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2008 Broad Street New Castle, IN $ 775,000
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$ 775,000 Get more info
2008 Broad Street
$ 775,000
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2008 Broad Street

New Castle, IN, 47362
$ 775,000
Bedrooms-- Baths-- Sq 5,184

Monthly Estimate*

$ 4,642

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Commercial Property for sale in New Castle, IN

for $775,000. This 5,184 square foot building was built in 1966 on a lot size of 0.43.

An opportunity for investors to develop an additional 12 units on the existing 12-unit-apartment site in New Castle, Indiana. The two parcels were consolidated in 2014, and a variance has since been approved to build an additional 12 units on the current rear gravel parking lot. The existing two-story building, constructed in 1966, was renovated in 2021. The updates included interior renovations for all 12 units, the installation of water softeners and tankless water heaters, and a new roof and gutters added in 2022. The existing units comprise eight one-bedroom, one-bath units and four two-bedroom, one bath units. The total weighted average rent is $647 per month. The primary opportunity on the existing building lies in the two-bedroom units, where the current weighted average rent is $656, compared to a potential market rate of $750. The advertised price does not include the development site at the rear with its approved variance (Asking $125,000). The seller is not willing to sell the building with the existing 12 units separately: the development site must go with the package.

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Commercial Active

Price

$ 775,000

Property Type

Commercial

Taxes

$ 7,154

Style

Multi-Family 5+

Lot Size

0.43

Year Built

1966

Town/City

New Castle

County/Region

Henry

MLS | Web ID

22003793
Features
General
Utilities Electricity Connected Sewer Connected Water Connected
Possession Closing
Roof Metal
Exterior Features Balcony
Zoning Multifamily
Architectural Style Colonial
Construction Materials Brick
Year Built 1966
Tenant Pays Electricity
Township Henry
Levels Two
Building Design Multi-Family 5+
Tax Year 2023
Current Use Apt<20
Additional Parcels Description 030-44309-00
County Henry
Net Operating Income 61817
Operating Expense 26750
New Construction N
Property Type Commercial Sale
Possible Use Apt>20
Status Active
Directions GPS Friendly
City New Castle
High School District New Castle Community School Corp
NumberOfUnitsTotal 12
MLS Area 3307 - Henry - Henry
Lot Size Square Feet 18513
Current Financing Exchange - 1031 Conventional
Middle/Junior High School New Castle Middle School
Additional Parcels Y/N Y
Structure Type Apartment Building
Standard Status Active
Tax Lot 3-4
Cap Rate 8
Legal Description Loers Lots 3 & 4 Blk 1 & Pt Vac Alley
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Exterior
Parking Features Common Asphalt Gravel
Foundation Details Slab
Building Area Total 5184
Lot Size Acres 0.43
Road Surface Type Asphalt Gravel
Road Frontage Type State Road
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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

$5,238
Per Month
89%
11%
0%
Monthly Principal & Interest
$4,642
Monthly Property Taxes
$596
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 $775,000 Listed Price

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2008 Broad Street, New Castle, IN, 47362 is a Commercial Property for sale at $775,000 with 5,184 sqft and a lot size of 0.43. 2008 Broad Street was built in 1966. The property's zip code is 47362 which is in New Castle, IN

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