144 S Wabash, Wabash, IN 46992

About this home

Fully leased and generating immediate income, this mixed-use investment opportunity is ideally positioned in the heart of downtown Wabash. Offering a strong in-place cash flow with additional upside potential, the property currently produces $42,120 in annual gross income, with the lower-level apartment leased at $1,160/month (with minor concessions), the upper apartment at $850/month, and the main-level commercial space at $1,500/month. The building features approximately 1,452 square feet of commercial space on the main level, complete with an open work area, conference room, kitchenette, and half bath, while the upper unit offers a 3-bedroom, 1-bath apartment with a private entrance, and the lower level includes a fully renovated 2-bedroom, 1-bath apartment. Significant updates completed approximately two years ago enhance the property’s appeal and reduce maintenance concerns, including updated plumbing, HVAC systems, electrical, and vinyl replacement windows throughout, along with renovations to both the lower apartment and commercial space featuring modern finishes. Each unit benefits from separate utilities and mechanical systems, contributing to a low-maintenance investment profile. With fully occupied tenancy and tenants who prefer to remain, this property provides reliable income from day one. In addition to its current performance, the property presents clear value-add opportunities. The upper apartment offers potential for increased rent with minor cosmetic updates, while the commercial space is currently below market rate, creating an opportunity to further improve net operating income. With immediate cash flow, solid fundamentals, and a straightforward path to enhanced returns, this is an exceptional investment opportunity in a prime downtown location.