15 Rimbach St Hammond, IN 46320-1708

Property Details for 15 Rimbach St

Year built

1890

Construction

TYPE NOT SPECIFIED

Lot size

0.13 lot acres

Property size

2,250 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

45-02-36-152-016.000-023

APU

450236152016000023

Description

This exceptional multifamily investment opportunity presents a fee-simple ownership of a six-unit apartment building situated at 15 Rimbach Street in Hammond, Indiana, 46320. The property comprises two buildings, each two stories high, totaling 7,000 square feet, with 6,000 square feet of net rentable space. The building features a mix of four one-bedroom/one-bathroom units and two studio units, all currently boasting 100% occupancy. Built in 1920, this property sits on a 0.6-acre lot and includes four parking spaces. The asking price is $500,000, representing $83,333 per unit and a price per square foot of $83.33. The property generates a strong net operating income (NOI) of $38,625, resulting in an attractive 7.72% capitalization rate. Its prime location offers convenient access to major roadways including US Highway 41, Interstates 90 and 94, and US Highways 6, 12, 20, and 41, as well as public transportation options such as the South Shore Line and Pace bus routes. The property benefits from proximity to numerous amenities, including grocery stores, restaurants, and parks, and is within a short distance of Purdue University Northwest-Hammond Campus. The surrounding area boasts a strong demographic profile, with a high concentration of residents and employees within a five-mile radius, indicating significant rental demand. This well-maintained property presents a compelling investment opportunity with excellent potential for future growth and strong cash flow.