1164-1170 Connecticut St - Apartments FOR SALE


Gary, IN 46407- Midtown Gary
$1,050,000 USD
224-639-6382
1164-1170 Connecticut St, Gary, IN for Sale
$1,050,000 USD
Apartments - FOR SALE
1/1
null | 10.04% Cap Rate

1164-1170 Connecticut St
Gary, IN 46407
Midtown Gary


HIGHLIGHTS

  • Clear value-add strategy through renovating remaining unrenovated units | Complete full gut rehabs of two vacant units
  • Improve operations through modern leasing, marketing, and maintenance systems | Two adjacent buildings at 1164 and 1170 Connecticut St.
  • Within walking distance to retail, grocery, and entertainment | Multiple entrances and ample street parking
  • Hardwood floors, wood trim, updated kitchens in select units | Potential upside through future RUBs implementation
  • Basement renovation opportunity for tenant storage and on-site laundry | Most units already received light renovations | Positioned just off Broadway
  • Complete tear-off roof replacements in 2021 | New boiler systems installed in 2022 | Benefits from ongoing redevelopment

OVERVIEW

The investment opportunity offers a clear value-add strategy through renovating the remaining unrenovated units, completing full gut rehabs of the two vacant units, and improving operations through modern leasing, marketing, and maintenance systems. The property consists of two adjacent buildings located at 1164 and 1170 Connecticut St. in Gary, Indiana, within walking distance to retail, grocery, and entertainment and just minutes from surrounding schools and nearby cities. Originally built in 1927 and updated over time, the buildings feature multiple entrances, ample street parking, and access to an adjacent vacant lot used for tenant parking. Unit interiors include hardwood floors, wood trim, updated kitchens in select units, and strong natural light throughout. Tenants separately pay cooking gas and electric through NIPSCO, while ownership covers heat, common area electric, and water, creating potential upside through future RUBs implementation. Additional upside exists through basement renovations to bring tenant storage and on-site laundry online. Most units have already received light renovations including updated finishes, flooring, cabinets, and appliances. Major capital improvements include complete tear-off roof replacements in 2021 and new boiler systems installed in 2022. Positioned just off Broadway, Gary's main north-south corridor, the asset stands to benefit from ongoing redevelopment and investment throughout the area.

FOR SALE DETAILS

PRICE

$1,050,000 USD

PRICE/SF

$82 USD /SF

# OF UNITS

19

PRICE/UNIT

$55,263

CAP RATE

10.04%

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1927

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

C

APN/PARCEL ID

45-08-10-152-016.000-004

ASK ABOUT THIS PROPERTY

Michael JuliusKiser GroupMore Info
224-639-6382

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Michael JuliusKiser GroupMore Info
224-639-6382

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.