2008 Broad Street
$775,000
—
5,184
5,184
$149
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.
- Listed by Hector Orton • Fair Market Value Investment Sales • davidorton@fmvrei.com
Property Details for 2008 Broad Street
Architectural Style
Colonial
TownshipHenry
ZoningMultifamily
LISTING UPDATED: 09/26/2024 07:05 PM
Property Details for 2008 Broad Street
Status | Active |
---|---|
MLS # | 22003793 |
Days on Market | 57 |
Taxes | $3,577 semi-annually |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Commercial Sale / Multi-Family 5+ |
Year Built | 1966 |
Lot Size | 0.43 AC / 18,730 SF |
County | Henry County |
Building Information for 2008 Broad Street
Stories-Residences12Year Built1966Building Size-Lot Size0.43 AC / 18,730 SF
Property Information for 2008 Broad Street
Property History for 2008 Broad Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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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