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31 North Madison Avenue

Hanover IN 47243

31886 sq. ft.
Duplex
Currently for sale - view listing

Overview

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.

Features

31886 sq. ft. lot size
Duplex

Happy sellers in Hanover

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We have insufficient information to provide an overview of customer satisfaction for Hanover. Viewing the agent profiles, reviews and sales for Hanover can provide insights for this location.

Local market activity for duplexes in Hanover

In the last 12 months, 1 duplex similar to 31 North Madison Avenue, have been sold.

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(619) 566-0008
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