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2401 Vine Street New Castle, IN $ 725,000
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$ 725,000 Get more info
2401 Vine Street
$ 725,000
Back to search
Share Save

2401 Vine Street

New Castle, IN, 47362
$ 725,000
Bedrooms-- Baths-- Sq 6,125

Monthly Estimate*

$ 4,342

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Commercial Property for sale in New Castle, IN

for $725,000. This 6,125 square foot building was built in 1980 on a lot size of 0.53.

Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal roof and gutters, updated vinyl double pane windows (two windows have not been replaced), resurfaced and restriped the parking lot, and upgraded the main water line from two inches to one inch, resulting in a substantial reduction in water costs. According to Addison Properties fifty percent of the units have newer cabinets and flooring. According to current rent roll average rents of $440 are seventy three percent below the $600 market rate (according to recent sold investment sales comps in Henry County and other rent comp studies), providing an experienced investor with an opportunity to capitalize on this value-add potential and achieve greater returns into the future. According to property manager no major capital improvements are needed to achieve these results, as the significant upgrades have already been completed and the interior of the units is in market-ready condition. If you prefer traditional lending terms over seller financing, we can connect you with our extensive network of credit union banking partners for potentially more favorable terms and a lower down payment. Additionally, if you're out of state and need a property manager, we can provide reliable connections for that as well.

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Commercial Active

Price

$ 725,000

Property Type

Commercial

Taxes

$ 1,764

Style

Multi-Family 5+

Lot Size

0.53

Year Built

1980

Town/City

New Castle

County/Region

Henry

MLS | Web ID

22003740
Features
General
Heating Baseboard
Cooling Separate Meters Wall Unit(s)
Utilities Electricity Connected Sep Electric Meter Sewer Connected Water Connected
Possession Closing
Roof Metal
Zoning Mulitfamily
Architectural Style Ranch
Construction Materials Brick
Year Built 1980
Tenant Pays Electricity
Township Henry
Levels One
Building Design Multi-Family 5+
Tax Year 2023
Current Use Apt<20
County Henry
New Construction N
Property Type Commercial Sale
Status Active
Directions GPS Friendly
City New Castle
High School District New Castle Community School Corp
NumberOfUnitsTotal 16
MLS Area 3307 - Henry - Henry
Lot Size Square Feet 23261
Middle/Junior High School New Castle Middle School
Additional Parcels Y/N N
Structure Type Apartment Building
Standard Status Active
Tax Lot 0
Legal Description Pt Sw1/4 Se1/4 11-17-10 .534A
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Exterior
Parking Features Common Asphalt
Lot Features Access City Lot Storm Sewer Street Lights Mature Trees
Foundation Details Slab
Building Area Total 6125
Lot Size Acres 0.53
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Interior
Basement (Y/N) N
Laundry Features No Laundry Facil.
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* Excluded Features
List By
Fair Market Value Investment Sales

Broker

davidorton@fmvrei.com

Email

Affordability Calculator

$4,489
Per Month
97%
3%
0%
Monthly Principal & Interest
$4,342
Monthly Property Taxes
$147
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 5.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4045027 Elementary School
4046396 Middle School
Unknown High School High School
See complete school information
Pricing History
Date Price Price Change Description
9/26/2024 $725,000 Listed Price

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2401 Vine Street, New Castle, IN, 47362 is a Commercial Property for sale at $725,000 with 6,125 sqft and a lot size of 0.53. 2401 Vine Street was built in 1980. The property's zip code is 47362 which is in New Castle, IN

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