2012 E Washington St, Indianapolis, IN 46201

Description

Eight units, all one bed one bath, fully leased and producing $9,170 a month from the closing table. No lease-up, no turn, no waiting. Rents run $1,130 to $1,175 and a quarter of the building already sits at the $1,175 market target, so the in-place number is real and it is supported. Every unit was renovated under current ownership. New flooring, fresh paint, updated fixtures, modern kitchens and bathrooms. Electronic locks on every door, so a turnover is not a rekey project. Seventeen months of seller actuals put operating expenses near $35,300 a year including taxes, insurance, maintenance, trash, pest and internet, which puts net operating income around $74,700 before debt on day one. Shared rear parking gives every tenant a space. Roof, electrical, plumbing and HVAC were all inspected at acquisition and the reports are available. East Washington is drawing real neighborhood investment right now, with quick access to downtown, Fountain Square and Irvington. This is the stabilized half of the block, full, professionally managed, and built to be bought for the income and held. The identical eight-unit next door at 2008 E Washington is also for sale, and the two can be bought together as a 16-unit package. Rent roll, profit and loss, and the full deal package are ready for qualified buyers. Sold as-is.