4128 Washington St Gary, IN 46408

Property Details for 4128 Washington St

Year built

1921

Property size

2,864 SF

Property type

Commercial real estate

APN

45-08-28-428-021.000-004

Description

Investor opportunity! This meticulously renovated three-unit apartment building in Gary, Indiana, presents a compelling investment prospect. The property, located at 4128 Washington St, boasts a total of 2,864 square feet on a 5,009 square foot lot and features three units: one three-bedroom, one-bathroom unit, and two two-bedroom, one-bathroom units. Each unit has undergone a complete renovation in 2024, showcasing updated finishes including granite countertops and stainless steel appliances in two units. The building itself is a brick structure with recent improvements including a new roof, HVAC system, concrete porches, and crack-free sidewalks. Additional upgrades include hardwood, tile, and luxury laminate flooring, new lighting, and professional landscaping. The property includes six parking spaces and is zoned R-1. Built in 1921, this property offers a strong 11.51% cap rate with a net operating income (NOI) of $50,400 and an asking price of $438,000 ($146,000 per unit). Projected rents, based on a professional property management company assessment, indicate significant rental income potential. Currently vacant, this property is ready for immediate occupancy and income generation. The property's location in Gary, IN, and its attractive features make it an ideal investment for owner-users or investors seeking a high-return property. The APN is 45-08-28-428-021.000-004.