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Multifamily

Gary Portfolio

1340 Washington St, Gary, IN 46407

Listing Price: $4,700,000

Cap Rate
8.66%
Number of Units
84
GRM
6.50
Occupancy
96.0%
Price/Unit
$55,952
Price/Gross SF
$56.30
Gross SF
83,480

Investment Overview

Marcus & Millichap is pleased to present the Gary Portfolio, consisting of Boardwalk Apartments, Church Hill Townhomes and Tyler Street Apartments, all located in Gary, Indiana. All of the properties are located on the southeast edge of Gary, within minutes of Interstate 80/94.

Boardwalk Apartments is a 48-unit apartment community located at 1340 Washington Street. The subject property consists of six buildings featuring all two-bedroom /one-bathroom units with 867 square feet. Every unit is equipped with full-sized washer and dryer and has a private balcony or patio.

Church Hill Townhomes is a 24-unit apartment community located at 204 E. 45th Avenue. The subject property consists of six all brick buildings featuring all two-bedroom / two-bathroom townhome units with 1,345 square feet. Every unit has a private entrance and basement with full-sized washer and dryer.

Tyler Street Apartments is a 12-unit apartment community located at 3500 Tyler Street. The subject property consists of two all brick buildings featuring all two-bedroom /two-bathroom units with 862 square feet. Every unit is equipped with a full-sized washer and dryer.

The Gary Portfolio has strong historical operations and occupancy in a stable northwest Indiana submarket. The Gary Portfolio is priced at a 8.66 percent cap rate on in-place net income. Upon closing the property has the potential for an investor to see returns or yields close to or exceeding 18 percent.

Investment Highlights

  • Three Property Portfolio
  • All Properties Have High Historical Occupancy
  • Opportunity To Increase Rents
  • Well Maintained Assets

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Samuel McCarthy

    Senior Associate

    (630) 570-2233

    Email Samuel

    License(s): IL: 475.176464

    Chicago Oak Brook

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Listing Price: $4,700,000

Cap Rate
8.66%
Number of Units
84
GRM
6.50
Occupancy
96.0%
Price/Unit
$55,952
Price/Gross SF
$56.30
Gross SF
83,480

Investment Highlights

  • Three Property Portfolio
  • All Properties Have High Historical Occupancy
  • Opportunity To Increase Rents
  • Well Maintained Assets

Investment Overview

Marcus & Millichap is pleased to present the Gary Portfolio, consisting of Boardwalk Apartments, Church Hill Townhomes and Tyler Street Apartments, all located in Gary, Indiana. All of the properties are located on the southeast edge of Gary, within minutes of Interstate 80/94.

Boardwalk Apartments is a 48-unit apartment community located at 1340 Washington Street. The subject property consists of six buildings featuring all two-bedroom /one-bathroom units with 867 square feet. Every unit is equipped with full-sized washer and dryer and has a private balcony or patio.

Church Hill Townhomes is a 24-unit apartment community located at 204 E. 45th Avenue. The subject property consists of six all brick buildings featuring all two-bedroom / two-bathroom townhome units with 1,345 square feet. Every unit has a private entrance and basement with full-sized washer and dryer.

Tyler Street Apartments is a 12-unit apartment community located at 3500 Tyler Street. The subject property consists of two all brick buildings featuring all two-bedroom /two-bathroom units with 862 square feet. Every unit is equipped with a full-sized washer and dryer.

The Gary Portfolio has strong historical operations and occupancy in a stable northwest Indiana submarket. The Gary Portfolio is priced at a 8.66 percent cap rate on in-place net income. Upon closing the property has the potential for an investor to see returns or yields close to or exceeding 18 percent.

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

  • Samuel McCarthy

    Senior Associate

    (630) 570-2233

    Email Samuel

    License(s): IL: 475.176464

    Chicago Oak Brook

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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