Fully Occupied 19-Unit Apartment
For Sale
$1,775,000
1923 Clark St, Whiting, IN 46394
All-brick 19-unit apartment building with 15 recently remodeled units and separate utilities billing.
Property Size15,696 SF
Days on Market151
Property Features for 1923 Clark St
General Information
Standard status
Active
Size
15,696 SF
Class
A
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
19
Amenities
on-site laundry
Building Details
Building Size
15,696 SF
Year Built
1926
Year Renovated
2025
Units
19
Construction
Brick/Stone
Tenancy
Multi
Listing Agency:
Diversified Commercial Real Estate
Listed By:
Mike Larson · License ##RB14030764
(219) 836-4740
Source:
Commercialcafe
Added: May 8
Changed: Oct 5
Last Checked: Oct 4 at 7:02AM
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 Diversified Commercial Real Estate
Investment Insights
Based on property information with market context.
This all-brick/stone 19-unit apartment building is fully occupied and offers (1) 2-bedroom/1-bath unit, (13) 1-bedroom/1-bath units, and (5) studio apartments. Fifteen of the 19 apartments have been remodeled within the last three years. Each apartment is separately metered for NIPSCO (gas/electric), and units feature wall air conditioning with boiler/radiator heat. The landlord pays common area utilities, as well as water, sewer, and garbage. An on-site laundry room provides additional income.
The property is located in the heart of Downtown Whiting and is described as walkable to local restaurants and retailers, with proximity to Lake Michigan. It is listed as less than 2 miles from Horseshoe Casino and within 2 miles of Wolf Lake Pavilion, Lost Marsh Golf Course, Super Walmart, and Starbucks, along with other national retailers.
The building’s unit mix and separately metered structure support efficient tenant utility billing, with landlord-paid common services covering water, sewer, and garbage. On-site laundry further supplements building income.
The property is located in the heart of Downtown Whiting and is described as walkable to local restaurants and retailers, with proximity to Lake Michigan. It is listed as less than 2 miles from Horseshoe Casino and within 2 miles of Wolf Lake Pavilion, Lost Marsh Golf Course, Super Walmart, and Starbucks, along with other national retailers.
The building’s unit mix and separately metered structure support efficient tenant utility billing, with landlord-paid common services covering water, sewer, and garbage. On-site laundry further supplements building income.
Key Highlights
- All‑brick/stone 19‑unit apartment building built in 1926, fully occupied
- Unit mix: 1 two‑bedroom (1 bath), 13 one‑bedroom (1 bath), and 5 studios (1 bath)
- 15 of the 19 apartments were remodeled within the last 3 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,865
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,777,300
$2.8M
Cap Rate 7%
$1,983,786
$2.0M
Cap Rate 9%
$1,542,944
$1.5M
Market Conditions
NOI Build-Up for 15,696 SF
Gross rent
$267.5K $17.04/SF
− Vacancy
−$15.0K −$0.95/SF
EGI
$252.5K $16.09/SF
− OpEx
−$113.6K −$7.24/SF
NOI
$138.9K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,777,300
Cap Rate 7%
$1,983,786
Cap Rate 9%
$1,542,944
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.74M – $2.31M
NOI $138,865 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.38M
$3.83M – $5.11M
NOI $306,719 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
19
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 46394, IN
11,725
Population
5,437
Households
2.2
Avg Household Size
41
Median Age
23%
College-Educated
86%
High-School Grad
4.7 sq mi
ZIP Area
2,495
Density / Sq Mi
$66,386
Median Household Income
$41,643
Median Earnings
$970
Median Rent
$162,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - All-brick 19-unit apartment building with 15 recently remodeled units and separate utilities billing.
Where is this apartment building located?
The property is located at 1923 Clark St Whiting, IN.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: All‑brick/stone 19‑unit apartment building built in 1926, fully occupied; Unit mix: 1 two‑bedroom (1 bath), 13 one‑bedroom (1 bath), and 5 studios (1 bath); 15 of the 19 apartments were remodeled within the last 3 years
