31 North Madison Avenue

Hanover, IN 47243

$225,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Buy a home or buy an opportunity? This property is a dream come true for the one who appreciates investment opportunity. 6 apartments are currently rented, and a 7th apartment awaiting your unlimited imagination to design and finish! You can call the shots on how simple or luxurious you'd like to live in this one, or you can finish and have a 7th apartment to rent. This building is functioning in its current condition; however it could use quite a bit of TLC. Upgrades that have been accomplished...Buy a home or buy an opportunity? This property is a dream come true for the one who appreciates investment opportunity. 6 apartments are currently rented, and a 7th apartment awaiting your unlimited imagination to design and finish! You can call the shots on how simple or luxurious you'd like to live in this one, or you can finish and have a 7th apartment to rent. This building is functioning in its current condition; however it could use quite a bit of TLC. Upgrades that have been accomplished already include a new roof in 2019, apartment 1 (and a half) totally renovated in 2020, also exterior deck and stairs replaced in 2024 and upgraded to a covered porch. Buy this instead of a moderate single family home, of the same price, and after you finish renovations on the 7th apartment to your liking, you will enjoy a built in residual income for years to come. So, plan appropriately and you can live for free! Pretty smart. This property was at one time The Hanover Hotel, then it was converted into apartments in the 1970's and still serves as apartments. Current renters have leases that must be honored, expiring at different times. 3 of the occupants have lived here for 4 years.
  1. Listed by Nancy Horton • Guardian Realty, LLC • CallNancyHorton2Move@yahoo.com

Property Details for 31 North Madison Avenue

Architectural Style
Multi-Level
Subdivision Name
Madison
Township
Hanover
Waterfront
No
LISTING UPDATED: 11/18/2024 05:49 PM

Property Details for 31 North Madison Avenue

StatusActive
MLS #22011974
Days on Market6
Taxes$589 semi-annually
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Fourplex
Year Built1932
Lot Size0.73 AC / 31,798 SF
CountyJefferson County

Building Information for 31 North Madison Avenue

Stories-Residences7Year Built1932Building Size-Lot Size0.73 AC / 31,798 SF

Property Information for 31 North Madison Avenue

Summary
Location and General Information
  • City: Hanover
  • County Or Parish: Jefferson
  • Directions: GPS Friendly
  • Postal Code: 47243
  • Postal Code Plus4: 9725
  • Road Access: Street Cuts
  • Road Frontage Type: City Street
  • State Or Province: IN
  • View: No
Taxes and HOA Information
  • Parcel Number: 391412442043000003
  • Semi Annual Property Tax Amt: 589
  • Tax Exemption: None
  • Tax Year: 2023
  • TaxLot: 39-14-12-442-043.000-003
  • Tax Block: 0
School Information
  • Elementary School: Southwestern Elementary School
  • High School: Southwestern High School
  • Middle Or Junior School: Southwestern Middle School
  • School District: Southwestern-Jefferson Co Con
Owner
  • Owner Pays: Gas, Insurance, Lawncare, Taxes, Sewer, Trash Collection, Water
Parking
  • Carport Spaces: 0.0
Property
Lot Information
  • Acreage: 1/2-1 Acre
  • Building Information: Other
  • Current Use: Apt<20
  • Gross Area SQFT: 31886
  • Lot Description: City Lot, Curbs, Sidewalks, Storm Sewer, Street Lights, Mature Trees
  • Lot Size Square Feet: 31886.0
  • Lot Size Acres: 0.73
  • New Construction: False
  • Possible Use: Apt<20
  • Structure Type: Apartment Building
  • Year Built Numeric: 1932
  • Living Area Source: Assessor
Property and Assessments
  • Affected by Disclosures: No
  • Conversion: Yes
  • DPRYN: No
  • Inspection Warranties: Not Applicable,See Remarks
  • Legal Subdivision: 012-00151-00 255 X 181 Ex 40 X 90 Sw Cor 12-3-9 .732A = 12-4-25 31 Madison Ave
  • Photos Count: 2
  • Property Attached: No
  • Property Sub Type: Fourplex
  • Property Type: Residential Income
  • Road Surface Type: Asphalt
  • Transaction Type: Sale
  • Property Condition: Fixer
Green Features
  • Green Certification: No
Utilities
  • Building Utilities: Separate Gas Meter,Sewer,Water
  • Solid Waste: Yes
  • Operating Expense: 300.0
Interior and Exterior Features
Exterior Features
  • Construction Materials: Aluminum Siding
  • Exterior Features: Balcony, Outdoor Fire Pit
  • Foundation Details: Block, Full, Rock, Slab
  • Roof: Metal
Interior Features
  • Basement Description: Daylight/Lookout Windows, Exterior Entry, Full, Roughed In, Storage Space, Unfinished, Walk Out
  • Basement YN: Yes
  • Cooling: Window Unit(s)
  • Heating: Baseboard, Forced Air
  • Levels: Multi/Split
  • Laundry Features: No Laundry Facil.
  • Multi Baths: 7
  • Multi Beds: 9
Multi Family
Multi-Family Information
  • Total Units: 7
  • Garage Parking: On Street, Unpaved
Income & Expenses
  • Expenses: 300
  • Net Operating Income: $2,542.00
  • Gross Income: $3,025.00
  • Gross Scheduled Income: $36,300.00
Unit 1
  • Unit Kitchen: 120
  • Unit Levels: 1
  • Unit Miscellaneous: Other
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Other
  • Unit Type Type: Apartments
Unit 2
  • Unit Kitchen: 80
  • Unit Levels: 1
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Other
  • Unit Type Type: Apartments
Unit 3
  • Unit Kitchen: 80
  • Unit Levels: 1
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Heat Base Bd
  • Unit Type Type: Apartments
Unit 4
  • Unit Kitchen: 80
  • Unit Levels: 1
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Heat Base Bd
  • Unit Type Type: Apartments
Unit 5
  • Unit Kitchen: 80
  • Unit Levels: 2
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Fuel Gas,Heat Forced,Other
  • Unit Type Type: Apartments
Unit 6
  • Unit Kitchen: 80
  • Unit Levels: 2
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Fuel Gas,Heat Forced,Other
  • Unit Type Type: Apartments
Unit 7
  • Unit Kitchen: 80
  • Unit Levels: 3
  • Unit Miscellaneous: Range/Oven,Refrigrater
  • Unit Rent Frequency: Monthly
  • Unit Utilities: Fuel Gas,Heat Forced,Other
  • Unit Type Type: Apartments
Rental
Rental Information
  • Tenant Pays: All Utilities, Cable TV, Electricity, Gas

Property History for 31 North Madison Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 31 North Madison Avenue

Taxable ValueLand$8,500Additions$117,400Total$125,900
Tax Record2023$1,178 ($98 / month)
Home Facts
Baths1Total Finished SqFt5,379 SqFtAbove Grade Finished SqFt5,379 SqFtStories3Lot Size31,886 SqFtStyleMulti-Family Dwelling (2-4)Year Built1932CountyJEFFERSONAPN39-14-12-442-043.000-003

Schools near 31 North Madison Avenue

This home is within Southwestern-Jefferson County Con.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Rating
School
Distance
Southwestern Elementary School
PublicPK to 5

Southwestern Middle School
Public6 to 8

Southwestern Middle/Sr High School
Public9 to 12

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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31 North Madison Avenue is a multi-family home for sale in Hanover, IN 47243. This property was listed for sale on November 18, 2024 by Guardian Realty, LLC, it's currently listed at $225,000. It has been on the market for a total of 6 days and was last sold on December 28, 2000. This listing's school district is Southwestern-Jefferson County Con. Nearby schools include Southwestern Elementary School, Southwestern Middle School and Southwestern Middle/Sr High School. 31 North Madison Avenue is a 0-bed, 0-bath, multi-family home built in 1932.

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 Guardian Realty, LLC

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.