Buy a home or buy an opportunity? This property is a dream come true for the one who appreciates investment opportunity. 6 apartments are currently rented, and a 7th apartment awaiting your unlimited imagination to design and finish! You can call the shots on how simple or luxurious you'd like to live in this one, or you can finish and have a 7th apartment to rent. This building is functioning in its current condition; however it could use quite a bit of TLC. Upgrades that have been accomplished already include a new roof in 2019, apartment 1 (and a half) totally renovated in 2020, also exterior deck and stairs replaced in 2024 and upgraded to a covered porch. Buy this instead of a moderate single family home, of the same price, and after you finish renovations on the 7th apartment to your liking, you will enjoy a built in residual income for years to come. So, plan appropriately and you can live for free! Pretty smart. This property was at one time The Hanover Hotel, then it was converted into apartments in the 1970's and still serves as apartments. Current renters have leases that must be honored, expiring at different times. 3 of the occupants have lived here for 4 years.
Whispering Pines Apartments. (32) Apartment Units presently with (30) Units rented. There are (20) Two Bedroom Units, (8) One Bedroom Units and (4) Three Bedroom Units. There are (7) Four-Plex Buildings and (2) Duplex Buildings. There is also a Storage/Office Building that includes approximately 390 SF and Laundry Rental Units. Rents vary and are below market. 2021 Gross Income Collected was in excess of $170,000 with on-site Property Manager receiving free rent. Estimate of Market Rents suggest that Potential Gross Income should exceed $210,000 with Market Rents projected as $500 for 1-Bedroom Units, $600 for 2-Bedroom Units and $675 for 3-Bedroom Units. These Units are being sold in "As Is" condition, however, Inspections are Welcome. Call Listing Agent for More Information and to Schedule All Appointments
16 unit complex! Currently renting with all utilities included. Spacious lot allowing for additional space for future expansion.
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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Albert Wright Page, License RB14038157, Xome Inc., License RC51300094, [email protected], 844-400-XOME (9663), 4471 North Billman Estates, Shelbyville, IN 46176
Information is provided exclusively for consumers personal, non - commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2024, Southern Indiana Realtors Association. All rights reserved.
Hanover is located in Indiana. Hanover, Indiana has a population of 3,498. Hanover is more family-centric than the surrounding county with 32.35% of the households containing married families with children. The county average for households married with children is 29.92%.
The median household income in Hanover, Indiana is $52,279. The median household income for the surrounding county is $53,784 compared to the national median of $69,021. The median age of people living in Hanover is 28.3 years.
The average high temperature in July is 86.2 degrees, with an average low temperature in January of 21.3 degrees. The average rainfall is approximately 47.4 inches per year, with 12.3 inches of snow per year.
