessible Doors: Yes
Accessible Full Bath: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Electric Range: Yes
Refrigerator: Yes
Stainless Steel Appliance(s): Yes

Construction Materials

Aluminum Siding: Yes
Brick: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Electric

100 Amp Service: Yes
200+ Amp Service: Yes
Circuit Breakers: Yes

Exterior Features

Lighting: Yes
Private Yard: Yes
Storage: Yes

Flooring

Laminate: Yes
Tile: Yes
Vinyl: Yes

Heating

Forced Air: Yes
Hot Water: Yes
Natural Gas: Yes

Interior Features

Ceiling Fan(s): Yes
Open Floorplan: Yes

Laundry Features

Electric Dryer Hookup: Yes
Main Level: Yes
Washer Hookup: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lock Box Information

Call Listing Office: Yes

Lot Features

Back Yard: Yes
Corner Lot: Yes
Few Trees: Yes
Front Yard: Yes
Landscaped: Yes
Near Public Transit: Yes
Paved: Yes

Parking Features

Paved: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Roof

Shingle: Yes

Security Features

Carbon Monoxide Detector(s): Yes
Fire Hydrant On Site: Yes
Security Lights: Yes
Smoke Detector(s): Yes

Sewer

Public Sewer: Yes

Special Listing Conditions

Standard: Yes

Utilities

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

View

City: Yes
Neighborhood: Yes

Water Source

Public: Yes

Owner Pays

Common Area Maintenance: Yes
Exterior Maintenance: Yes
Grounds Care: Yes
HVAC Maintenance: Yes
Insurance: Yes
Management: Yes
Repairs: Yes
Roof Maintenance: Yes
Taxes: Yes
Trash Collection: Yes

Tenant Pays

All Utilities: Yes
Cable TV: Yes

Current Use

Investment: Yes
Multi-Family: Yes
Subdivision: Yes

Possible Use

Investment: Yes
Multi-Family: Yes

Business Type

Other: Yes

Rail Availability

None: Yes

Special Licenses

None: Yes

Listing Office: B. Daniels Real Estate, LLC

Last Updated: November - 04 - 2025

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