2401 Vine St New Castle, IN 47362

Property Details for 2401 Vine St

Year built

1980

Lot size

0.53 lot acres

Property size

6,125 SF

Property type

Commercial real estate

APN

33-12-11-430-223.000-016

Description

This exceptional 16-unit apartment building presents a compelling value-add opportunity in New Castle, Indiana. Located at 2401 Vine St, this single-story, 6,125 square foot property, built in 1980, sits on a 0.53-acre lot and is zoned for commercial use. Currently boasting 100% occupancy (as of August 28, 2024), the property generates a current NOI of $49,252, representing a 6.79% cap rate. However, with rents significantly below market ($440 average vs. $600 market rate), a pro-forma NOI of $74,548 and a 10.28% pro-forma cap rate are achievable without significant capital expenditures. The property features sixteen one-bedroom units, each individually metered for electricity. Significant improvements have already been made, including a new metal roof and gutters, updated vinyl double-pane windows (with the exception of two), a resurfaced parking lot, and an upgraded water line. Approximately half the units have newer cabinets and flooring. This property is offered at $725,000 ($45,313 per unit) and is situated in an Opportunity Zone, making it an ideal 1031 exchange opportunity. Seller financing options are available. The property's strong cash flow, below-market rents, and minimal capital improvement needs create a high-potential return on investment. The property's location in Henry County, approximately forty miles northeast of Indianapolis, offers convenient access to major transportation routes and amenities. This fee simple ownership presents a rare opportunity for investors seeking immediate cash flow and significant upside potential.

Location Insight

City

New Castle

County

Henry

State

Indiana

Longitude

-85.355217204197

Latitude

39.932271640422