Listed by Ellsbury Group
$1,750,000
1230-1256 Lake Charles Ave
Details
APN 64-03-34-426-002.000-026
Property Type Multifamily
Sub Type Apartment Building, Duplex/Triplex/Quadruplex
Square Footage 15,960
Net Rentable (SqFt) 1,330
Units 12
Cap Rate 7.01%
NOI $122,675
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 8.88%
Pro-Forma NOI $155,434
Price per SqFt $110
Year Built 1995
Buildings 3
Stories 2
Acreage 1.570
Parking Spaces 12 spaces
Parking Per SqFt 0.75
Investment Type Value Add
1230-1256 Lake Charles Ave, Porter, IN 46304
Marketing description
12-unit townhome-style multifamily investment opportunity in Porter, Indiana. The property features twelve 2-bedroom, 1.5-bath units averaging approximately 1,330 SF, each with a private deck, in-unit laundry hookups, individual HVAC systems, and access to detached garage parking. Tenants are responsible for electric, gas, water/sewer, and trash, helping minimize operating expenses. Recent improvements include roof replacement, parking lot resurfacing, and ongoing mechanical updates. Located minutes from I-94, US-20, the South Shore Line, and Indiana Dunes National Park, this property offers strong cash flow with value-add potential through future rent increases.
Investment highlights
- 12 townhome-style units (built 1995) — spacious 2BR / 1.5BA layouts averaging 1,330 SF
- Private rear deck/balcony off the living area; in-unit washer/dryer hookups
- 12 detached garage spaces (two structures, 6 bays each) providing additional income
- Individually metered — tenants pay electric, gas, water/sewer & trash (low owner expense load)
- Individual furnace, A/C and water heater in every unit
- Recent capital: roof (2016), lot repaved (2019), rolling HVAC/water-heater replacements (2014-2025)
- Value-add: ~$1,312 in-place rents vs. $1,600 market — ~22% upside to an 8.88% pro forma cap
- Minutes from I-94, US-20 & the Dune Park South Shore station; near Indiana Dunes National Park
Listing Contacts
Listed by Ellsbury Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$122,675.00
$10,222.92/mo
Valuation Metrics
0
DSCR
7.01%
Cap Rate
7.01%
ROI
Map
Zoning
PB CommercialSpecial CommercialProfessional Business District
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View all 21 uses Last updated Feb 27, 2026 For deeper zoning details, reports are available at Zoneomics
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