3934 Elm StEast Chicago, IN 46312

Property Details for 3934 Elm St

Year built

1927

Construction

WOOD

Lot size

0.11 AC

Property size (Sq ft)

10,527 SF

Property type

Commercial real estate

APN

45-03-22-354-031.000-024

APU

450322354031000024

Description

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.

• Alternative Use

  Use

  Valuation

  Residential

  $3,872,323

  Hospitality

  $3,547,027

  Educational

  $2,951,085

  Medical

  $3,052,577

  Retail

  $4,590,576

Location Insight

City

East Chicago

County

Lake

State

Indiana

Latitude

41.6409

Longitude

-87.4477

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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