Attention Investors! Don't miss this rare opportunity to acquire a multi-income producing property in the heart of historic Vernon, Indiana. This offering includes two buildings being sold together, featuring three fully leased residential apartments with long-term tenants, one additional unfinished apartment space with income potential, and an established restaurant tenant on the main level with a long-term commercial lease. The property also includes the only three-way liquor license in Vernon, a highly sought-after asset, and boasts a prime, high-traffic location directly across from the Jennings County Courthouse with ample public parking nearby. Combining historic charm, reliable rental income, and untapped potential, this is truly a one-of-a-kind investment opportunity in a growing community.
The building was the first commercial structure to be constructed in Vernon's commercial district following a devastating fire in 1859 which consumed the entire block along Pike Street, across from the Jennings County Courthouse. The "new", 3-story, Odd Fellows Building, also referred to as Mt. Ida Lodge # 73, was completed in 1860 and was one of two matching buildings that bookend the town's one-block commercial district. The building was built by contractor Samuel Read who constructed the Jennings County Courthouse. Read resided for a time on the second floor of the building. The third floor houses the Odd Fellows Lodge rooms and the first floor was occupied by a tin shop owned by James H. Wells. An attorney, William Hagins, also occupied the building. The three story masonry building is a contributing structure in the Vernon Historic District which is listed on the National Register of Historic Places. Rehabilitation work is eligible for the Federal 20% Rehabilitation Tax Credit. Property sold with preservation covenants attached to deed requiring approval by Indiana Landmarks for exterior changes and interior rehab. Interior woodwork around doors and windows at the second and third stories to be retained in rehabilitation. The property was acquired by Indiana Landmarks in December 2023 and the following work was undertaken: Selective masonry repointing, including significant work at parapet level; new dimensional shingle roof and guttering; rebuilt and painted side cornice with custom fabricated corbels, new authentic custom wooden window sashes at 3rd floor level with salvage antique window locks, some new window sashes on second floor, Significant interior clean-up of trash and debris, rebuilt 1st floor wooden floor system south side storefront space with repointed foundation stones, poured concrete foundation with perimeter drain and sum pump pit. New second floor floor system at NE corner of building at second level. Call to schedule your showing today!
Albert Wright Page, License RB14038157, Xome Inc., License RC51300094, [email protected], 844-400-XOME (9663), 4471 North Billman Estates, Shelbyville, IN 46176
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Vernon is located in Indiana. Vernon, Indiana has a population of 177. Vernon is less family-centric than the surrounding county with 12.96% of the households containing married families with children. The county average for households married with children is 25.84%.
The median household income in Vernon, Indiana is $36,705. The median household income for the surrounding county is $63,612 compared to the national median of $69,021. The median age of people living in Vernon is 50.9 years.
The average high temperature in July is 84.8 degrees, with an average low temperature in January of 21.1 degrees. The average rainfall is approximately 46.6 inches per year, with 11.6 inches of snow per year.
