410 Pine Lake AveLa Porte, IN 46350

Property Details for 410 Pine Lake Ave

Year built

1997

Lot size

0.20 AC

Property type

Turn key restaurants

APN

46-06-35-109-013.000-043

APU

460635109013000043

Description

This exceptional mixed-use property in La Porte, Indiana, presents a compelling investment opportunity. Located at 410 Pine Lake Ave, this 8,000 square foot building sits on a 24,436 square foot lot and boasts six units: three commercial spaces and three residential apartments. All units are currently 100% occupied, generating a substantial pro-forma NOI of $93,000 and a pro-forma cap rate of 10.33%. The asking price is $900,000, translating to $112.50 per square foot. Built in 2001 and extensively renovated between 2023 and 2024, the property features a new roof and siding, updated decks, and completely renovated apartments with new plumbing, electrical, HVAC, flooring, bathrooms, and kitchens. Each apartment includes an open-concept layout, granite countertops, stainless steel appliances, and in-unit washer/dryer hookups. The commercial spaces are leased to a single tenant under a new 3-year lease. Residential units are on 1-year leases. The property includes 12 parking spaces and is zoned B2. Separate utility meters for each unit ensure efficient tenant responsibility for utilities. This turnkey investment offers a strong cash flow and significant upside potential. The property's prime location on Pine Lake Ave provides excellent visibility and accessibility. All units have private exterior entrances. The APN is 460635101002000043.

• CAP approach

  CAP return

  Valuation

  6%

  $4,015,537

  6.5%

  $3,706,650

  7%

  $3,441,889

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,789,955

  Geo Method

  $2,789,955

• Alternative Use

  Use

  Valuation

  Residential

  $3,126,698

  Hospitality

  $2,864,038

  Educational

  $2,382,846

  Medical

  $2,464,796

  Retail

  $3,706,650

Location Insight

City

La Porte

County

Laporte

State

Indiana

Latitude

41.6175

Longitude

-86.7333

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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