1511 W 31st St - Apartments FOR SALE


Marion, IN 46953
$1,980,000 USD
260-424-8448
1511 W 31st St, Marion, IN for Sale
$1,980,000 USD
Apartments - FOR SALE
1/1
null | 6.39% Cap Rate

1511 W 31st St
Marion, IN 46953


HIGHLIGHTS

  • Offered alone or as a portfolio with other locations in Kendallville and Ossian
  • Portfolio includes 134 units across three properties

OVERVIEW

Sturges Property Group has been appointed the exclusive agent for the sale of the Marion Apartment Community, an age-restricted (55+) multifamily property located at 1511 W 31st Street in Marion, Indiana. The 14-unit community is currently operating at 100% occupancy across two buildings, offering investors immediate and stable cash flow. The community features a desirable unit mix with a majority of units including front-facing garages and in-unit laundry in every unit. Tenants are separately metered for utilities, limiting landlord expense exposure, with water and sewer service provided by the Landlord. This offering presents investors with the opportunity to acquire a stabilized, well-maintained multifamily asset in a strong North-Central Indiana rental market, with upside potential through future rental rate growth. Broker’s Note: Please do not visit the property or disturb tenants.

FOR SALE DETAILS

PRICE

$1,980,000 USD

PRICE/SF

$161 USD /SF

# OF UNITS

14

PRICE/UNIT

$141,429

CAP RATE

6.39%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Marion Age-Restricted Multifamily Communities

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2001

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.77 AC

LAND SF

77,101 SF

ZONING

LC/TZ

APN/PARCEL ID

27-06-13-104-010.000-008

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.