Current Use by Public Records
- Apartment buildings
Property Details for 6021-55 Canden Ave
- Property type
- Apartment buildings
Description
This exceptional 100-unit apartment building in Portage, Indiana, presents a compelling investment opportunity. Boasting 96,200 square feet, the property features a mix of 82 two-bedroom and 18 one-bedroom units, offering diverse rental options. Strategically located near Interstate 80 and the Portage/Ogden train station, it provides convenient access to Chicago and Northwest Indiana's attractions. Built in 1972 and 1980, the property underwent significant renovations between 2022 and 2023, creating a solid foundation for continued growth. The complex comprises larger buildings with concrete balconies and smaller buildings nestled in a wooded setting, catering to diverse tenant preferences. With 203 surface parking spaces, separately metered electricity, electric baseboard heating, coin laundry in each building, and brick exteriors, this property offers numerous amenities. The current NOI is $804,244, with a pro-forma NOI of $993,442, reflecting a 6.43% cap rate and a pro-forma cap rate of 7.95%. The asking price is $12,500,000, representing a price per square foot of $129.94. The property's location offers easy access to the Indiana Dunes and other outdoor recreational areas, and is within a 50-minute drive of Midway International Airport. This investment presents a chance to capitalize on existing cash flow and implement a proven renovation strategy to further increase NOI and rental income. The property's strong location and recent renovations make it an attractive investment opportunity with significant upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portage
- County
- Porter
- State
- Indiana
- Longitude
- -87.1821
- Latitude
- 41.5793
