2401 Vine St New Castle, IN 47362

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.