3934 Elm St East Chicago, IN 46312-2427

Property Details for 3934 Elm St

Year built

1927

Construction

WOOD

Lot size

0.11 lot acres

Property size

10,527 SF

Property type

Commercial real estate

APN

45-03-22-354-031.000-024

APU

450322354031000024

Description

This exceptional 6,606 square foot multifamily property, built in 1927, presents a unique investment opportunity in East Chicago, Indiana. Located at 3934 Elm Street, this former funeral home boasts a main floor encompassing 2,835 square feet, featuring a lobby/waiting area, office space, men's and women's restrooms, and a two-car garage (935 sq ft). The second floor offers approximately 2,835 square feet, currently divided into two apartments, each with a living room, dining room, kitchen, one bedroom, and one bathroom. These apartments offer immediate rental income potential, allowing for dual occupancy or leasing while operating a business on the main floor. The property sits on a 0.11-acre lot and is zoned R-4, Multi-Family Dwelling, providing flexibility for future development or continued use as a multi-family residence. Situated in Lake County, this property benefits from low Indiana taxes and its proximity to both downtown Chicago (approximately 18 miles) and Gary, Indiana. The asking price is $360,000, translating to $54.50 per square foot. This presents a compelling opportunity for investors seeking a versatile property with strong potential for rental income and future appreciation in a strategically located area. The property's size and zoning allow for a variety of uses, making it an attractive investment for both experienced and new investors.