Multifamily Property for Sale in Nappanee, IN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Nappanee, IN 46550

Description

Marcus & Millichap is pleased to exclusively present the Northside Manor Apartments in Nappanee, IN. Northside Manor has an attractive unit mix of none studio units, ten one-bedroom/one-bath, 15 two-bedroom/one-bath, Four (4) two-bedroom/two-bath, and 27 two-bedroom/one-bath Townhome style units. 28 out of the 65 units have been renovated, achieving an approximate 21.96 Percent ($174.21 per month) proven premium compared to the non-renovated units. We believe there is further rental upside on the renovated units, especially for the townhome style units. Over the past Three years, the current owner has invested significant capital expenditures into the property, including but not limited to, all new roofs, new parking lot, new gutters, interior unit renovations, new siding and windows on two buildings, adding better crawlspace access, and addressing foundational concerns. Nappanee is located approximately 27 miles southeast of South Bend (35-40 Minute drive), 15 miles southwest of the affluent town of Goshen, Indiana and 18 miles directly south of Elkhart, Indiana. Elkhart has been labeled as the ‘RV capital of the world’ as manufacturing facilities in the area produce approximately 80 Percent of all RVs worldwide. Major employers in Nappanee and nearby towns include Keystone RV, Jayco, Elkhart Hospital, Supreme Industries, Newmar Corp, and Morryde International. Investment Highlights: • Great unit mix: 71 Percent two-bedroom units • Over $900k in capital expenditures spent in the past three years • 21.96 Percent Proven Premium on Renovated Units ($174/mo) • Proforma 8.38 Percent cap rate

Market Context

This multifamily in Nappanee, IN is listed for sale. It is offered at an approximate 7.0% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Nappanee, IN — <a href="/search/sale/multifamily/indiana/nappanee">view the full market</a>.

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