For Sale
$360,000

3934 Elm StEast Chicago, IN 46312

6,606 SF Apartment Building, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 6,606 square foot multifamily property, built in 1927, presents a unique investment opportunity in East Chicago, Indiana. Located at 3934 Elm Street, this former funeral home boasts a main floor encompassing 2,835 square feet, featuring a lobby/waiting area, office space, men's and women's restrooms, and a two-car garage (935 sq ft). The second floor offers approximately 2,835 square feet, currently divided into two apartments, each with a living room, dining room, kitchen, one bedroom, and one bathroom. These apartments offer immediate rental income potential, allowing for dual occupancy or leasing while operating a business on the main floor. The property sits on a 0.11-acre lot and is zoned R-4, Multi-Family Dwelling, providing flexibility for future development or continued use as a multi-family residence. Situated in Lake County, this property benefits from low Indiana taxes and its proximity to both downtown Chicago (approximately 18 miles) and Gary, Indiana. The asking price is $360,000, translating to $54.50 per square foot. This presents a compelling opportunity for investors seeking a versatile property with strong potential for rental income and future appreciation in a strategically located area. The property's size and zoning allow for a variety of uses, making it an attractive investment for both experienced and new investors.

Highlights

  • Former funeral home for sale in East Chicago, IN.
  • 6,606 SF multifamily property with two existing apartments generating rental income.
  • Main floor suitable for business operation, with upstairs apartments providing dual occupancy or leasing potential.
  • Excellent opportunity for multifamily conversion or continued use as a mixed-use property.
  • Low Indiana property taxes.

Property Details for 3934 Elm St

Property type
Apartment buildings
Square Feet
6,606 SF
Year Built
1927
Lot Size (sq. ft)
4,792 SF

Location Insight

City
East Chicago
County
Lake
State
Indiana
Latitude
41.6409327
Longitude
-87.4475857
3934 Elm St, East Chicago, Indiana

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3934 Elm St
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