31 N Madison Avenue Hanover, IN 47243

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Mike Thomas Associates
9601 Coldwater Road
Fort Wayne, IN 46825
(260) 489-2000
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Multi-Level • 92Y Old

$225,000

31 N Madison Avenue

0.73 Acres
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.

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Property
MLS # 22011974
Date Listed 2024-11-18
Status Active
Property Type Multi-Family/Apartments
Property SubType Fourplex
New Construction No
Style Multi-Level
Type Fourplex
Basement Daylight/Lookout Windows, Exterior Entry, Full, Roughed In, Storage Space, Unfinished, Walk Out
Year Taxes Payable 2023
Year Built 1932
Days on Market 36
Additional
Design Multi-Level
Cooling Window Unit(s)
Heating Baseboard, Forced Air
External Features
Construction Fourplex
Lot Size 31,886 sq ft
Acreage 0.73 Acres
Fence None
Location
Area Jefferson
County Jefferson
Subdivision Madison
Township Hanover
City Hanover
State IN
Zip 47243
Schools
School District Southwestern-Jefferson Co Con
Elementary Southwestern Elementary School
Middle School Southwestern Middle School
High School Southwestern High School
Financial
Assoc. Dues $0.00

MLS# 22011974
Listing Provided Courtesy of Nancy Horton
Guardian Realty, LLC
CallNancyHorton2Move@yahoo.com

Listing updated November 27, 2024 at 10:16 am
Last checked 18 minutes ago

IDX information provided by the MIBOR REALTOR® Association. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the MLS.

Learn More About 31 N Madison Avenue

Presented By
Mike Thomas Associates
9601 Coldwater Road
Fort Wayne, IN 46825
(260) 489-2000
Email
Agent to Contact

By clicking "Message Agent", you agree to be contacted by Sarah Hubley about your request. Please see our Privacy Policy.