Homes for sale - 31 N Madison AVE, Hanover, IN 47243

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Casey Lucas

Trendify Realty

clucas@trendifyrealty.com

Listed by Nancy Horton • Guardian Realty, LLC

$ 225,000

Est. payment | -/mo

0.73 Acres Lot

Save

$ 225,000

Est. payment | -/mo

Save

0.73 Acres Lot

Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

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

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