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1227 W Porter Avenue #1217 Chesterton, IN 46304
4,952 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 4,952 sqft
Subdivision Chicago Porter Home Inv Cos
MLS Listing ID 845034
Year Built 1999
Annual Tax Amount $14,286
Tax Year 2025
Lot Size 0.269 Acres
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
Cooling Central Air
Fireplace No
Appliance Dishwasher, Refrigerator
Exterior
Parking Features Off Street, Concrete
Utilities Available Other
Roof Type Shingle
Building
Structure Type Brick,Vinyl Siding
Others
Acceptable Financing Other
Listing Terms Other
Listed by Ellsbury Group
