2008 Broad St New Castle, IN 47362

This exceptional investment opportunity presents a 12-unit apartment building in New Castle, Indiana, situated on a 0.42-acre lot with approved variance for an additional 10-12 units. The existing two-story building, constructed in 1966 and extensively renovated in 2021-2022, boasts 5,184 square feet of net rentable space. Recent upgrades include a new roof and gutters (2022), tankless water heaters, and water softeners. The building currently houses eight one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units, achieving 100% occupancy as of September 10, 2024. The current NOI is $55,617, with a pro-forma NOI of $65,878 projected after the addition of new units. The weighted average rent is $647 per month, offering significant upside potential, particularly in the two-bedroom units. The asking price of $775,000 includes the existing building and the approved development site, which is not sold separately. The property is zoned commercial and features a convenient location on a main artery leading into downtown New Castle. The property is offered fee simple and qualifies for a 1031 exchange. This presents a unique chance to acquire a renovated multifamily property with substantial expansion potential, generating strong returns. The current cap rate is 7.18%, with a pro-forma cap rate of 8.50% projected after development. The price per unit is $64,583.33. The APN is 33-12-11-340-221.000-016.