2008 Broad Street

New Castle, IN 47362

$775,000
Price
Beds
5,184 Sq. Ft.
$149 / Sq. Ft.
5,184
Sq. Ft.
$149
per Sq. Ft.

Description

An opportunity for investors to develop an additional 12 units on the existing 12-unit-apartment site in New Castle, Indiana. The two parcels were consolidated in 2014, and a variance has since been approved to build an additional 12 units on the current rear gravel parking lot. The existing two-story building, constructed in 1966, was renovated in 2021. The updates included interior renovations for all 12 units, the installation of water softeners and tankless water heaters, and a new roof and gutters...An opportunity for investors to develop an additional 12 units on the existing 12-unit-apartment site in New Castle, Indiana. The two parcels were consolidated in 2014, and a variance has since been approved to build an additional 12 units on the current rear gravel parking lot. The existing two-story building, constructed in 1966, was renovated in 2021. The updates included interior renovations for all 12 units, the installation of water softeners and tankless water heaters, and a new roof and gutters added in 2022. The existing units comprise eight one-bedroom, one-bath units and four two-bedroom, one bath units. The total weighted average rent is $647 per month. The primary opportunity on the existing building lies in the two-bedroom units, where the current weighted average rent is $656, compared to a potential market rate of $750. The advertised price does not include the development site at the rear with its approved variance (Asking $125,000). The seller is not willing to sell the building with the existing 12 units separately: the development site must go with the package.
  1. Listed by Hector Orton • Fair Market Value Investment Sales • davidorton@fmvrei.com

Property Details for 2008 Broad Street

Architectural Style
Colonial
Township
Henry
Zoning
Multifamily
LISTING UPDATED: 09/26/2024 07:05 PM

Property Details for 2008 Broad Street

StatusActive
MLS #22003793
Days on Market57
Taxes$3,577 semi-annually
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeCommercial Sale / Multi-Family 5+
Year Built1966
Lot Size0.43 AC / 18,730 SF
CountyHenry County

Building Information for 2008 Broad Street

Stories-Residences12Year Built1966Building Size-Lot Size0.43 AC / 18,730 SF

Property Information for 2008 Broad Street

Summary
Location and General Information
  • City: New Castle
  • County Or Parish: Henry
  • Directions: GPS Friendly
  • Postal Code: 47362
  • Postal Code Plus4: 3917
  • Road Access: Frontage Road
  • Road Frontage Type: State Road
  • State Or Province: IN
Taxes and HOA Information
  • Parcel Number: 331211340221000016
  • Semi Annual Property Tax Amt: 3577
  • Tax Year: 2023
  • Additional Parcels Description: 030-44309-00
  • TaxLot: 3-4
  • Tax Block: 1
School Information
  • Middle Or Junior School: New Castle Middle School
  • School District: New Castle Community School Corp
Owner
  • Owner Pays: Electricity, Insurance, Taxes, Sewer, Trash Collection, Water
Property
Lot Information
  • Acreage: 1/4-1/2 Acre
  • Current Use: Apt<20
  • Lot Size Square Feet: 18513.0
  • Lot Size Acres: 0.43
  • New Construction: False
  • Possible Use: Apt>20
  • Space Available: 5184
  • Structure Type: Apartment Building
  • Sq Ft Total: 5184.0
  • Year Renovated: 2021
  • Year Built Numeric: 1966
  • Living Area Source: Assessor
Property and Assessments
  • Affected by Disclosures: No
  • Conversion: No
  • DPRYN: No
  • Legal Subdivision: Loers Lots 3 & 4 Blk 1 & Pt Vac Alley
  • Photos Count: 24
  • Property Sub Type: Multi-Family 5+
  • Property Type: Commercial Sale
  • Road Surface Type: Asphalt, Gravel
  • Transaction Type: Sale
Green Features
  • Green Certification: No
Utilities
  • Building Utilities: Municipal Storm Connected,Sewer,Storm Sewer,Water
  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Operating Expense: 26750.0
Interior and Exterior Features
Exterior Features
  • Construction Materials: Brick
  • Exterior Features: Balcony
  • Foundation Details: Slab
  • Roof: Metal
Interior Features
  • Basement YN: No
  • Levels: Two
  • Laundry Features: No Laundry Facil.
Multi Family
Multi-Family Information
  • Total Units: 12
  • Garage Parking: Parking Lot, Paved Area, Unpaved
Income & Expenses
  • Net Operating Income: $61,817.00
  • Gross Scheduled Income: $88,567.00
Unit 1
  • Unit Kitchen: 125
  • Unit Levels: 1
  • Unit Rent Frequency: Monthly
  • Unit Type Type: 1 Bedroom
Unit 2
  • Unit Kitchen: 125
  • Unit Levels: 1
  • Unit Rent Frequency: Monthly
  • Unit Type Type: 2 Bedroom
Rental
Rental Information
  • Tenant Pays: Electricity

Property History for 2008 Broad Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2008 Broad Street

Taxable ValueLand$34,200Additions$323,500Total$357,700
Tax Record2023$7,154 ($596 / month)
Home Facts
Total Finished SqFt5,184 SqFtAbove Grade Finished SqFt5,184 SqFtStories2Lot Size18,513 SqFtStyleMulti-Family Res (5+ Units)Year Built1966CountyHENRYAPN33-12-11-340-221.000-016

Schools near 2008 Broad Street

This home is within New Castle Community Sch Corp.
Rating
School
Type
Grades
Distance
Public - PK to 6
Public - 6 to 8
Public - 9 to 12
Public - PK to 6
Rating
School
Distance
Eastwood Elementary School
PublicPK to 6

New Castle Middle School
Public6 to 8

New Castle High School
Public9 to 12

Wilbur Wright Elementary School
PublicPK to 6

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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2008 Broad Street is a multi-family home for sale in New Castle, IN 47362. This property was listed for sale on September 26, 2024 by Fair Market Value Investment Sales, it's currently listed at $775,000. It has been on the market for a total of 57 days and was last sold on December 1, 2022. This listing's school district is New Castle Community Sch Corp. Nearby schools include Eastwood Elementary School, New Castle Middle School and New Castle High School. 2008 Broad Street is a 0-bed, 0-bath, 5,184 sqft multi-family home built in 1966.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Fair Market Value Investment Sales

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