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Listed by David Orton • Fair Market Value Investment Sales
$ 700,000
$ 725,000 3.4%
Est. payment /mo
Sold on 04/08/2025
2401 Vine ST New Castle, IN 47362
6,125 SqFt
UPDATED:
Key Details
Sold Price $700,000
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Sold
Purchase Type For Sale
Square Footage 6,125 sqft
Price per Sqft $114
MLS Listing ID 22003740
Sold Date 04/08/25
Year Built 1980
Tax Year 2023
Lot Size 0.530 Acres
Acres 0.53
Property Sub-Type Multi-Family 5+
Property 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 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.
Location
State IN
County Henry
Zoning Mulitfamily
Interior
Heating Baseboard
Cooling Separate Meters, Wall Unit(s)
Fireplace N
Exterior
Utilities Available Electricity Connected, Sep Electric Meter, Sewer Connected, Water Connected
Roof Type Metal
Building
Story One
Foundation Slab
Architectural Style Ranch
Structure Type Brick
New Construction false
Schools
Middle Schools New Castle Middle School
School District New Castle Community School Corp
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