Three-Unit Apartment
For Sale
$249,900
1653 W 10th Pl, Gary, IN 46404
Two upper residences are vacant and ready for leasing, while the ground-level unit is occupied.
Property Size1,449 SF
Price / SF$172.46
Days on Market78
Property Features for 1653 W 10th Pl
General Information
Standard status
Active
Size
1,449 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,046
Amenities
fenced yard
Building Details
Buildings
1
Listing Agency:
The Jaeger Group, LLC
Listed By:
Lakia Hasenjaeger · License #RB14032390
(219) 796-0449
Source:
Exprealty
Added: Aug 3
Changed: Oct 9
Last Checked: Oct 19 at 9:20AM
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 The Jaeger Group, LLC
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Investment Insights
Based on property information with market context.
Built in 1905, this three-unit apartment property includes two residences with 2 bedrooms, 1 bathroom, a living room, and an eat-in kitchen. Each measures approximately 850 square feet. The third residence provides 1 bedroom, 1 bathroom, and approximately 700 square feet. A large fenced yard adds shared outdoor space to the property.
The main-floor residence is occupied, while both upper-level units are vacant and ready for leasing. The property is located at 1653 W 10th Place in Gary, Indiana, and is offered in its present as-is condition.
The main-floor residence is occupied, while both upper-level units are vacant and ready for leasing. The property is located at 1653 W 10th Place in Gary, Indiana, and is offered in its present as-is condition.
Key Highlights
- 3‑unit apartment building built in 1905
- Two 2‑bedroom, 1‑bathroom units of approximately 850 square feet each
- Third unit includes 1 bedroom, 1 bathroom, and approximately 700 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,405
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,100
$288.1K
Cap Rate 7%
$205,786
$205.8K
Cap Rate 9%
$160,056
$160.1K
Market Conditions
NOI Build-Up for 1,449 SF
Gross rent
$21.7K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$20.6K $14.20/SF
− OpEx
−$6.2K −$4.26/SF
NOI
$14.4K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,100
Cap Rate 7%
$205,786
Cap Rate 9%
$160,056
Alternative Uses
Best Use
Multifamily LT 5
$205.8K
$180.1K – $240.1K
NOI $14,405 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$183.1K
$160.3K – $213.7K
NOI $12,820 @ 7.0% cap · market cap 5.13%
Theoretical Best
Specialty Retail
$404.5K
$353.9K – $471.9K
NOI $28,315 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
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Business Placement
Demographics for 46404, IN
15,658
Population
7,708
Households
2
Avg Household Size
39
Median Age
16%
College-Educated
89%
High-School Grad
6.0 sq mi
ZIP Area
2,610
Density / Sq Mi
$39,188
Median Household Income
$34,337
Median Earnings
$995
Median Rent
$88,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Two upper residences are vacant and ready for leasing, while the ground-level unit is occupied.
Where is this triplex located?
The property is located at 1653 W 10th Pl Gary, IN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 3‑unit apartment building built in 1905; Two 2‑bedroom, 1‑bathroom units of approximately 850 square feet each; Third unit includes 1 bedroom, 1 bathroom, and approximately 700 square feet
