8137 Pine Island Terrace, Crown Point, IN

About 8137 Pine Island Terrace

Well-maintained 4-unit apartment building, multifamily asset located in Crown Point, Indiana sitting on 0.51 acres. Built in 1978, this 4-unit property provides a strong investment opportunity. Prime location near schools, a community park, and local amenities, including on-site laundry facility and hallway storage for occupants. Owner is responsible for water (cold/hot) in units and common area, electricity only in common area, for gas bill in common area, and home owner association fees. Units are fitted with in-wall electric air conditioning units, electric baseboard heating, and electric appliances including stove. Tenants are responsible for respective electric bills. First floor units include a walk out patio, second floor units include a balcony. A car port in front of the building provides ample parking spaces. Spacious grass surrounding the building with a small stream behind the property. Brand new, single-layer roof installed in 2017. Rent: Understandably these may be lower than what the market may dictates but the owners financial capabilities allows lower rents to minimize turnover. Current tenants between 5-14 yrs on premise. New owners would have the ability to adjust rent to meet their needs. Total revenue: 4,160/month (includes est value for one open vacancy) + Laundry revenue ~200/month Expenses: - HOA 150/month includes garbage 2x week, fertilizer, and mowing/snow plowing parkway and parking lot - Water 135/mo - Elec 50/mo - Gas 50/mo Misc Details: -Gas is only in laundry room to support water heaters and dryer. No gas in units. -Water heaters 10 years -Washer (~2yrs) & Dryer (~5 yrs) are Speedqueen commercial quality. -No furnaces. -Each unit is fully electric with electric baseboard heating and electric stove. Tenants pay electricity. AC wall units: - 3 bd 1st unit 3yrs old, 2nd unit is older unknown age. - 2 bd all units have new AC units 1 yr old.

Listing Map