2063 W 86th Avenue, Merrillville, IN 46410

$1,660,000
Property Type: Residential Income Bedrooms: 24 Lot Size (sq. ft.): 11,326 Status: Closed
Current Price: $1,660,000 List Date: 4/23/2024 Last Modified: 7/02/2024

Overview

Description

Turnkey, updated, and stable investment opportunity! Built in 2003, these 4 fully occupied duplexes (8 total residential units) have been very well updated and maintained. The current annual gross rental income from all 8 units is $175,000. Each (half duplex) unit has 3 bedrooms, 2 bathrooms, an attached 2+ car garage, stainless steel appliances - including dishwasher and built in microwave, modern updates and layouts. Roofs, windows, and patio doors were replaced in 2022. Tenants pay the gas, electricity, and water utility bills. This is currently a very low maintenance, turnkey asset that has great upside and long-term benefits. It currently sits at a 6.2% cap rate, and projects to a 7+% cap after rent stabilization. Reach out to an agent for more detailed income and expense information, and for viewing times.

Listing Details MLS# 802594

General Property Information

New Construction YN
No
Number Of Units Total
8
Bedrooms Total
24
Bathrooms Full
16
Above Grade Finished Area
1240
Living Area Source
Assessor
Year Built
2003
Garage YN
Yes
Garage Spaces
2.5
Accessibility Features YN
No
Lot Size Units
Acres
Lot Size Acres
0.26
Lot Size Square Feet
11325.6
Lot Size Source
Assessor
Below Grade Finished Area
0

Property Features

Appliances: Dishwasher; Dryer; Free-Standing Gas Range; Microwave; Refrigerator; Washer Cooling: Central Air Exterior Features: Rain Gutters Flooring: Carpet; Tile Heating: Forced Air; Natural Gas Interior Features: None Laundry Features: In Unit; Main Level Levels: 1-Sty/Ranch/Bungalow Listing Terms: Cash; Other Lock Box Information: SentriLock Lot Features: Level Owner Pays: Association Fees; Exterior Maintenance; Insurance; Management; Repairs; Sewer; Snow Removal; Taxes; Trash Collection Parking Features: Driveway; Paved Patio And Porch Features: Patio Possession: Close Of Escrow; Subject To Tenant Rights Rent Includes: Management; Sewer; Trash Collection Road Frontage Type: City Street Road Surface Type: Asphalt; Paved Roof: Asphalt; Shingle Sewer: Public Sewer Tenant Pays: Electricity; Gas; Water Water Source: Public Showing Requirements: Appointment Only; Lockbox

Contract Information

Auction YN
No
Original List Price
1680000
Lease Considered YN
No
Property Sub Type
Duplex
Listing Agreement
Exclusive Right To Sell
Owner Name
Owner of Record
Occupant Type
Tenant

Location Tax and Legal

Street Number
2063
Street Direction Prefix
W
Street Name
86th
Street Suffix
Avenue
County
Lake
State
IN
Postal Code
46410
Subdivision Name
Maricopa Point of Sedona

Remarks and Miscellaneous

Public Remarks
Turnkey, updated, and stable investment opportunity! Built in 2003, these 4 fully occupied duplexes (8 total residential units) have been very well updated and maintained. The current annual gross rental income from all 8 units is $175,000. Each (half duplex) unit has 3 bedrooms, 2 bathrooms, an attached 2+ car garage, stainless steel appliances - including dishwasher and built in microwave, modern updates and layouts. Roofs, windows, and patio doors were replaced in 2022. Tenants pay the gas, electricity, and water utility bills. This is currently a very low maintenance, turnkey asset that has great upside and long-term benefits. It currently sits at a 6.2% cap rate, and projects to a 7+% cap after rent stabilization. Reach out to an agent for more detailed income and expense information, and for viewing times.

Status Change Information

Major Change Timestamp
2024-07-02T14:42:02Z
Major Change Type
Status Change
Status Change Timestamp
2024-07-02
Offer Acceptance Date
2024-04-29
Close Date
2024-06-28
Close Price
1660000
Concessions
Yes
Buyer Financing
Other

More Information

Exemption Information

Exemption YN
No

Income and Expenses

Cap Rate
6.2
Expense Year
2023
Gross Income
167904
Insurance Expense
7500
Maintenance Expense
6500
Manager Expense
8250
Net Operating Income
104079
Other Expense
8500
Professional Management Expense
640
Sewer Expense
1920
Total Actual Rent
174900
Trash Expense
2112

Lock Box Information

Lock Box Serial Number
1520195
SentriLock
Yes

Unit Details

Number Of Three Bedroom Units
8

Unit 1

Unit Description
2031 W 86th Ave
Square Feet
1240
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 2

Unit Description
2033 W 86th Ave
Square Feet
1240
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 3

Unit Description
2063 W 86th Ave
Square Feet
1240
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 4

Unit Description
2065 W 86th Ave
Square Feet
1240
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 5

Unit Description
2014 W 86th Lane
Square Feet
1270
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 6

Unit Description
2016 W 86th Lane
Square Feet
1270
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 7

Unit Description
2076 W 86th Lane
Square Feet
1270
Occupied YN
Yes
Rent
1800
# Of Bedrooms
3
# Of Bathrooms
2

Unit 8

Unit Description
2078 W 86th Lane
Square Feet
1270
Occupied YN
No
# Of Bedrooms
3
# Of Bathrooms
2

Showing Requirements

Showing Instructions
2078 W 86th Lane is the only property that is viewable for showings until May 1st. Do not disturb the other tenants at the other properties.
Appointment Only
Yes
Lockbox
Yes

Location, Tax, and Legal

School District
Merrillville
Tax Annual Amount
28403
Tax Year
2023
Tax Legal Description
MARICOPA POINTE OF SEDONA UNIT NINE LOT 920 MARICOPA POINTE OF SEDONA UNIT NINE LOT 919 MARICOPA POINTE OF SEDONA UNIT NINE LOT 926 MARICOPA POINTE OF SEDONA UNIT NINE LOT 929
Parcel Number
451229227003000030
Additional Parcels YN
Yes
Additional Parcels Description
45-12-29-227-004.000-030, 45-12-29-227-023.000-030, 45-12-29-227-028.000-030
Township
Ross

Appliances

Dishwasher
Yes
Dryer
Yes
Free-Standing Gas Range
Yes
Microwave
Yes
Refrigerator
Yes
Washer
Yes

Cooling

Central Air
Yes

Exterior Features

Rain Gutters
Yes

Flooring

Carpet
Yes
Tile
Yes

Heating

Forced Air
Yes
Natural Gas
Yes

Interior Features

None
Yes

Laundry Features

In Unit
Yes
Main Level
Yes

Levels

1-Sty/Ranch/Bungalow
Yes

Listing Terms

Cash
Yes
Other
Yes

Lot Features

Level
Yes

Parking Features

Driveway
Yes
Paved
Yes

Patio And Porch Features

Patio
Yes

Possession

Close Of Escrow
Yes
Subject To Tenant Rights
Yes

Road Frontage Type

City Street
Yes

Road Surface Type

Asphalt
Yes
Paved
Yes

Roof

Asphalt
Yes
Shingle
Yes

Sewer

Public Sewer
Yes

Water Source

Public
Yes

Owner Pays

Association Fees
Yes
Exterior Maintenance
Yes
Insurance
Yes
Management
Yes
Repairs
Yes
Sewer
Yes
Snow Removal
Yes
Taxes
Yes
Trash Collection
Yes

Rent Includes

Management
Yes
Sewer
Yes
Trash Collection
Yes

Tenant Pays

Electricity
Yes
Gas
Yes
Water
Yes

Documents

Listing Office: Ellsbury Group
Last Updated: July - 02 - 2024
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2024 Triangle MLS, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
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