Chiafos Rental Resort

55-Unit Waterfront Multifamily | $47,000/Month In-Place Income | 80% Occupied | STR Optionality
Monticello, Indiana

Executive Overview

Chiafos Rental Resort is a 55-unit waterfront multifamily asset located immediately outside the entrance to Indiana Beach Amusement & Water Park in Monticello, Indiana.

The property is currently operating at approximately 80% occupancy and generating $40,000 per month in gross rental income under a multifamily-style leasing model. This provides stabilized in-place cash flow with immediate upside through lease-up to market occupancy and operational optimization.

Originally repositioned and significantly improved, the asset offers investors a rare combination of:

• Waterfront real estate

• Newly constructed product

• In-place income

• Dock revenue expansion

• Short-term rental (STR) optionality

Seller financing is available for qualified buyers.

In-Place Performance

• Current Occupancy: ~80%

• Current Gross Rents: ~$47,000 per month

• Stabilized Lease-Up Opportunity: 95%+ occupancy target

• Additional Revenue Upside: Dock expansion & STR conversion

At current performance, the property demonstrates proven demand and immediate cash flow, with further NOI growth achievable through operational optimization.

Unit Mix (55 Total Units)

• 20 Two-Story 2BR / 1BA Units

• 18 Single-Story 2BR / 1BA Units

• 17 One-Bedroom Units (hotel-style layout with full kitchens)

All units include full kitchens, supporting:

• Traditional multifamily tenancy

• Workforce housing

• Extended-stay occupancy

• Short-term rental conversion

The flexible layout allows investors to maintain long-term stability or transition portions of the asset to a higher-yield STR model.

Capital Improvements

Significant recent capital investment has materially reduced deferred maintenance risk:

• Ground-up construction of 38 units

• Complete renovation of 17 units

• New siding, roofing, porches

• New kitchens and bathrooms

• Updated flooring and exterior finishes

• Site and infrastructure upgrades

The scope of improvements positions the asset closer to new construction quality than legacy waterfront product typical in the market.

Waterfront Infrastructure

• Direct frontage on Lake Shafer

• 12 completed boat docks

• Approvals in place for expansion up to 36 docks

• 40’ x 60’ maintenance pole barn with restroom facilities

Dock expansion alone presents measurable ancillary revenue potential through seasonal leasing and premium waterfront positioning.

Location & Demand Drivers

Located directly adjacent to Indiana Beach and positioned on Lake Shafer, the property benefits from:

• Strong seasonal tourism traffic

• Lake-based recreational demand

• Limited competing waterfront rental inventory

• Diversified employment base supporting year-round occupancy

This combination supports both traditional multifamily stability and STR-driven revenue upside.

Investment Highlights

• 55 total units in a waterfront setting

• 80% current occupancy with lease-up upside

• 38 newly constructed units

• 17 fully renovated units

• Heavy two-bedroom unit mix

• Minimal near-term capital expenditure requirements

• 12 existing boat docks with approvals for up to 36

• Seller financing available

• Ability to operate as traditional multifamily or short-term rental