833 114Th St Whiting, IN 46394

Property Details for 833 114Th St

Year built

1920

Lot size

0.60 lot acres

Property size

8,000 SF

Property type

Commercial real estate

Description

This exceptional 8-unit apartment building, located at 833 114th Street in Whiting, Indiana, presents a compelling investment opportunity. The property boasts 7,000 square feet of net rentable space within an 8,000-square-foot, two-story brick building situated on a 0.6-acre lot. Built in 1920, this well-maintained property features eight one-bedroom, one-bathroom units and an on-site laundry facility. Its prime location offers convenient access to major highways (I-90, US 41, and US 20), placing it within easy reach of downtown Chicago via the nearby Hammond-Whiting Station, which provides South Shore Commuter Train and Amtrak service. The property benefits from its proximity to a densely populated residential neighborhood, major employers including BP, Arcelor Mittal, and United States Steel Corporation, and numerous amenities such as Walmart, Strack & Van Til, and various restaurants. The asking price is $700,000, representing $87,500 per unit and a price per square foot of $100. The property generates a strong net operating income (NOI) of $55,615, resulting in a 7.94% capitalization rate. Current rents are below market rates, presenting significant upside potential for increased profitability. The strong rental demographic, with over 40,200 people living within a 3-mile radius and an average household income of $88,917, further enhances the investment appeal. This property offers a blend of strong cash flow, location advantages, and potential for future appreciation.