14203 Illinois Rd - Apartments FOR SALE


Fort Wayne, IN 46814- Southwest Fort Wayne
$8,200,000 USD
260-424-8448
14203 Illinois Rd, Fort Wayne, IN for Sale
$8,200,000 USD
Apartments - FOR SALE
1/7
null | 6.1% Cap Rate

14203 Illinois Rd
Fort Wayne, IN 46814
Southwest Fort Wayne


HIGHLIGHTS

  • 53 total garden-style units
  • 55+ community
  • Expansion potential with adjacent 1.775 AC
  • Stable in-place cash flow

OVERVIEW

Sturges Property Group has been appointed the exclusive agent for the sale of The Cottages at Bridgewater, a rare opportunity to acquire a stabilized, income-producing 55+ garden-style community in one of the most desirable suburban corridors of Fort Wayne, Indiana. The property features 53 well-maintained units along with 1.775 acres of adjacent land, offering both immediate cash flow and future expansion potential. The asset currently generates approximately $500,000 in net operating income, with strong occupancy under current ownership. Rents remain below comparable properties in the surrounding submarkets, presenting a clear opportunity to increase rates and drive additional revenue. The garden-style layout and age-restricted tenancy create a differentiated product in the southwest Fort Wayne market, appealing to a growing demographic of downsizing renters seeking low-maintenance living. The included adjacent land can support approximately 22 additional units, providing a compelling value-add opportunity through phased development and long-term growth. Contact Broker to sign a CA to view financials.

FOR SALE DETAILS

PRICE

$8,200,000 USD

PRICE/SF

$333 USD /SF

# OF UNITS

53

PRICE/UNIT

$154,717

CAP RATE

6.1%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Cottages at Bridgewater

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2014

PARKING SPACES

-

LAND DETAILS

LAND ACRES

5.62 AC

LAND SF

244,807 SF

ZONING

R3

APN/PARCEL ID

02-11-07-200-008.011-038

ASK ABOUT THIS PROPERTY

Neal BowmanSturges Property GroupMore Info
260-424-8448

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Neal BowmanSturges Property GroupMore Info
260-424-8448

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.