328 N State St Unit 1-5 Kendallville, IN 46755
Estimated payment $2,196/month
Highlights
- Forced Air Heating and Cooling System
- Baseboard Heating
- Vinyl Flooring
- Ceiling Fan
- Level Lot
About This Home
Investment Opportunity!! Cash-Flowing 5-Plex in Kendallville! This purpose-built 5-unit property offers over 4,000 sq. ft. and has strong cash flow potential with room to raise rents. Having all units rented, this 5 plex brings in $4,200/month. Each unit is separately metered with split utilities, individual water heaters, and two units even have their own gas meters. Recent updates include a newer metal roof, vinyl siding, and updated water heaters. Tenants enjoy ample off-street parking and a convenient location close to schools, shopping, and downtown Kendallville. This is a rare chance to own a true multi-family income property with tenants already in place. Whether you’re looking to expand your portfolio or step into investment real estate with a strong performer, this 5-plex is the one to see!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,960
Year Built
- Built in 1870
Lot Details
- 0.25 Acre Lot
- Lot Dimensions are 66x166
- Level Lot
Home Design
- Vinyl Construction Material
Interior Spaces
- 2-Story Property
- Ceiling Fan
- Vinyl Flooring
- Partially Finished Basement
Bedrooms and Bathrooms
- 12 Bedrooms
- 5 Full Bathrooms
Parking
- 6 Parking Spaces
- Driveway
- Off-Street Parking
Schools
- North Side Elementary School
- East Noble Middle School
- East Noble High School
Utilities
- Forced Air Heating and Cooling System
- Baseboard Heating
Listing and Financial Details
- The owner pays for building insurance, lawn maintenance, maintenance
- Assessor Parcel Number 57-07-33-420-085.000-020
Community Details
Overview
- 5 Units
Building Details
- Electric Expense $1,395
- Insurance Expense $4,980
- Maintenance Expense $4,966
- Trash Expense $995
- Water Sewer Expense $318
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $1,554 | $136,100 | $19,300 | $116,800 |
| 2023 | $2,965 | $134,800 | $16,800 | $118,000 |
| 2022 | $3,515 | $161,500 | $16,800 | $144,700 |
| 2021 | $4,299 | $195,500 | $16,200 | $179,300 |
| 2020 | $3,350 | $151,000 | $14,200 | $136,800 |
| 2019 | $3,171 | $141,000 | $13,300 | $127,700 |
| 2018 | $2,711 | $128,700 | $12,300 | $116,400 |
| 2017 | $2,609 | $130,200 | $12,300 | $117,900 |
| 2016 | $2,583 | $128,900 | $12,300 | $116,600 |
| 2014 | $2,316 | $115,600 | $12,300 | $103,300 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 11/10/2025 11/10/25 | Price Changed | $370,000 | -3.9% | $91 / Sq Ft |
| 10/16/2025 10/16/25 | Price Changed | $385,000 | -3.8% | $94 / Sq Ft |
| 10/03/2025 10/03/25 | For Sale | $400,000 | -- | $98 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | $200,000 | Metropolitan Title Company Of | |
| Deed | $150,000 | Metropolitan Title Company Of |
Source: Indiana Regional MLS
MLS Number: 202540110
APN: 570733420085000020
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