Multi-Family Opportunity On Hohman Available

  • $600000
  • 10 beds
  • 7 baths
  • 8281 sqft

Property Overview

  • Total Units: 7
    • 6241 Hohman (4 Units):
      • Studio: $850
      • 1 Bedroom Apartment: $950
      • 1 Bedroom Apartment: $800
      • 1 Bedroom Apartment: $925
      • Monthly Total: $3,525
    • 6239 Hohman (3 Units):
      • 3 Bedroom Apartment: $2,200
      • 1 Bedroom Basement Apartment: $950
      • 2 Bedroom Apartment: $1,300
      • Monthly Total: $4,425
  • Total Monthly Income: $7,950
  • Total Annual Income: $95,400

Annual Expenses

  • Water: $2,400
  • Garbage Disposal/Management: $1,500
  • Property Taxes: $6,759.70
  • Property Insurance: $3,792.00
  • Utilities (NIPSCO): $3,728
  • Laundry Income Potential:
    • Current 1 Washer/1 Dryer generates $800 annually at $0.75 per load.
    • Increasing to $1.50 per load could generate $1,600 annually.
    • Adding a second washer/dryer set could further increase revenue.
  • Total Annual Expenses: $18,179.70

Net Operating Income (NOI)

Annual Income: $95,400
Less Expenses: $18,179.70
Net Operating Income: $77,220.30


Investment Metrics

  1. Purchase Price: $600,000
  2. Cap Rate:
    • NOI ÷ Purchase Price: $77,220.30 ÷ $600,000 = 12.87%
  3. Cash-on-Cash Return:
    • Dependent on down payment and financing terms.
  4. Potential Upside:
    • Increase laundry fees to $1.50/load and add additional machines to boost income.
    • Potential rent increases at lease renewals.

Investment Highlights

  1. Strong Cash Flow: NOI of $77,220.30 annually, providing a cap rate of 12.87%.
  2. High Income Potential: Gross monthly rent of $7,950 with room for additional revenue streams.
  3. Upside Opportunities:
    • Implement higher laundry rates and add a second set of machines for more revenue.
    • Adjust rents over time for market alignment.
  4. Strategic Location: Hammond, IN, is a sought-after rental market close to local amenities, transportation, and employment centers.

Why This Property?

This 7-unit property offers immediate cash flow, excellent returns, and multiple opportunities to maximize income. With a competitive 12.87% cap rate and located in a stable rental market, it’s a solid investment for any real estate portfolio.

Price:
$600000
Address:
6237 Hohman Ave #52
Hammond, IN 46324
Square Feet:
8281
Lot Size:
10454.4
Bedrooms:
10
Bathrooms:
7
Terms:
Assignment of Contract
Property Type:
Apartment
Year Built:
1950
Basement:
N/A
Const. Type:
Frame

Call (312) 600-3380 for more details

Property Location