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Listed by Peter Stewart • Keller Williams Indpls Metro N
$ 339,000
Est. payment | /mo
7,344 SqFt
$ 339,000
Est. payment | /mo
7,344 SqFt
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 7,344 sqft
Price per Sqft $46
MLS Listing ID 22098936
Year Built 1928
Tax Year 2025
Lot Size 3,920 Sqft
Acres 0.09
Property Sub-Type Multi-Family 5+
Property Description
Unlock significant cash flow and equity with this value-add 8-unit apartment building at 1120 E 30th St, Anderson, IN. Situated on a large, street-to-street 0.29-acre lot with mature trees on a quiet dead-end street, this all-brick, two-story building features a consistent footprint of eight 1-bedroom, 1-bathroom units, each offering 600 sq ft of functional living space with a living room, formal dining room, galley kitchen, and full bath. Five units are currently occupied, generating $3,750/mo in stable immediate income (rents ranging from $600-$900/mo). The remaining three vacant units require varying levels of renovation, presenting a prime opportunity to update and force appreciation. With market rents commanding up to $900/mo per unit, the potential gross monthly revenue is $7,200, positioning this asset to exceed the highly coveted 2% rule. Substantial operational upside exists: electricity and gas are separately metered, allowing a savvy investor to implement a utility bill-back strategy upon lease renewals to aggressively boost NOI. Additional revenue can be generated by adding coin-operated laundry to the basement. Securely designed with front and rear covered common entrances and interior hallways, the property boasts an excellent rental location just 5 minutes from downtown Anderson, Anderson University, and Harrah's Casino & Racetrack, and 10 minutes from Mounds State Park and major freeways. Capitalize on high rental demand. Sold strictly as-is, no seller financing.
Location
State IN
County Madison
Zoning R3
Interior
Fireplace N
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Water Connected
View Y/N false
Building
Story 2
Architectural Style Traditional
Structure Type Brick
New Construction false
Schools
School District Anderson Community School Corp
Others
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