$370,000 Price Analysis    ♡   Warsaw, IN 46580 8 bed 5 bath 3,737 SqFt ($99/SqFt) 0.38 acre lot. Built 1875 Listed 2024-02-19, Taxes $2,886 | ✓ USDA Eligible near Warsaw, IN Restrictions may apply due to home size |
An enticing investment opportunity awaits with this rejuvenated five-unit that boasts a lucrative Cap Rate of 12.45% and an impressive Cash on Cash Return of nearly 21%
* Has Contingent Offer *Even factoring for vacancy, property management and CapEx expenses. Comprising of a variety of sized apartments, this property caters to a diverse range of tenants, with one bedroom, two bedrooms and a possible three bedroom apartment. Unit B is undergoing a complete remodel and will be finished in similar condition to the other updated units by time f closing unless otherwise negotiated.
All units, except B, are occupied, ensuring immediate cash flow. Recently installed coin op laundry machines increase the revenue which is not even included in the provided financials. This property presents an excellent opportunity for investors seeking stable income, solid returns and long-term growth potential. Schedule a showing today and seize the opportunity to own this five- unit investment property OR take advantage of the 14-unit, 3 property portfolio for $960, 000, with a 12.55% CAP rate and returns exceeding 20%. See MLS #202405089.
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RE MAX Results.
Property MLS #202405090 from IRMLS
Full Bathrooms: 5
Heating Features: Gas, Baseboard, Forced Air
Flooring: Vinyl
Lot Size Acres: 0.38
Lot Size Dimensions: 83X198
Lot Size Square Feet: 16553
High School: Warsaw
Middle School: Edgewood
School District: Warsaw Community
Map directions Map directions Map directions Map directionsNumber of 1 Bedroom Units: 2
Number of 2 Bedroom Units: 3
Bedrooms in Unit-1: 2
Bedrooms in Unit-2: 2
Bedrooms in Unit-3: 2
Bedrooms in Unit-4: 1
Bedrooms in Unit-5: 1
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Total Bathrooms in Unit-3: 1
Unit 1 Total Actual Rent: 1470
Unit 2 Total Actual Rent: 1400
Unit 3 Total Actual Rent: 1555
Unit 4 Total Actual Rent: 1465
Unit 5 Total Actual Rent: 1208
Lease Term: Month to Month, 1 Year
Source Listing Status: Cont-AccptngBackupOffers
County: Kosciusko County
Cross Street: Winona Ave
Directions: turn left onto S Union St, Property is on the right.
Tax Year: 2024
Source Property Type: INVESTMENT
Insurance Expense: 4128.96
Source Neighborhood: Graves
Number of Separate Electric Meters: 5
Number of Separate Gas Meters: 4
Number of Separate Water Meters: 1
Owner Pays: Electric, Heating, Sewer, Trash Collection, Water
Parcel Number: 43-11-07-200-762.000-032
Postal Code Plus 4: 4280
Subdivision: Graves
Township: Wayne
Trash Expense: 948
Lot Number: 1918
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2021 | $115,300 + $22,800 $138,100 | $2,886 |
| 2020 | $92,200 + $17,400 $109,600 | $2,292 |
| 2019 | $83,400 + $17,400 $100,800 | $2,111 |
| 2018 | $79,100 + $17,400 $96,500 | $2,026 |
| 2017 | $76,200 + $17,400 $93,600 | $1,970 |
| 2016 | $72,200 + $14,000 $86,200 | $1,816 |
| 2015 | $67,400 + $14,000 $81,400 | $1,696 |
| 2014 | $67,600 + $14,000 $81,600 | $1,632 |
| 2013 | $66,200 + $13,400 $79,600 | $1,934 |
| 2012 | $69,000 + $13,400 $82,400 | $2,014 |
| 2011 | $80,600 + $29,200 $109,800 | $2,454 |
| 2010 | $82,000 + $29,700 $111,700 | $2,294 |
| 2008 | $106,800 + $29,900 $136,700 | $2,550 |
| 2007 | $104,000 + $29,100 $133,100 | $2,403 |
$370,000
IRMLS
Listed 2024-02-19
$960,000
IRMLS
Sold 2020-12-09
$176,650
Public Record
Year Built: 1875
Above Grade Finished Area: 3737
Below Grade Unfinished Area: 1151
Property Age: 149
Levels or Stories: 2
Structure Type: Fiveplex
House Style: Two Story
Total Area Sqft: 4888
Total Below Grade Area: 1151
Sewer: City
City
Water Sewer Expense: 2805.6
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.