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31 N Madison Avenue, 
Hanover, IN 47243

$225,000


Bed


Bath


-

Sq Ft


Multi-Family

Pending

Listed by

Nancy Horton

Guardian Realty, LLC.

317-512-4646

Last updated:

April 2, 2025, 07:19 AM

MLS#

22011974

Source:

IN MIBOR

About This Home

31 N Madison Avenue

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.

Home Facts

Multi-Family

Built in 1932

Price Summary

225,000

MLS #:

22011974

Last Updated:

April 2, 2025, 07:19 AM

Added:

5 month(s) ago


Structure

Structure

Architectural Style:

Multi-Level

Year Built:

1932


Lot

Lot Size (Sq. Ft):

31,798


Finances & Disclosures

Finances

Price:

$225,000

Source:IN MIBOR
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Contact an Agent

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By clicking Contact I agree a Coldwell Banker Agent may contact me by phone or text message including by automated means and prerecorded messages about real estate services, and that I can access real estate services without providing my phone number. I acknowledge that I have read and agree to the Terms of Use and Privacy Notice.