Rick & Cindy Shepherd
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Rick & CindyShepherd

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About the Property
MLS #202621117
StatusActive
Property TypeResidential Income
Property SubTypeMulti Family
Square Feet7,880 sqft
New ConstructionNo
TypeApartment Complex
Bedrooms18
Bathrooms14 (14 Full)
Year Built1970
Days On Market3
DesignOther
CoolingWindow Unit(s)
HeatingBaseboard
GarageN/A
Garage SpacesN/A
SewerPublic Sewer
FencingN/A
Financial
Assoc. DuesN/A
Rick & Cindy Shepherd
Contact the agent about this listing.

Rick & CindyShepherd

New
$715,000
408 N Jefferson Street
Converse, IN 46919
MLS# 202621117
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7,880
Sq. Ft.
18
Bed
14
Bath
0.45
Acre(s)
14-Unit Apartment Complex | Prime Main Road Location | Value-Add Opportunity Prime investment opportunity in the heart of Converse! This well-maintained 14-unit apartment complex, situated directly on Jefferson Street, offers a stable, income-producing asset with immediate potential for forced appreciation. The property consists of three separate buildings (two triplexes and one 8-plex), providing a flexible and manageable layout. This complex is a true "Value-Add" play. Unit #1 is currently undergoing renovations; the majority of building materials have already been purchased and will convey with the sale, allowing the new owner to finish the project and realize immediate rental income upside. With 10 of the 14 units on the ground level, this property is highly desirable for tenants and maintains consistent demand. Key Property Highlights: • Unit Mix: (4) 2-Bedroom/1-Bath units; (10) 1-Bedroom/1-Bath units. • Property Composition: Three buildings (two triplexes, one 8-plex). 8-plex features a 2-story design with on-site laundry facilities for added monthly revenue. • On-site laundry room featuring commercial-grade machines. The equipment is provided and maintained by a third-party vendor—offering you steady, passive laundry income without the hassle of equipment repairs or maintenance. • Accessibility: Highly accessible design with 10 units featuring ground-level entry. • Prime Accessibility: Located directly on Jefferson St (Main Rd) in Converse. • Immediate Amenities: Situated adjacent to Dollar General for maximum tenant convenience. • Districts: Served by the well-regarded Oak Hill United School Corporation. • Maintenance: Significant capital expenditure already addressed with roofs replaced just 5 years ago. • Upside Potential: Unit #1 near completion—all materials on-site will be transferred to the buyer at closing. Don't miss this opportunity to acquire a turnkey portfolio with built-in equity potential. Current rent roll and operating expense summary are available upon request for qualified buyers. Showings by appointment only.
Sale Includes:
  • Dryer
  • Range
  • Refrigerator
  • Washer
Map & Directions:
From Marion, follow SR 18 West out of the city. As you enter Converse, you will reach the main thoroughfare, which is Jefferson Street. Head north on Jefferson St and property is located a mile or so down the road on your right.
About the Property
MLS #202621117
StatusActive
Property TypeResidential Income
Property SubTypeMulti Family
Square Feet7,880 sqft
New ConstructionNo
TypeApartment Complex
Bedrooms18
Bathrooms14 (14 Full)
Year Built1970
Days On Market3
DesignOther
CoolingWindow Unit(s)
HeatingBaseboard
GarageN/A
Garage SpacesN/A
SewerPublic Sewer
FencingN/A
Financial
Assoc. DuesN/A
Dimensions & Additional Detail
ExteriorBrick, Vinyl Siding
Lot Square Feet19602
Lot Size0.45 Acres
Lot Dimensions140x140
Schools
School DistrictOak Hill United School Corp.
Elementary SchoolConverse/Sweetser
Middle Or Junior SchoolOak Hill
High SchoolOak Hill
Location
CountyMiami
SubdivisionOther
TownshipJackson
CityConverse
StateIN
Zip46919
Listing Provided Courtesy of Jonathan Preusz. CENTURY 21 Bradley Realty, Inc Phone: 765-667-1990