1516 Main St Elwood, IN 46036

Property Details for 1516 Main St

Year built

1895

Lot size

0.16 lot acres

Property size

4,907 SF

Property type

Commercial real estate

Description

This 4,907 square foot commercial property located at 1516 Main Street, Elwood, Indiana, presents a unique investment opportunity for discerning buyers. Situated on a 0.16-acre lot, the property boasts a versatile layout ideal for various commercial uses. The building previously served as a laundry cleaner and U-Haul rental facility, demonstrating its adaptability. The lower level, encompassing 2,729 square feet, offers significant flexibility for subdivision and customized layouts to suit diverse business needs. The upper level, partially developed for two studio apartments, presents an additional income stream opportunity upon completion. The property includes an asphalt parking lot, adding convenience and functionality. While the property is currently in a distressed state and requires substantial renovations, including a new roof, the potential for significant return on investment is substantial. The City of Elwood offers the *potential* for tax abatements, further enhancing the financial attractiveness of this project. Serious investors seeking a high-reward, high-effort venture should act quickly to capitalize on this exceptional opportunity. This is a cash-only sale. The property is sold "as is."