Cash Flowing Triplex and Quad New Castle!
$300k OBO
Instant 7 Door Portfolio with 5 of the 7 Units Rented. Total Current Monthly Rental Income is $3295. If 2 vacant units are rented at Average Monthly Rental Rate, then total monthly income increases to $5189 per Month. Potential of $6182 + per Month if all rents were increased to Avg Monthly Rent per Rentometer.
| Address | Type | Current rent | Vacancy filled | Avg Market Rent | ||
| 1102 Thornburg | Triplex | |||||
| Unit 1 | 1/1 | $780.00 | $780.00 | $947.00 | ||
| Unit 2 | 1/1 | $0.00 | $947.00 | $947.00 | ||
| Unit 3 | 2/1 | $695.00 | $695.00 | $947.00* | ||
| Total | $1,475.00 | $2,422.00 | $2,841.00 | |||
| 417 S 12th | Quad | |||||
| Unit 1 | 1/1 | $725.00 | $725.00 | $947.00 | ||
| Unit 2 | Studio | $500.00 | $500.00 | $500.00** | ||
| Unit 3 | 1/1 | $595.00 | $595.00 | $947.00 | ||
| Unit 4 | 1/1 | $0.00 | $947.00 | $947.00 | ||
| Total | $1,820.00 | $2,767.00 | $3,341.00 |
Grand Total $3295.00 $5189.00 $6182.00
*No Valid Comps within 5 Mile Radius. Used Comps for 1/1 for the 2/1.
**No Comps Available for Studio. Kept Avg Mkt Rent same as current rent.
1102 Thornburg St New Castle, IN
This triplex has 2280 finished sq ft and features two 1/1’s and one 2/1. This is a solid rental with very little attention needed. This has all new electrical and 2 of the 3 units have been updated. Foundation, roof, and siding look good. There is some wood trim that would benefit from a scrape and paint or a replacement. Age of roof and mechanicals is not known, but there are no known issues.
Unit 410, which is a 1/1, has a Section 8 tenant who has been there more than 10 years and is very content. He pays $780 per month. The other 1/1 is currently vacant but per Rentometer, avg monthly rent for a 1/1 in this area should be $947. The 2/1 is rented for $695 but there were not enough 2/1’s within a 5-Mile Radius for a valid Comp for Avg Monthly Rent. Total rent is currently $1475 and if the 3rd unit is rented for the Avg Monthly Rental of $947, then the Total Monthly Income will increase to $2422 Per Month. Therefore, if all 3 units were increased to $947 per month plus $500 for the studio, then monthly income would be $3,341. The Semi-Annual Property Tax is $861.
Click here for additional photos of 1102 Thornburg: Pics 1102 Thornburg St New Castle – Google Drive
417 S 12th St New Castle, IN
This Quadplex has 2486 finished sq ft and features three 1/1’s and one studio. This has a new roof, new soffits, new fascia, new plumbing and all 4 units have been updated. Age of the mechanicals is unknown, but there are no known issues. The foundation would benefit from some tuck pointing as identified in pictures.
Two of the 1/1’s are rented for $725 and $595 per month and the 3rd 1/1 is vacant, the 4th unit is a studio renting for $595 per month. Per Rentometer, Average Market Rent for a 1/1 in this area should rent for $947 per month, however there were not any other studio rentals in this area for comparison. Total Monthly Cash Flow for this is currently $1820. If the vacant unit is rented at Avg Market Rent of $947 then monthly Cash Flow will be $2767. If all three 1/1’s were rented for Avg Monthly Rental plus the $595 for the studio, total monthly rent would increase to $3436 per month. The Semi-Annual Property Tax is $578.
Click here for additional photos of 417 S 12th: Pics 417 S 12th St New Castle, IN – Google Drive