October 4, 2019 – Andrew O’Connell and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of eight (8) multi-family units in Crown Point, Indiana. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $615,000, which translates to a 7.61% Cap Rate.
The multi-family investment property, located at 117 Harrington Avenue in Whiting, Indiana, is comprised of eight (8) multi-family units. Constructed in 1975, the two story brick apartment building consists of 6,400 square feet of living area (8,300 gross square feet) on a 0.23 acre parcel with sixteen (16) off-street parking spaces. The property, which is separately metered for heat and electric has eight (8) two-bedroom, one-bathroom units. The property is well located along Harrington Avenue and is adjacent to Route 231. It is in close proximity to the Historic Downtown Crown Point (“The Square”) and its many amenities. 117 Harrington Avenue is adjacent to the towns elementary and middle schools, a brand-new municipal park, and a $10 million civic center that includes an ice rink, splash pool and amphitheater. The property is located less than 3 miles from Interstate 651 providing convenient access throughout Lake County as well as to Gary Indiana and to downtown Chicago. Additionally, the property benefits from strong demographics, more than 85,000 people live within a 5-mile radius of the property with an average household income in excess of $87,500.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.