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Listed by James Bausch • RE/MAX Results • Cell: 574-742-4531

$325,000

Est. payment - /mo

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5 Beds

5 Baths

4,047 SqFt

New

407 Wooster RD Winona Lake, IN 46590-1200

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Key Details

Property Type Multi-Family

Sub Type Fourplex

Listing Status Active

Purchase Type For Sale

Square Footage 4,047 sqft

Subdivision Farmstead

MLS Listing ID IRM202643295

Bedrooms 5

Full Baths 4

Half Baths 1

HOA Y/N No

Year Built 1948

Annual Tax Amount $3,549

Tax Year 2026

Lot Size 0.290 Acres

Acres 0.29

Lot Dimensions 100X127

Property Sub-Type Fourplex

Property Description

Investment Opportunity! Location, Location, Location! Grace College is directly across the street, making this an attractive rental location. The Village at Winona is just a short walk away, offering restaurants, shopping, and entertainment. Tenants can also enjoy easy access to the area's popular biking and walking trails at the edge of campus. Previously owner-occupied with the additional units rented out, this property provides the opportunity to live in one unit while your tenants help pay the mortgage! Whether you're looking to expand your investment portfolio or offset your own housing expenses, this property offers flexibility and room to increase revenue. Unit 1 is the spacious main residence, featuring beautiful hardwood flooring, 2 bedrooms, and 1.5 bathrooms. A generous living room showcases a feature fireplace and built-in bookshelves, while the large separate dining room provides plenty of space for entertaining. The kitchen offers abundant cabinetry for storage and organization. Upstairs, you'll find two generously sized bedrooms and a full bathroom. In the past, the dining room has also served as a third bedroom, offering additional flexibility. Unit 2 is located in the walkout lower level and features 1 bedroom and 1 bathroom. Unit 3, also located in the walkout lower level, enjoys peaceful views of the backyard and mature shade tree. This 1-bedroom, 1-bathroom unit features a charming eat-in kitchen with a pantry for extra storage. Unit 4 is situated above the garages and offers hardwood flooring, an open-concept living, dining, and kitchen area with 1 bedroom and 1 bathroom. Additional Income Potential! The spacious breezeway offers the possibility of adding coin-operated laundry machines for tenants, while two garage bays could potentially be rented separately for additional storage income. Units 1 and 2 are currently vacant, providing an opportunity for immediate occupancy or securing new tenants. All four units have historically been rented below market value, creating potential for increased rental income. Tenants currently pay their own electricity, while the landlord covers the remaining utilities. Future leases could potentially incorporate utility bill-backs to help offset operating expenses. Four units, multiple income opportunities, and an unbeatable location near Grace College and Winona Lake amenities! Live in one and rent the others, or maximize the property's potential as a fully leased investment.

Location

State IN

County Kosciusko County

Rooms

Basement Full, Partially Finished

Interior

Heating Gas, Forced Air

Inclusions Building, Land

Fireplace N

Exterior

View Y/N true

Total Parking Spaces 8

Building

Lot Description 0-2.9999

Story Two

Sewer Public Sewer

Water City

Level or Stories Two

New Construction No

Schools

Elementary Schools Jefferson

Middle Schools Edgewood

High Schools Warsaw

School District Warsaw Community

Others

Pets Allowed No

Tax ID 43-11-15-400-256.000-033

Acceptable Financing IRM202643295

Listing Terms IRM202643295

Special Listing Condition None

Pets Allowed Yes

Virtual Tour https://www.propertypanorama.com/instaview/irmls/202643295

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Broker License ID: RB14033486

+1(219) 405-3647