Building Details

Year Built 1995

Buildings 3

Construction townhome-style

Listing Agency: Ellsbury Group

Listed By: Tariq Suboh · License #475192080 Show Phone

Source: Illianahomesource

Added: Aug 31 Changed: Oct 25 Last Checked: Oct 26 at 4:27PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ellsbury Group

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Investment Insights

Based on property information with market context.

This multifamily portfolio includes 28 apartment units across three townhome-style properties in Porter, Indiana. The assets total approximately 37,240 SF and comprise one 12-unit property and two 8-unit properties. Each residence offers a two-bedroom, 1.5-bath layout, along with private outdoor space and hookups for in-unit laundry equipment. The properties were built in 1995.

Individual metering places electric, gas, water/sewer, and trash costs with tenants. Additional garage income is also available across the portfolio. The properties are located near I-94, US-20, the South Shore Line, and Indiana Dunes National Park, with an address at 1230 Lake Charles Ave in Porter. The portfolio may be acquired as a complete 28-unit offering or on an individual-property basis.

Key Highlights

• 28 units across three townhome‑style apartment properties
• Approximately 37,240 SF total; one 12‑unit property and two 8‑unit properties
• All units feature 2‑bedroom, 1.5‑bath layouts

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$295,727

Cap Rate

7.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,914,540 $5.9M

Cap Rate 7%

$4,224,671 $4.2M

Cap Rate 9%

$3,285,856 $3.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 37,240 SF

Gross rent

$572.0K $15.36/SF

− Vacancy

−$34.3K −$0.92/SF

EGI

$537.7K $14.44/SF

− OpEx

−$242.0K −$6.50/SF

NOI

$295.7K $7.94/SF

Area

Porter County, IN

Vacancy

6.00%

Lease Rate

$15.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,914,540

Cap Rate 7%

$4,224,671

Cap Rate 9%

$3,285,856

Alternative Uses

Best Use

Apartment 5plus

$4.22M

$3.70M – $4.93M (±1% cap)

NOI $295,727 @ 7.0% cap · market cap 7.04%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$14.11M

$12.35M – $16.47M (±1% cap)

NOI $987,998 @ 7.0% cap · market cap 23.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

28

Residential units

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

89

Businesses Nearby

Explore this area Business Placement

Demographics for 46304, IN

26,835

Population

11,521

Households

2.3

Avg Household Size

41

Median Age

35%

College-Educated

96%

High-School Grad

57.8 sq mi

ZIP Area

464

Density / Sq Mi

$88,551

Median Household Income

$52,704

Median Earnings

$1,169

Median Rent

$278,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Three townhome-style apartment properties with individually metered units, private outdoor areas, and in-unit laundry hookups.

Where is this apartment building located?

The property is located at 1230 Lake Charles Ave Porter, IN.

What is the asking price?

The asking price for this property is $4,200,000.

What are key features of this property?

This property features: 28 units across three townhome‑style apartment properties; Approximately 37,240 SF total; one 12‑unit property and two 8‑unit properties; All units feature 2‑bedroom, 1.5‑bath layouts