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31 N Madison Avenue

Hanover, IN 47243

– beds
– baths
– sqft
~3/4 acre lot
1932 build

Buy a home or buy an opportunity? This property is a dream come true for the one who appreciates investment opportunity. 6 apartments are currently rented, and a 7th apartment awaiting your unlimited imagination to design and finish! You can call the shots on how simple or luxurious you'd like to live in this one, or you can finish and have a 7th apartment to rent. This building is functioning in its current condition; however it could use quite a bit of TLC. Upgrades that have been accomplished already include a new roof in 2019, apartment 1 (and a half) totally renovated in 2020, also exterior deck and stairs replaced in 2024 and upgraded to a covered porch. Buy this instead of a moderate single family home, of the same price, and after you finish renovations on the 7th apartment to your liking, you will enjoy a built in residual income for years to come. So, plan appropriately and you can live for free! Pretty smart. This property was at one time The Hanover Hotel, then it was converted into apartments in the 1970's and still serves as apartments. Current renters have leases that must be honored, expiring at different times. 3 of the occupants have lived here for 4 years.

Listing courtesy of MIBOR / Guardian Realty, LLC

Last checked: Checking… • Last updated Nov 22, 2024 •

MLS# 22011974 —

The Building

Year Built:

1932
New Construction:

false
Construction Materials:

Aluminum Siding
Architectural Style:

Multi-Level
Levels:

Multi/Split
Roof:

Metal
Basement:

true
Basement:

Daylight/Lookout Windows, Exterior Entry, Full, Roughed In, Storage Space, Unfinished, Walk Out
Foundation Details:

Block, Full, Rock, Slab
Exterior Features:

Balcony, Outdoor Fire Pit
Security Features:

Smoke Alarm
Direction Faces:

North
Green Certification:

No
Building Information:

Other
Gross Area SqFt:

31886

Interior

Laundry Features:

No Laundry Facil.

Location

Directions:

GPS Friendly
Latitude:

38.714713
Longitude:

-85.467089

The Property

View:

true
Property Type:

Residential Income
Property Subtype:

Fourplex
Property Attached:

false
Parcel Number:

391412442043000003
Acres:

1/2-1 Acre
Lot Features:

City Lot, Curbs, Sidewalks, Storm Sewer, Street Lights, Mature Trees
Lot Size Acres:

0.73
Lot Size SqFt:

31,886 Sqft
Price Per Acre:

308219
Property Condition:

Fixer
Additional Parcels:

false
Structure Type:

Apartment Building
View:

false
Waterfront:

false
Fence:

No
Current Use:

Apt<20
Possible Use:

Apt<20
Road Access:

Street Cuts
Road Frontage Type:

City Street
Road Surface Type:

Asphalt

Listing Agent

Contact info:

Taxes

Tax Lot:

39-14-12-442-043.000-003
Tax Year:

2023
Tax Exemptions:

None
Semi Annual Property Tax Amt:

589

The Listing

Inspection Warranties:

Not Applicable,See Remarks

Heating & Cooling

Heating:

Baseboard, Forced Air
Cooling:

Window Unit(s)

Utilities

Building Utilities:

Separate Gas Meter,Sewer,Water
Solid Waste:

Yes

Schools

Elementary School:

Southwestern Elementary School
Middle Or Junior School:

Southwestern Middle School
High School:

Southwestern High School
High School District:

Southwestern-Jefferson Co Con

The Community

Subdivision Name:

Madison
Amenities:

near Hanover college

Parking

Parking:

On Street,Unpaved
Parking Features:

Gravel

Extra Units

# of Units Total:

7

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
11/18/24 Nov 18, 2024	Listed / Active	MIBOR	$225,000

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This multifamily located in Hanover, IN 47243 is currently for sale for $225,000. 31 N Madison Avenue is a – square foot multifamily with – beds and – baths. This multifamily is in the attendance area of Southwestern Middle School, Southwestern High School, and Southwestern Elementary School.

Listing Courtesy of: MIBOR and Guardian Realty, LLC.

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Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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