410 Pne Lk Ave, La Porte, IN 46350-2304

Property Details for 410 Pne Lk Ave

Year built

1997

Lot size

0.20 lot acres

Property type

Turn key restaurants

APN

46-06-35-109-013.000-043

APU

460635109013000043

Description

This exceptional mixed-use property in La Porte, Indiana, presents a compelling investment opportunity. Located at 410 Pine Lake Ave, this 8,000 square foot building sits on a 24,436 square foot lot and boasts six units: three commercial spaces and three residential apartments. All units are currently 100% occupied, generating a substantial pro-forma NOI of $93,000 and a pro-forma cap rate of 10.33%. The asking price is $900,000, translating to $112.50 per square foot. Built in 2001 and extensively renovated between 2023 and 2024, the property features a new roof and siding, updated decks, and completely renovated apartments with new plumbing, electrical, HVAC, flooring, bathrooms, and kitchens. Each apartment includes an open-concept layout, granite countertops, stainless steel appliances, and in-unit washer/dryer hookups. The commercial spaces are leased to a single tenant under a new 3-year lease. Residential units are on 1-year leases. The property includes 12 parking spaces and is zoned B2. Separate utility meters for each unit ensure efficient tenant responsibility for utilities. This turnkey investment offers a strong cash flow and significant upside potential. The property's prime location on Pine Lake Ave provides excellent visibility and accessibility. All units have private exterior entrances. The APN is 460635101002000043.

Location Insight

City

La Porte

County

Laporte

State

Indiana

Longitude

-86.7333

Latitude

41.6175

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments