For Sale
$775,000

2008 Broad StNew Castle, IN 47362

12-Unit Apartment Building, Redevelopment Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 12-unit apartment building in New Castle, Indiana, situated on a 0.42-acre lot with approved variance for an additional 10-12 units. The existing two-story building, constructed in 1966 and extensively renovated in 2021-2022, boasts 5,184 square feet of net rentable space. Recent upgrades include a new roof and gutters (2022), tankless water heaters, and water softeners. The building currently houses eight one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units, achieving 100% occupancy as of September 10, 2024. The current NOI is $55,617, with a pro-forma NOI of $65,878 projected after the addition of new units. The weighted average rent is $647 per month, offering significant upside potential, particularly in the two-bedroom units. The asking price of $775,000 includes the existing building and the approved development site, which is not sold separately. The property is zoned commercial and features a convenient location on a main artery leading into downtown New Castle. The property is offered fee simple and qualifies for a 1031 exchange. This presents a unique chance to acquire a renovated multifamily property with substantial expansion potential, generating strong returns. The current cap rate is 7.18%, with a pro-forma cap rate of 8.50% projected after development. The price per unit is $64,583.33. The APN is 33-12-11-340-221.000-016.

Highlights

  • 12-unit apartment building in New Castle, IN on a 0.42-acre lot with approved variance for 10-12 additional units.
  • Recently renovated (2021-2022), 5,184 sq ft of net rentable space.
  • New roof and gutters (2022), tankless water heaters, and water softeners.
  • 100% occupancy (as of September 10, 2024); 8 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units.
  • $775,000 asking price; $64,583.33 per unit.
  • Current NOI $55,617, pro-forma NOI $65,878; current cap rate 7.18%, pro-forma cap rate 8.50%.

Property Details for 2008 Broad St

Property type
Apartment buildings
Square Feet
5,184 SF
Class
C
Year Built
1966
Buildings
1
Stories
2
Lot Size (sq. ft)
18,295 SF
Units
12

Location Insight

City
New Castle
County
Henry
State
Indiana
Latitude
39.931647328316
Longitude
-85.35994394266
2008 Broad St, New Castle, Indiana

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2008 Broad St
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