226 E Washington Street, Rensselaer, IN 47978 (MLS# 814093)

226 E Washington Street, Rensselaer, IN 47978

$562,000

Property Type: Residential Income Lot Size (sq. ft.): 10,934 Status: Closed

Current Price: $562,000 List Date: 12/17/2024 Last Modified: 1/12/2026

Overview

Description

***Investment Opportunity*** ***Immediate Passive Income*** Great opportunity to expand your real estate portfolio with this completely remodeled 4 unit. Enjoy the benefits of passive income for years to come! Every inch of this property has been remodeled with quality work, craftsmanship, and high end materials and finishes, including spray foam insulation, energy star windows, high efficiency HVAC systems and MORE. Located in the heart of Rensselaer's business district, tenants can walk to work, the pharmacy, the local restaurants, and more. Unit makeup consists of 1- 2 bed/ 1 bath, 2- 2 bed/ 2 bath, and 1- 1 bed/ 1 bath with loft space. Gross rents total $55,000 annually, owner pays taxes, insurance, ground maintenance and snow removal. Tenants pay ALL utilities. With over an 8% cap rate when fully rented, this investment opportunity awaits its new beneficiary! Call an agent today!

Listing Details MLS# 814093

General Property Information

New Construction YN: No
Number Of Units Total: 4
Above Grade Finished Area: 3730
Below Grade Finished Area: 1440
Building Area Total: 5170
Living Area Source: Assessor
Year Built: 1906
Garage YN: No
Lot Size Acres: 0.251
Lot Size Square Feet: 10934
Lot Size Source: Assessor
Waterfront YN: No
Basement YN: Yes
Fireplace YN: No
Below Grade Unfinished Area: 0

Property Features

Appliances: Dishwasher; Dryer; Microwave; Range; Refrigerator; Washer Basement: Apartment; Finished Community Features: None Cooling: Ceiling Fan(s); Central Air Electric: 200+ Amp Service; Separate Meters Exterior Features: Private Entrance Fencing: None Flooring: Luxury Vinyl Foundation Details: Block; Combination Heating: Forced Air; Natural Gas Interior Features: Ceiling Fan(s); Granite Counters; High Ceilings Laundry Features: In Unit; Multiple Locations Levels: Quad-Level Listing Terms: Cash; Conventional Lot Features: Corner Lot Other Equipment: None Other Structures: None Owner Pays: Grounds Care; Insurance; Repairs; Snow Removal; Taxes Parking Features: Additional Parking; Asphalt; Attached Carport; Common; Direct Access Patio And Porch Features: Covered; Front Porch; Rear Porch Pets Allowed: Call Pool Features: None Possession: Close Of Escrow; Subject To Tenant Rights Property Condition: Updated/Remodeled Rent Includes: None Road Frontage Type: City Street Road Surface Type: Asphalt Roof: Asphalt Security Features: Carbon Monoxide Detector(s); Smoke Detector(s); Varies By Unit Sewer: Public Sewer Tenant Pays: All Utilities Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected View: Downtown Water Source: Public Window Features: Blinds; ENERGY STAR Qualified Windows Showing Requirements: Appointment Only

Contract Information

Auction YN: No
Original List Price: 599000
Property Sub Type: Quadruplex
Listing Agreement: Exclusive Right To Sell
Listing Service: Full Service
Owner Name: Shan Shan LLC
Occupant Type: Tenant

Location Tax and Legal

Street Number: 226
Street Direction Prefix: E
Street Name: Washington
Street Suffix: Street
County: Jasper
State: IN
Postal Code: 47978
Subdivision Name: City/Rensselaer

Remarks and Miscellaneous

Public Remarks: ***Investment Opportunity*** ***Immediate Passive Income*** Great opportunity to expand your real estate portfolio with this completely remodeled 4 unit. Enjoy the benefits of passive income for years to come! Every inch of this property has been remodeled with quality work, craftsmanship, and high end materials and finishes, including spray foam insulation, energy star windows, high efficiency HVAC systems and MORE. Located in the heart of Rensselaer's business district, tenants can walk to work, the pharmacy, the local restaurants, and more. Unit makeup consists of 1- 2 bed/ 1 bath, 2- 2 bed/ 2 bath, and 1- 1 bed/ 1 bath with loft space. Gross rents total $55,000 annually, owner pays taxes, insurance, ground maintenance and snow removal. Tenants pay ALL utilities. With over an 8% cap rate when fully rented, this investment opportunity awaits its new beneficiary! Call an agent today!

Status Change Information

Major Change Timestamp: 2026-01-12T19:15:04Z
Major Change Type: Status Change
Status Change Timestamp: 2026-01-12
Offer Acceptance Date: 2025-10-24
Close Date: 2026-01-12
Close Price: 562000
Concessions: No
Buyer Financing: Other

More Information

Exemption Information

Exemption YN: No

Income and Expenses

Cap Rate: 8
Expense Year: 2024
Gardener Expense: 1500
Gross Income: 55000
Gross Scheduled Income: 55000
Insurance Expense: 2496
Net Operating Income: 48604
New Taxes Expense: 2400
Electric Expense: 0
Fuel Expense: 0
Licenses Expense: 0
Maintenance Expense: 0
Manager Expense: 0
Operating Expense: 0

Unit Details

Number Of One Bedroom Units: Yes
Number Of Two Bedroom Units: 3
Number Of Apartments: 4

Unit 1

Unit Description: Basement level
Unit Number: Yes
Square Feet: 1440
Occupied YN: Yes
Rent: 1100
# Of Rooms: 4
# Of Bedrooms: 2
# Of Bathrooms: Yes

Unit 2

Unit Description: Main level
Unit Number: 2
Square Feet: 1440
Occupied YN: Yes
Rent: 1300
# Of Rooms: 4
# Of Bedrooms: 2
# Of Bathrooms: 2

Unit 3

Unit Description: Second floor
Unit Number: 3
Square Feet: 1440
Occupied YN: Yes
Rent: 1250
# Of Rooms: 4
# Of Bedrooms: 2
# Of Bathrooms: 2

Unit 4

Unit Description: Third floor
Unit Number: 4
Square Feet: 850
Occupied YN: No
Rent: 850
# Of Rooms: 3
# Of Bedrooms: Yes
# Of Bathrooms: Yes

Showing Requirements

Showing Instructions: Use showing time.
Appointment Only: Yes

Location, Tax, and Legal

Tax Annual Amount: 1165
Tax Year: 2023
Tax Assessed Value: 95400
Tax Legal Description: ORIG PLAT E 110' LOTS 1 & 2 BLK 20
Parcel Number: 370730020017209027
Township: Marion
Directions: McKinley to Washington, property on the corner.
Cross Street: McKinley
Census Tract: 1011

Appliances

Dishwasher: Yes
Dryer: Yes
Microwave: Yes
Range: Yes
Refrigerator: Yes
Washer: Yes

Basement

Apartment: Yes
Finished: Yes

Community Features

None: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Electric

200+ Amp Service: Yes
Separate Meters: Yes

Exterior Features

Private Entrance: Yes

Fencing

None: Yes

Flooring

Luxury Vinyl: Yes

Foundation Details

Block: Yes
Combination: Yes

Heating

Forced Air: Yes
Natural Gas: Yes

Interior Features

Ceiling Fan(s): Yes
Granite Counters: Yes
High Ceilings: Yes

Laundry Features

In Unit: Yes
Multiple Locations: Yes

Levels

Quad-Level: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lot Features

Corner Lot: Yes

Other Equipment

None: Yes

Other Structures

None: Yes

Parking Features

Additional Parking: Yes
Asphalt: Yes
Attached Carport: Yes
Common: Yes
Direct Access: Yes

Patio And Porch Features

Covered: Yes
Front Porch: Yes
Rear Porch: Yes

Pool Features

None: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Property Condition

Updated/Remodeled: Yes

Road Frontage Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Roof

Asphalt: Yes

Security Features

Carbon Monoxide Detector(s): Yes
Smoke Detector(s): Yes
Varies By Unit: Yes

Sewer

Public Sewer: Yes

Utilities

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

View

Downtown: Yes

Water Source

Public: Yes

Window Features

Blinds: Yes
ENERGY STAR Qualified Windows: Yes

Owner Pays

Grounds Care: Yes
Insurance: Yes
Repairs: Yes
Snow Removal: Yes
Taxes: Yes

Pets Allowed

Call: Yes

Rent Includes

None: Yes

Tenant Pays

All Utilities: Yes

Listing Office: RE/MAX Executives

Last Updated: January - 12 - 2026

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