322 W Mitchell Street
Property Description
Investor opportunity in the heart of Kendallville! This fully leased duplex delivers strong, immediate cash flow with $20,111 in NET annual gross rental income after expenses, and a desirable 10% cap rate. Both units are secured with leases extending through October 1, 2027, providing an established income stream for the next owner. Unit #1 tenants pay their own electric and gas, while the owner pays water and trash; the owner currently covers all utilities for Unit 2 that is fully furnished and leased for $1400/mo. Situated on a desirable corner lot, the property offers plenty of off-street parking plus additional street parking. Located just blocks from downtown Kendallville, tenants enjoy convenient access to local shopping, restaurants, and downtown amenities. With both units occupied, long-term leases in place, and a strong 10% cap rate, this property offers an attractive addition to any investment portfolio. 48 hour tenant notice is required for all showings. All of the furniture in unit #2 is provided by the owner, and it does convey with the property.
Broker Details
Trueblood Real Estate, LLC. 317-288-5148
MLS ID: 48559 State License Number: RB16000886
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $199,900 |
| No. of Units: | 2 |
| Year Built: | 1960 |
| Lot Size: | 1,882.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $99,950 |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 2 |
ID: 3yd-FWAARIN-202638905
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