256 Miami StWabash, IN 46992

This mixed-use property in Wabash, Indiana, offers a compelling investment opportunity with a 12.39% cap rate. The 4,752 square foot building, constructed in 1960 and extensively renovated between 2021 and 2022, features a ground-floor restaurant space and two upstairs rental units. Currently, the occupancy is 67%, with the restaurant leased through November 30, 2024, and one upstairs unit leased through September 29, 2024. The second upstairs unit is currently vacant. The property boasts numerous recent upgrades, including a new tankless water heater, furnace, electrical system, fire alarms, exit signs, lighting, paint, flooring, and gas line and meter. Exterior improvements encompass painting, waterproofing, and tuckpointing. The building sits on a 0.04-acre lot and is a two-story structure. The current net operating income (NOI) is $50,800, with average gross monthly rents of $6,600 projected for 2024. All furnishings and equipment are to be removed upon sale, unless otherwise negotiated. The asking price is $410,000, translating to a price per square foot of $86.28. The lease type is net, with a one-year lease term and commencement date of December 1, 2023. This stabilized investment presents a strong potential for future growth and income.