Value add mixed use investment opportunity with massive upside potential in EXCELLENT condition! Currently generating 1,650/month from only two residential studio units (750 and 900 each), this property offers the ability to increase income to over 5,500/month through lease-up, unit expansion, and rent stabilization. The property features six total units retail, office, and residential including a 3,000 SF commercial space and a 1,950 SF commercial/office unit, both vacant and capable of commanding 1,200-1,600/month each. Two additional vacant office spaces can rent for 500-650/month each, or could be converted into larger residential units commanding 1250-1,500/month each. Off-street parking, additional rear lot space/storage, and on site laundry make this property highly appealing to tenants. Ideal for investors seeking to build equity, increase cash flow, and reposition an underperforming asset in a strong rental market.
Basic Details
Property Type : Commercial Sale
Listing Type : For Sale
Listing ID : NRA836484
Price : $489,999
Bedrooms : 0
Rooms : 0
Bathrooms : 0
Half Bathrooms : 0
Year Built : 1955
Lot Area : 6,534 Sqft
Status : Active
Acres : 0.15
Property Subtype 1 : Mixed Use
Status : Active
Features
Heating System : Natural Gas
Parking : Other, Off Street, On Street, Additional Parking, Alley Access
Exterior Features : Storage, Balcony, Private Yard
Address Map
Country : US
State : IN
County : Lake
City : Hammond
Street : Conkey
Street Number : 532-34
Street Suffix : Street
Postal Code : 46324
Floor Number : 0
Longitude : W88° 29' 7.3''
Latitude : N41° 36' 3.7''
Directions : From I-80/I-94 (Borman Expressway): Take Exit 1B for Calumet Avenue / IN-912 toward Hammond. Head south on Calumet Ave. Turn east onto Conkey Street. Property will be on the right-hand side