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1516 Main St Elwood, IN 46036

For Sale
$49,500

Distressed property, high redevelopment potential.

Property size:
4,907 SF

Description

Added:
Feb 3, 2025
Days on Market:
315
This 4,907 square foot commercial property located at 1516 Main Street, Elwood, Indiana, presents a unique investment opportunity for discerning buyers. Situated on a 0.16-acre lot, the property boasts a versatile layout ideal for various commercial uses. The building previously served as a laundry cleaner and U-Haul rental facility, demonstrating its adaptability. The lower level, encompassing 2,729 square feet, offers significant flexibility for subdivision and customized layouts to suit diverse business needs. The upper level, partially developed for two studio apartments, presents an additional income stream opportunity upon completion. The property includes an asphalt parking lot, adding convenience and functionality. While the property is currently in a distressed state and requires substantial renovations, including a new roof, the potential for significant return on investment is substantial. The City of Elwood offers the *potential* for tax abatements, further enhancing the financial attractiveness of this project. Serious investors seeking a high-reward, high-effort venture should act quickly to capitalize on this exceptional opportunity. This is a cash-only sale. The property is sold "as is."

Property Features for 1516 Main St

General Information

Property type
Other commercial real estate
Square Feet
4,907 SF
Lot Size
6,970 SF

Building Details

Year Built
1895

Property Profile Insight Report Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Elwood
County
Madison
State
Indiana
Longitude
-85.84106
Latitude
40.27723

FAQs

What type of property is this?
Commercial real estate - Distressed property, high redevelopment potential.
Where is this commercial real estate located?
The property is located at 1516 Main St Elwood, IN.
What is the asking price?
The asking price for this property is $49,500.
More about this property
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