2401 Vine Street

New Castle, IN 47362

$725,000
Price
Beds
6,125 Sq. Ft.
$118 / Sq. Ft.
6,125
Sq. Ft.
$118
per Sq. Ft.

Description

Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal...Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal roof and gutters, updated vinyl double pane windows (two windows have not been replaced), resurfaced and restriped the parking lot, and upgraded the main water line from two inches to one inch, resulting in a substantial reduction in water costs. According to Addison Properties fifty percent of the units have newer cabinets and flooring. According to current rent roll average rents of $440 are seventy three percent below the $600 market rate (according to recent sold investment sales comps in Henry County and other rent comp studies), providing an experienced investor with an opportunity to capitalize on this value-add potential and achieve greater returns into the future. According to property manager no major capital improvements are needed to achieve these results, as the significant upgrades have already been completed and the interior of the units is in market-ready condition. If you prefer traditional lending terms over seller financing, we can connect you with our extensive network of credit union banking partners for potentially more favorable terms and a lower down payment. Additionally, if you're out of state and need a property manager, we can provide reliable connections for that as well.
  1. Listed by Hector Orton • Fair Market Value Investment Sales • davidorton@fmvrei.com

Property Details for 2401 Vine Street

Architectural Style
Ranch
Township
Henry
Zoning
Mulitfamily
LISTING UPDATED: 09/26/2024 07:04 PM

Property Details for 2401 Vine Street

StatusActive
MLS #22003740
Days on Market40
Taxes$882 semi-annually
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeCommercial Sale / Multi-Family 5+
Year Built1980
Lot Size0.53 AC / 23,086 SF
CountyHenry County

Building Information for 2401 Vine Street

Stories-Residences16Year Built1980Building Size-Lot Size0.53 AC / 23,086 SF

Property Information for 2401 Vine Street

Summary
Location and General Information
  • City: New Castle
  • County Or Parish: Henry
  • Directions: GPS Friendly
  • Postal Code: 47362
  • Postal Code Plus4: 3706
  • State Or Province: IN
Taxes and HOA Information
  • Parcel Number: 331211430223000016
  • Semi Annual Property Tax Amt: 882
  • Tax Year: 2023
  • TaxLot: 0
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: 1/2-1 Acre
  • Current Use: Apt<20
  • Lot Description: Access, City Lot, Storm Sewer, Street Lights, Mature Trees
  • Lot Size Square Feet: 23261.0
  • Lot Size Acres: 0.53
  • New Construction: False
  • Space Available: 6125
  • Structure Type: Apartment Building
  • Sq Ft Total: 6125.0
  • Year Built Numeric: 1980
  • Living Area Source: Assessor
Property and Assessments
  • Affected by Disclosures: No
  • DPRYN: No
  • Legal Subdivision: Pt Sw1/4 Se1/4 11-17-10 .534A
  • Photos Count: 34
  • Property Sub Type: Multi-Family 5+
  • Property Type: Commercial Sale
  • Transaction Type: Sale
Green Features
  • Green Certification: No
Utilities
  • Building Utilities: Municipal Storm Connected,Sewer,Water
  • Utilities: Electricity Connected, Sep Electric Meter, Sewer Connected, Water Connected
Interior and Exterior Features
Exterior Features
  • Construction Materials: Brick
  • Foundation Details: Slab
  • Roof: Metal
Interior Features
  • Basement YN: No
  • Cooling: Separate Meters, Wall Unit(s)
  • Heating: Baseboard
  • Levels: One
  • Laundry Features: No Laundry Facil.
Multi Family
Multi-Family Information
  • Total Units: 16
  • Garage Parking: Parking Lot, Paved Area
Income & Expenses
  • Gross Scheduled Income: $87,144.00
Unit 1
  • Unit Kitchen: 125
  • Unit Levels: 1
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Cl Wall Unit,Heat Base Bd
  • Unit Type Type: 1 Bedroom
Rental
Rental Information
  • Tenant Pays: Electricity

Property History for 2401 Vine 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 2401 Vine Street

Taxable ValueLand$12,200Additions$76,000Total$88,200
Tax Record2023$1,764 ($147 / month)
Home Facts
Total Finished SqFt6,125 SqFtAbove Grade Finished SqFt6,125 SqFtStories1Lot Size23,261 SqFtStyleMulti-Family Res (5+ Units)Year Built1980CountyHENRYAPN33-12-11-430-223.000-016

Schools near 2401 Vine 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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2401 Vine 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 $725,000. 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. 2401 Vine Street is a 0-bed, 0-bath, 6,125 sqft multi-family home built in 1980.

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

Based on information from one of the following Multiple Listing Services: MIBOR MLS,IRMLS,Southern Indiana REALTORS® Association,Southeastern Indiana Board of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by MIBOR MLS,IRMLS,Southern Indiana REALTORS® Association,Southeastern Indiana Board of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.