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2004 Mccord Road Valparaiso, IN 46383
17,280 SqFt
Open House
Fri Sep 18, 2:00pm - 4:30pm
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 17,280 sqft
Subdivision Jefferson Park 12Th Add
MLS Listing ID 845033
Year Built 1986
Annual Tax Amount $37,855
Tax Year 2025
Lot Size 1.520 Acres
Property Sub-Type Multi Family
Property Description
Five separately parceled four-unit buildings, held in common ownership and offered together as a single 20-unit portfolio in Valparaiso: 2004 McCord Road, plus 1302 Sturdy Road, 1304 Sturdy Road, 1306 Sturdy Road and 1308 Sturdy Road. All 20 units are two-bedroom, one-bath, averaging 864 SF, totaling 17,280 SF of building area on 1.52 acres. Each two-story building is paired with its own detached four-car garage, 20 private garage spaces, every one with an electric opener, an amenity uncommon in this unit-size band. Furnaces, A/C units and water heaters are individual to each unit, keeping capital planning incremental. Tenants pay water, sewer, trash, electric and gas, leaving ownership responsible only for common electric, lawn and snow, insurance, taxes and management, an expense ratio of 27.3 percent. In-place rents average 1,229 dollars per month against a pro forma of 1,475, a spread of 20 percent that local comparables support: three recent Valparaiso two-bedroom leases average 1,520. On a trailing basis the portfolio produces effective income of 291,538 and NOI of 212,019, a going-in return of 7.31 percent. Roughly 200,000 dollars of capital has already been deployed on unit rehabs and mechanical work.
Location
State IN
County Porter
Interior
Heating Forced Air
Cooling Central Air
Flooring Carpet, Vinyl, Tile
Fireplace No
Appliance Dishwasher, Refrigerator, Gas Range
Exterior
Parking Features Detached, On Street, Concrete
Utilities Available Other
Roof Type Shingle
Building
Story 2
Structure Type Vinyl Siding
Others
Acceptable Financing Other
Listing Terms Other
Listed by Ellsbury Group
