Fully Occupied 19-Unit Apartment
1923 Clark St Whiting, IN 46394
1923 Clark St, Whiting, IN, 46394
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For Sale
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All-brick 19-unit apartment building with 15 recently remodeled units and separate utilities billing.
Property Size15,696 SF
Price / SF$114.68
Days on Market77
Property Features for 1923 Clark St
General Information
- Standard status
- Active
- Size
- 15,696 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1926
Listing agency
Diversified Commercial Real Estate
(219) 836-4740
Listed by
Mike Larson · License #IN #RB14030764
Source
Crexi
Added: May 7 Updated: Jul 21 at 9:57PM Checked: Jul 21 at 9:57PM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $267.5k | $17.04 |
| − Vacancy | −$15.0k | −$0.95 |
| EGI | $252.5k | $16.09 |
| − OpEx | −$113.6k | −$7.24 |
| NOI | $138.9k | $8.85 |
15,696 SF · lease $17.04/SF/yr · vacancy 5.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.74M – $2.31M
NOI $138,865 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.38M
$3.83M – $5.11M
NOI $306,719 @ 7.0% cap · market cap 17.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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 $1,800,000.
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
