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Marion Age-Restricted Multifamily Communities 1511 W 31st St 14 Unit Apartment Building $2,693,434 CAD ($192,388 CAD/Unit) 6.39% Cap Rate Marion, IN 46953
Investment Highlights
- Offered alone or as a portfolio with other locations in Kendallville and Ossian
- Portfolio includes 134 units across three properties
Executive Summary
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.
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.
Property Facts
Amenities
Unit Amenities
- Washer/Dryer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 13 | - | - |
| 1+1 | 1 | - | - |
1 1
Property Taxes
| Parcel Number | 27-06-13-104-010.000-008 | Improvements Assessment | $806,970 CAD |
| Land Assessment | $447,709 CAD | Total Assessment | $1,254,679 CAD |
Property Taxes
Parcel Number
27-06-13-104-010.000-008
Land Assessment
$447,709 CAD
Improvements Assessment
$806,970 CAD
Total Assessment
$1,254,679 CAD
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Marion Age-Restricted Multifamily Communities | 1511 W 31st St
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