509 E Commercial Ave
- Turnkey Asset: Fully renovated units with minimal near-term capital needs.
- Quality Construction: Brick building with dedicated on-site parking.
- Prime Location: Walkable to downtown with access to U.S. 41 and greater Chicagoland.
- Strong Market: Limited multifamily supply and growing housing demand.
Property Description
509 E. Commercial Ave presents the opportunity to acquire a fully renovated eight-unit apartment building in the heart of downtown Lowell, Indiana. The brick property features a dedicated 10-space rear parking lot and has undergone extensive renovations, including gut renovations with new plumbing and electrical in five units between 2018 and 2023 and approximately $25,000 invested per unit in the remaining three units in 2024 and 2025. With all units renovated and major capital improvements complete, the property offers minimal deferred maintenance and low expected operating costs. Located along Lowell’s historic Commercial Avenue, the property is within walking distance of local restaurants, retail, parks, and community amenities, while providing convenient access to Northwest Indiana and the greater Chicagoland employment base. T-12 financials reflect temporary vacancy related to the final renovations, but with the work now complete, the asset is positioned to operate at full income potential with minimal additional capital needs.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $740,000 |
| No. of Units: | 8 |
| Year Built: | 1924 |
| Lot Size: | 0.10 Acres |
| Opportunity Zone: | No |
| Price per unit: | $92,500 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
835 Driftwood Drive
St. Cloud, Minnesota
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout