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Listed by Peter Stewart • Keller Williams Indpls Metro N
$ 525,000
Est. payment /mo
Pending
407 W Washington ST Lebanon, IN 46052
5,776 SqFt
UPDATED:
Key Details
Property Type Other Types
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
Square Footage 5,776 sqft
Price per Sqft $90
MLS Listing ID 22130014
Year Built 1920
Tax Year 2025
Lot Size 6,098 Sqft
Acres 0.14
Property Sub-Type Multi Family
Property Description
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!!
Location
State IN
County Boone
Zoning C-2
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling Central Air
Fireplace N
Exterior
Utilities Available Electricity Connected, Sewer Connected, Water Connected
View Y/N false
Building
Story Two
Structure Type Stucco
New Construction false
Schools
School District Lebanon Community School Corp
Others
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