About 2004 Mccord Road
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.
