For Sale
$575,000

816 Pennsylvania St Gary, IN 46402

8-unit apartment building, strong rental history.

Overview

Added:
Dec 11, 2024
Days on market:
127
This 8-unit apartment building presents a compelling investment opportunity in Gary, Indiana. Located at 816 Pennsylvania St, this two-story property boasts 7,221 square feet on a 4,650 square foot lot. Built in 1922, the building offers a mix of one, two, and three-bedroom units, providing diverse rental options. The asking price is $575,000, translating to $71,875 per unit and $79.63 per square foot. The property generates a pro-forma NOI of $36,900, resulting in a 6.42% pro-forma cap rate. Conveniently located near major highways including IN-53/Broadway, I-80/94, and I-65, this property benefits from easy access to transportation. The building includes a common area laundry facility managed by a third-party company, providing an additional revenue stream. While retaining some original built-ins and woodwork, the property offers modern conveniences. The property's strong rental history and Gary's revitalization efforts make this an attractive investment prospect. The APN is 001-25-44-0014-0027.

Highlights

  • Qualified Opportunity Zone property.
  • Excellent highway access via I-80/95, I-65, and Broadway.
  • Strong rental history.

Property Details for 816 Pennsylvania St

Property type
Apartment buildings
Square Feet
7,221 SF
Year Built
1922
Buildings
1
Stories
2
Units
8

Location Insight

City
Gary
County
Lake
State
Indiana
Latitude
41.596197703124
Longitude
-87.333356701143
816 Pennsylvania St, Gary, Indiana

FAQs

What type of property is this?
Apartment building - 8-unit apartment building, strong rental history.
Where is the apartment building located?
The property is located at 816 Pennsylvania St Gary, IN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Qualified Opportunity Zone property.; Excellent highway access via I-80/95, I-65, and Broadway.; Strong rental history.
How can I contact the broker?
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816 Pennsylvania St
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