20620 Little Chicago RD new Save Request In-Person Tour Request Virtual Tour
Noblesville,IN 46062
Key Details
Property Type Multi-Family
Sub Type Fourplex
Listing Status Active
Purchase Type For Sale
Subdivision No Subdivision
MLS Listing ID 22038527
Year Built 1973
Tax Year 2024
Lot Size 0.470 Acres
Acres 0.47
Property Sub-Type Fourplex
Property Description
INCREDIBLE opportunity that only comes around once in a blue moon in the Indianapolis area! Rare, lakehouse investment property with four units including a 5-bedroom high-performing STR unit. The Airbnb/STR features a game room overlooking the lake, bunkhouse room (unit can sleep 22 total), large dining area with two banquet tables, multiple decks for lounging / taking in views, recreational equipment (kayaks, row boats, etc.), and more! Perched on the southwest corner of the lake with a stunning view Morse Reservoir, this property comes with 7 boat slips, allowing immediate access onto the waters for boating. Let's talk numbers because property cranks cash flow -- the STR unit grossed over $129K in 2024 (~$10,800 / mo). With over $97K in revenue on the books in 2025, is set to out-compete this year. Two of the units are rented to long-term residents, bringing in a stable backbone of cash flow -- 2-bedroom unit rented for $2000 / month, and a Studio apartment rented for $1100 / month. The last unit, the "Owner's Suite" is vacant, and ready for personal use or another rental income source (estimated at $1700 / mo). This one bedroom unit features a recently high-end remodeled bathroom w/ tiled surround, as well as a comfy loft for more heads to sleep. The projected revenue is $16,300 / mo, or just over $195K / year for this high-performing investment property. Use for personal recreational use just 30 mins outside Indy, further optimize it for a lucrative multifamily/STR investment, or buy it and convert to a single family home with ADU... Endless options here! Updates include roof, siding, gutters ('23), 74 new vinyl windows, 2 units have new HVAC, upgraded docks w/ floaters, new LVP flooring in Airbnb unit. Noblesville has recently completed a boardwalk & retaining wall along Little Chicago Rd. Property sits 13 mins to Grand Park in Westfield, which hosts over 5 million annual visitors / yr. Snag this one while you can!
Location
State IN
County Hamilton
Zoning Residential
Rooms
Basement Apartment,Finished,Walk Out,Exterior Entry
Interior
Heating Forced Air,Natural Gas
Cooling Window Unit(s)
Fireplace N
Exterior
Garage Spaces 3.0
View Y/N true
View Trees/Woods,Water,Forest
Roof Type Asphalt
Building
Story Three Or More
Foundation Slab
Architectural Style Contemporary
Structure Type Brick,Cement Siding
New Construction false
Schools
Elementary Schools Hinkle Creek Elementary School
Middle Schools Noblesville West Middle School
High Schools Noblesville High School
School District Noblesville Schools