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3600-3610 Washington St 8 Unit Apartment Building $509,625 CAD ($63,703 CAD/Unit) Gary, IN 46408
Investment Highlights
- 8 Apartments with Balanced Unit Mix
- Located One Block from Indiana University Northwest, Ivy Tech, Public Transit, Restaurants, Gyms, Grocery Stores, and Shops
- Indiana Real Estate Taxes
- 6/8 Units Renovated, Remaining Renovations Underway
- Lake County Favorable Landlord Laws
- Value-add Rents via Market Rate or Housing Choice Voucher program
Executive Summary
Kiser Group is pleased to present for sale the 3600 Washington Street apartments in Gary's University Park neighborhood. The property was constructed in 1953 and is a two-story brick building comprised of 4 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units.
Located in a residential neighborhood near both Indiana University Northwest and Ivy Tech, the property provides great access to transportation, parks, shopping centers, schools, and other offerings via Broadway, Ridge Road, and 80/94. The current rezoning and re-use of the Gleason Golf Course, just two blocks north, is the largest planned redevelopment nearby.
Currently, 6 out of the 8 units have undergone renovations that include updating carpeting, cabinetry, appliances, paint and flooring. Ample parking is available in the building's parking lot to the south or on the street to the north. The brick and tuckpointing at the property are in excellent shape as well as the copper or PEX piping servicing the units.
The complexes air conditioning is provided via 'through-the-wall' units while the heat is owner-paid and is provided by a baseboard HydroTherm R360. Additionally, each unit is sub-metered for electricity and cooking gas through NIPSCO which is the tenant’s responsibility. The roof was last replaced in 2021, a new sectional boiler was installed in 2023, and hot water is provided by two Richmond 40-gallon tanks installed in 2016. Rents include a $150 monthly fee to recover utilities and contract services at the property.
The investment opportunity is to increase rents to market levels over the course of ownership and consider Gary's Housing Choice Voucher tenants for maximum rents. The rent survey enclosed in this sale analysis details competing buildings in the neighborhood and demonstrates upside in revenue. The property at 3600 Washington provides an investor the unique opportunity to acquire an 8-unit cash flowing property with several options for future value-add in desirable Northwest Indiana.
Located in a residential neighborhood near both Indiana University Northwest and Ivy Tech, the property provides great access to transportation, parks, shopping centers, schools, and other offerings via Broadway, Ridge Road, and 80/94. The current rezoning and re-use of the Gleason Golf Course, just two blocks north, is the largest planned redevelopment nearby.
Currently, 6 out of the 8 units have undergone renovations that include updating carpeting, cabinetry, appliances, paint and flooring. Ample parking is available in the building's parking lot to the south or on the street to the north. The brick and tuckpointing at the property are in excellent shape as well as the copper or PEX piping servicing the units.
The complexes air conditioning is provided via 'through-the-wall' units while the heat is owner-paid and is provided by a baseboard HydroTherm R360. Additionally, each unit is sub-metered for electricity and cooking gas through NIPSCO which is the tenant’s responsibility. The roof was last replaced in 2021, a new sectional boiler was installed in 2023, and hot water is provided by two Richmond 40-gallon tanks installed in 2016. Rents include a $150 monthly fee to recover utilities and contract services at the property.
The investment opportunity is to increase rents to market levels over the course of ownership and consider Gary's Housing Choice Voucher tenants for maximum rents. The rent survey enclosed in this sale analysis details competing buildings in the neighborhood and demonstrates upside in revenue. The property at 3600 Washington provides an investor the unique opportunity to acquire an 8-unit cash flowing property with several options for future value-add in desirable Northwest Indiana.
Property Facts
| Price | $509,625 CAD | Building Class | C |
| Price Per Unit | $63,703 CAD | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 5,800 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1953 |
| Property Subtype | Apartment | Parking Ratio | 1.72/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | B | ||
| Price | $509,625 CAD |
| Price Per Unit | $63,703 CAD |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 5,800 SF |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.72/1,000 SF |
| Zoning | B |
Amenities
Unit Amenities
- Cable Ready
- Microwave
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Carpet
- Family Room
- Handrails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 700 |
| 2+1 | 4 | - | 750 |
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Property Taxes
| Parcel Number | 45-08-21-482-013.000-004 | Improvements Assessment | $412,185 CAD |
| Land Assessment | $20,793 CAD | Total Assessment | $432,977 CAD |
Property Taxes
Parcel Number
45-08-21-482-013.000-004
Land Assessment
$20,793 CAD
Improvements Assessment
$412,185 CAD
Total Assessment
$432,977 CAD
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3600-3610 Washington St
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