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$225,000
4
beds
4
baths

31 N Madison Avenue
Hanover, Indiana 47243

New / MLS #22011974 / Multiple Unit (2-4) / Hanover
Listing information updated 11/18/2024 at 5:06pm
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.
Architecture Style:
Multi-Level
Exterior Type:
Aluminum Siding
Basement:
Daylight/Lookout Windows,Exterior Entry,Full,Roughed In,Storage Space,Unfinished,Walk Out
Beds Above Grade:
4
Cooling System:
Window Unit(s)
Heating System:
Baseboard, Forced Air
Pool:
No
Age:
92 Years
Roof Type:
Metal
Water Front:
No
Square Feet:
N/A
Lot Size:
0.73 Acres
Acreage:
0.73
Tax Amount:
N/A
Tax Year:
2023
Zip Code:
47243
City:
Hanover
County:
Jefferson
School District(s):
Southwestern-Jefferson Co Con
Elementary School:
Southwestern Elementary School
Middle School:
Southwestern Middle School
High School:
Southwestern High School

Listing Office: Guardian Realty, LLC

Agent Contact Information: CallNancyHorton2Move@yahoo.com

Disclaimer: The data relating to real estate for sale on this website comes courtesy of MIBOR REALTOR® Association as distributed by MLS GRID. Real estate listings held by brokerage firms other than @properties are marked with the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 11/18/2024 at 5:06pm. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

$217,000
Average Sale Price
74
Average Days On The Market
91%
Sales Prices VS. List Price
Data represents the community area’s average over the past 12 months. All information deemed reliable, but not guaranteed.
Map of 31 N Madison Avenue, Hanover, IN 47243

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31 N Madison Avenue is a multiple unit (2-4) currently listed at $225,000. 31 N Madison Avenue features 4 Beds, 4 Baths. This multiple unit (2-4) has been listed on @properties IND since November 18th, 2024 and was built in 1932. Nearby schools include Southwestern Elementary School, Southwestern Middle School, and Southwestern High School.