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…
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Last updated Nov 27, 2024
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MLS# 22011974 —
The Building
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Year Built:1932
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New Construction:false
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Construction Materials:Aluminum Siding
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Architectural Style:Multi-Level
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Levels:Multi/Split
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Roof:Metal
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Basement:true
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Basement:Daylight/Lookout Windows, Exterior Entry, Full, Roughed In, Storage Space, Unfinished, Walk Out
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Foundation Details:Block, Full, Rock, Slab
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Exterior Features:Balcony, Outdoor Fire Pit
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Security Features:Smoke Alarm
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Direction Faces:North
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Green Certification:No
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Building Information:Other
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Gross Area SqFt:31886
Interior
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Laundry Features:No Laundry Facil.
Location
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Directions:GPS Friendly
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Latitude:38.714713
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Longitude:-85.467089
The Property
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View:true
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Property Type:Residential Income
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Property Subtype:Fourplex
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Property Attached:false
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Parcel Number:391412442043000003
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Acres:1/2-1 Acre
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Lot Features:City Lot, Curbs, Sidewalks, Storm Sewer, Street Lights, Mature Trees
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Lot Size Acres:0.73
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Lot Size SqFt:31,886 Sqft
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Price Per Acre:308219
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Property Condition:Fixer
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Additional Parcels:false
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Structure Type:Apartment Building
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View:false
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Waterfront:false
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Fence:No
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Current Use:Apt<20
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Possible Use:Apt<20
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Road Access:Street Cuts
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Road Frontage Type:City Street
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Road Surface Type:Asphalt
Listing Agent
- Contact info:
- Agent phone:
- (317) 512-4646
- Office phone:
- (317) 512-4646
Taxes
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Tax Lot:39-14-12-442-043.000-003
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Tax Year:2023
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Tax Exemptions:None
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Semi Annual Property Tax Amt:589
The Listing
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Inspection Warranties:Not Applicable,See Remarks
Heating & Cooling
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Heating:Baseboard, Forced Air
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Cooling:Window Unit(s)
Utilities
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Building Utilities:Separate Gas Meter,Sewer,Water
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Solid Waste:Yes
Schools
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Elementary School:Southwestern Elementary School
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Middle Or Junior School:Southwestern Middle School
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High School:Southwestern High School
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High School District:Southwestern-Jefferson Co Con
The Community
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Subdivision Name:Madison
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Amenities:near Hanover college
Parking
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Parking:On Street,Unpaved
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Parking Features:Gravel
Extra Units
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# of Units Total:7
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
11/18/24
Nov 18, 2024
|
Listed / Active | MIBOR | $225,000 |