3860 Dunes HwyMichigan City, IN 46360

Property Details for 3860 Dunes Hwy

Property size (Sq ft)

7,448 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 8-unit apartment building in Michigan City, Indiana, presents a compelling investment opportunity. Priced at $1,100,000, this stabilized Class B property boasts a 9.63% cap rate and a strong net operating income (NOI) of $105,893. The property features 7,448 square feet of net rentable space, with each unit averaging $137,500. Completely renovated in 2022, the property includes two buildings, each two stories high, and is currently 100% occupied. All units, except two with existing tenants, have undergone full renovations, including high-end bathrooms with full surround tile and brand new HVAC units. The exterior has been freshly painted, and the grounds are meticulously maintained. A significant advantage is the inclusion of a 600-square-foot detached garage with its own electric service, electric garage door, and new roof. Further enhancing the investment potential is a commercial space currently leased to Kin Khao Thai and Sushi under a 5-year lease, commencing April 1, 2024, with the tenant responsible for renovations. This space includes a liquor license. The property's prime location in the Indiana Dunes, minutes from Lake Michigan beaches, offers significant upside potential, potentially doubling rental income through short-term rentals. This is a truly remarkable opportunity for a savvy investor seeking a high-return, well-maintained multifamily property in a desirable location.

Location Insight

City

Michigan City

County

Porter

State

Indiana

Latitude

41.6841

Longitude

-86.9582

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