3600-3610 Washington St 8 Unité Immeuble d’appartements 509 625 $ CAD (63 703 $ CAD/Unité) Gary, IN 46408

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.