31 N Madison AVE Pending Save Request In-Person Tour Request Virtual Tour
Hanover,IN 47243
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Pending
Purchase Type For Sale
Subdivision Madison
MLS Listing ID 22011974
Year Built 1932
Tax Year 2023
Lot Size 0.730 Acres
Acres 0.73
Property Description
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.
Location
State IN
County Jefferson
Rooms
Basement Daylight/Lookout Windows,Exterior Entry,Full,Roughed In,Storage Space,Unfinished,Walk Out
Interior
Heating Baseboard,Forced Air
Cooling Window Unit(s)
Fireplace N
Exterior
Exterior Feature Balcony,Outdoor Fire Pit
View Y/N false
Roof Type Metal
Building
Story Multi/Split
Foundation Block,Full,Rock,Slab
Architectural Style Multi-Level
Structure Type Aluminum Siding
New Construction false
Schools
Elementary Schools Southwestern Elementary School
Middle Schools Southwestern Middle School
High Schools Southwestern High School
School District Southwestern-Jefferson Co Con