3860 Dunes Hwy Michigan City, IN 46360
- Apartment buildings
- 7,448 SF
Current Use by Public Records
- Apartment buildings
Property Details for 3860 Dunes Hwy
- Property size
- 7,448 SF
- Property type
- Apartment buildings
Description
This exceptional 8-unit apartment building in Michigan City, Indiana, presents a compelling investment opportunity. Priced at $1,100,000, this stabilized Class B property boasts a 9.63% cap rate and a strong net operating income (NOI) of $105,893. The property features 7,448 square feet of net rentable space, with each unit averaging $137,500. Completely renovated in 2022, the property includes two buildings, each two stories high, and is currently 100% occupied. All units, except two with existing tenants, have undergone full renovations, including high-end bathrooms with full surround tile and brand new HVAC units. The exterior has been freshly painted, and the grounds are meticulously maintained. A significant advantage is the inclusion of a 600-square-foot detached garage with its own electric service, electric garage door, and new roof. Further enhancing the investment potential is a commercial space currently leased to Kin Khao Thai and Sushi under a 5-year lease, commencing April 1, 2024, with the tenant responsible for renovations. This space includes a liquor license. The property's prime location in the Indiana Dunes, minutes from Lake Michigan beaches, offers significant upside potential, potentially doubling rental income through short-term rentals. This is a truly remarkable opportunity for a savvy investor seeking a high-return, well-maintained multifamily property in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Michigan City
- County
- Porter
- State
- Indiana
- Longitude
- -86.9582
- Latitude
- 41.6841
