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USAINNew Castle2401 Vine St
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2401 Vine St, New Castle, IN

Real Estate

Sold

Listed price in listed location currency (USD).
$700,000
$725,000

000

MLS® 22003740

  • Key Facts
  • Description
  • Map

Key Facts

Type Other
Levels Commercial Sale
Size -
Garage No
Maintenance Fees 
Taxes 
Approx. Age 1980
MLS® Number 22003740

Property Address: 2401 Vine St, New Castle, IN, 47362-3706

Average square foot calculated using Size range provided by listing agent.

Description

Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal roof and gutters, updated vinyl double pane windows (two windows have not been replaced), resurfaced and restriped the parking lot, and upgraded the main water line from two inches to one inch, resulting in a substantial reduction in water costs. According to Addison Properties fifty percent of the units have newer cabinets and flooring. According to current rent roll average rents of $440 are seventy three percent below the $600 market rate (according to recent sold investment sales comps in Henry County and other rent comp studies), providing an experienced investor with an opportunity to capitalize on this value-add potential and achieve greater returns into the future. According to property manager no major capital improvements are needed to achieve these results, as the significant upgrades have already been completed and the interior of the units is in market-ready condition. If you prefer traditional lending terms over seller financing, we can connect you with our extensive network of credit union banking partners for potentially more favorable terms and a lower down payment. Additionally, if you're out of state and need a property manager, we can provide reliable connections for that as well.
MLS® Number22003740
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry LevelNo Laundry Facil.
Exposure
Exterior
GarageNo
Approx. Age1980
Stories
Pets

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

Heat
A/C
Heating Fuel

Extras

Similar Listings

Price History

Apr 8, 2025End Date
$700,000Sold Price

Sold

Sep 26, 2024List Date
$725,000List Price
  • Commute

Commute

Starting Address
Destination Address
2401 Vine St, New Castle, IN

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