407 W Washington Street, Lebanon, IN 46052
sale
$525,000
|
Other
Courtesy Of Keller Williams Indianapolis Metro North
PRIME value-add investment opportunity with this 6-unit apartment building in booming Lebanon!! Situated just two blocks from downtown shops and dining, and five minutes to I-65. The property is positioned directly in the growth corridor of the transformational 9,000-acre LEAP Innovation District-home to multibillion-dollar commitments from Eli Lilly ($9B) and Meta-this six-unit property captures surging rental demand from incoming jobs. The asset features two well-maintained structures (4-unit front, 2-unit rear) with dedicated off-street parking, a 2023 roof, individual HVACs, and private in-unit washer/dryer hookups in every unit. Five units have been renovated, offering an immediate upside play: convert one 1-bedroom into a 2-bedroom to achieve an optimal mix of four 2-bed ($1,100/mo) and two 1-bed ($900/mo) floor plans. Professionally managed with five units generating $4,447/mo, leasing the vacant 2-bed unit brings gross rent to $5,547/mo, with a path to $6,200+/mo at market turnover. Substantial NOI expansion awaits by executing remaining utility bill-backs upon lease renewals: electric is separately metered, and passing through common utilities and trash recovers ~$6,000/year. Combining market rents with full utility bill-backs adds over $13,000 annually in revenue, substantially increasing the value of the property!!
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Property Features
- Age: Over 50 Years Old
- Amenities: Basement
- Building Units: 6
- Cooling System: Central Air
- Exterior Type: Stucco
- Floors: 2
- Heating System: Forced Air
- Legal Description: Smith Addition Blk 1 Pt Of Lots 1 & 2
- MLSID: 22130014
- Rooms: Bathroom 6
- Rooms: Bathroom 4
- Rooms: Bathroom 5
- Rooms: Bathroom 2
- Rooms: Basement
- Rooms: Bathroom 3
- Rooms: Bedroom 3
- Rooms: Bedroom 2
- Rooms: Bedroom 1
- Rooms: Bedroom 7
- Rooms: Bedroom 6
- Rooms: Bedroom 5
- Rooms: Bedroom 4
- Rooms: Bedroom 9
- Rooms: Bedroom 8
- Rooms: Bathroom 1
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