Listed by Ellsbury Group
$1,490,000
14424 Morse Street
Details
Property Type Multifamily, Retail
Sub Type Apartment Building, Storefront
Square Footage 13,320
Units 16
Cap Rate 7.89%
NOI $114,375
Occupancy 93.75%
Tenancy Multi
Pro-Forma Cap Rate 9.61%
Pro-Forma NOI $139,373
Year Built 1930
Year Renovated 2025
Buildings 1
Stories 2
Ground Lease No
Multifamily | 16 Units | $93,125/unit
Marketing description
This exceptional investment opportunity offers 15 residential units and one retail space in the highly desirable and supply-constrained Cedar Lake rental market. Nearly all residential units have been recently renovated with modern finishes, providing investors with a turnkey asset that requires minimal immediate capital improvements. The property's strong in-place cash flow, significant unit count, and continued potential for future rent growth make it an outstanding opportunity for investors seeking both stability and long-term upside in one of Northwest Indiana's most sought-after rental markets.
Investment highlights
- Strategic Chicagoland Location - Positioned approximately 50 miles southeast of Downtown Chicago with direct access to I-65, US-41, and IL-394, providing convenient connectivity throughout Northwest Indiana and the greater Chicago metropolitan area.
- Growing Residential Community - Cedar Lake continues to experience steady residential growth, supported by new housing developments, strong in-migration, and increasing demand for quality rental housing.
- Lakefront Recreation - Home to the 794-acre Cedar Lake, one of Northwest Indiana's largest natural lakes, offering year-round recreational amenities including boating, fishing, beaches, parks, and waterfront dining.
- Established Retail Corridor - Residents enjoy convenient access to national retailers, grocery stores, restaurants, healthcare providers, and everyday services located throughout the surrounding commercial corridors.
- Regional Employment Access - Within close proximity to major employment centers including Crown Point, Merrillville, Hammond, Schererville, and the greater Chicago metropolitan area, supporting a diverse and stable workforce.
- 14 of the 15 residential units have been renovated within the past two years, including new kitchens, bathrooms, windows, granite countertops, and cabinetry.
Listing Contacts
Listed by Ellsbury Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$114,375.00
$9,531.25/mo
Valuation Metrics
0
DSCR
7.68%
Cap Rate
7.68%
ROI
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