18
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$869,000
Est. payment /mo
4,952 SqFt
Active
1227 W Porter AVE #1217 Chesterton, IN 46304
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,952 sqft
Price per Sqft $175
Subdivision Chicago Porter Home Inv Cos
MLS Listing ID 845034
HOA Y/N No
Year Built 1999
Annual Tax Amount $14,286
Tax Year 2025
Lot Size 0.269 Acres
Acres 0.269
Property Sub-Type Multi Family
Property Description
Six-unit multifamily property in Chesterton, built in 1999 and masonry-framed over two stories: four two-bedroom, one-bath units and two one-bedroom, one-bath units across 4,952 SF, averaging 825 SF per unit on a 0.27-acre parcel with 16 off-street parking spaces. Address range 1217 to 1227 W Porter Ave. Unit finish is unusually strong for the price point. Every unit carries its own forced-air furnace, central air conditioning and water heater, and the county record card values in-unit fireplaces at 30,200 dollars. Tenants pay their own gas, electric and in-unit water, leaving ownership responsible only for common-area electric, water and sewer, trash and grounds. That structure holds the current expense load to 36.8 percent of collected income and produces in-place NOI of 52,281 dollars, a going-in cap rate of 6.02 percent at the offering price. The value-add case is the rent roll. In-place rents average 1,158 dollars per unit against ownership pro forma of 1,528, roughly 32 percent of embedded upside, with two units already on month-to-month terms and a third rolling in January 2027. Marked to those levels the property produces pro forma NOI of 69,515 dollars, a cap rate of 8.00 percent at the offering price, with no change to the physical plant. Chesterton sits inside the Duneland School Corporation, minutes from I-94, US-20 and the Dune Park South Shore station, and adjacent to Indiana Dunes National Park.
Location
State IN
County Porter
Interior
Heating Forced Air
Fireplace N
Appliance Dishwasher, Refrigerator
Exterior
Parking Features Off Street, Concrete
View Y/N true
Building
Sewer Public Sewer
Water Public
Others
Tax ID 640602227005000023
Acceptable Financing NRA20260909184638687358000000
Listing Terms NRA20260909184638687358000000
Listed by Ellsbury Group • Tariq Suboh
NEARBY SCHOOL & BUSINESS
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