Essex Realty Group, Inc. has been exclusively engaged to market for sale, Pioneer Apartments, located at 101-103 E Chicago Street in Valparaiso, Indiana. The property features 34 spacious units, consisting of an ideal unit mix of studios, 1-, 2- and 3-bedroom apartments. The apartments all feature hardwood and tile floors, built-in hutches, white kitchen appliances, laminate countertops, tenant paid electric baseboard heat, shared laundry in the basement, and rear decks.
The building has undergone several capital improvements over the years including a hot water heater & storage tanks, tuckpointing, electrical wiring & electric baseboard heat, windows, porches, sidewalks, and a replaced main sewage & drainage system. The opportunity exists for an investor to further improve upon the property by updating kitchens & baths, adding central A/C and installing in-unit laundry.
The property is situated on the north side of Chicago Street, just east of Franklin Street, and is conveniently located only two blocks north of the historic main square in Valparaiso. Several bus stops are within walking distance, and the city’s main highways are all 2 or less miles away, providing tenants with excellent transportation options. Pioneer Apartments sits in a prime location of Valparaiso, only a few blocks to Valparaiso University, close to the Indiana Dunes National Park & Lake Michigan Lakefront, and steps to the main square which includes an endless stream of local shops, restaurants, bars and entertainment options.
Pioneer Apartments is located about 55 miles southeast of downtown Chicago in the city of Valparaiso in Porter County, Indiana. Population in the county grew by 12% in the last census with much of the growth fueled by the expansion of the Chicago Metropolitan Area into a less expensive housing and a more favorable tax situation. Major regional employers include US Steel, Arcelor Mittal, BP Oil, four area casinos, the Port of Indiana and the Porter Health Center. The Indiana Dunes National Lakeshore at the southern tip of Lake Michigan provides recreational activities for Porter County residents as well as visitors.
Valparaiso is the county seat and the home of highly rated Division I Valparaiso University, which announced plans to expand its student population. Porter Regional Hospital opened a $215 million health facility in 2012 just north of Valparaiso. Residents are attracted to Valparaiso by its award winning schools, its diverse housing stock, shopping, restaurants and its recreational facilities. Access to Chicago or South Bend by car is available via I-90 and I-80 along with the South Shore rail or direct bus service to downtown, Midway Airport and O’Hare airport.
- Spacious & Bright Studios, 1-, 2- and 3-Bedroom Apartments
- Current Cap Rate = 7.96% & Market Cap Rate = 8.29%
- Recent Capital Improvements Include Newer Hot Water Heater, Updated Electrical Wiring & Refurbished Porches
- Unbeatable Location Two Blocks North of the Historic Main Square in Valparaiso
- Less Than 2 Miles to All Major Highways; Close to Lake Michigan Lakefront & Indiana Dunes National Park