78 W Canal St - Apartments FOR SALE


Wabash, IN 46992
$1,500,000 USD
260-571-4652
78 W Canal St, Wabash, IN for Sale
$1,500,000 USD
Apartments - FOR SALE
1/31
null | Request Cap Rate

78 W Canal St
Wabash, IN 46992


HIGHLIGHTS

  • Downtown location - closet to events, shopping, and restaurants
  • Completely redone throughout
  • East commercial unit will also have access to the gated courtyard and has rough-in for hood

OVERVIEW

Incredible investment opportunity in downtown Wabash! This exceptional offering includes two commercial units plus seven well-maintained apartments, all selling together. Whether you're looking to expand your business, launch a new venture, or secure income-producing residential units, this property delivers unmatched versatility and potential. 80 W Canal Street – This 20' x 60' commercial space is move-in ready for a new or expanding business. With large display windows, beautiful hardwood floors, and 14 ft. ceilings, the storefront offers excellent visibility and inviting character. The building is commercially sprinkled and includes a half bath, storage room, and a clean full basement—ideal for additional storage. ADA compliant. 78 W Canal Street – An impressive 123' x 19' building, currently a white-box space prepped for restaurant use and ready for your final vision. This property is also ADA compliant and equipped with a hood system, commercial sprinklers, on-demand gas heat, new PEX plumbing, and sump pumps in both basements. A full basement provides excellent storage, and alley access enhances functionality. Outside features include a custom paved courtyard—perfect for outdoor dining or entertainment—and an exterior grease pit already in place. Seven Apartments Included – All seven apartments have been thoughtfully maintained and offer open-concept layouts with spacious kitchens and living areas. Each unit is equipped with an electric range, microwave, dishwasher, and refrigerator, along with vinyl plank flooring, gas-log fireplaces, gas forced-air heat, central air, and on-demand water heaters. Mechanical rooms are located outside the units for added convenience. A shared 13' x 13' common laundry area includes three coin-operated washers and three coin-operated dryers. This is a rare opportunity to own a versatile, income-producing property in an unbeatable downtown location. These buildings not only offer the space, infrastructure, and potential to make it all happen they were completely rebuilt from the foundations up just six years ago the investor/owner spared no expense ensuring these structures were ready for another 100 years of service, You have likely not seen historic downtown buildings in literally new construction condition elsewhere, a complete breakdown of the renovation is available.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$180 USD /SF

# OF UNITS

9

PRICE/UNIT

$166,667

CAP RATE

Request Cap Rate

% LEASED

78%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,690 SF

ZONING

HD

APN/PARCEL ID

85-14-11-304-229.000-009,85-14-11-304-230.000-009

ASK ABOUT THIS PROPERTY

Kristi LundquistLundquist Appraisals & Real EstateMore Info
260-571-4652

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Kristi LundquistLundquist Appraisals & Real EstateMore Info
260-571-4652

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