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Northside Manor Apartments 808 Northside Blvd 65 Unit Apartment Building $6,951,532 CAD ($106,947 CAD/Unit) 7.04% Cap Rate Nappanee, IN 46550
Investment Highlights
- Great unit mix: 71 Percent two-bedroom units
- 21.96 Percent Proven Premium on Renovated Units ($174/mo)
- Over $900k in capital expenditures spent in the past three years
- Proforma 8.38 Percent cap rate
Executive Summary
OM & Deal Room:
https://www.marcusmillichap.com/properties/188965/northside-manor-apartments
Marketing 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.
https://www.marcusmillichap.com/properties/188965/northside-manor-apartments
Marketing 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.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,951,532 CAD | Apartment Style | Garden |
| Price Per Unit | $106,947 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 10.65 AC |
| Cap Rate | 7.04% | Building Size | 48,650 SF |
| Gross Rent Multiplier | 7.85 | Average Occupancy | 100% |
| No. Units | 65 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 2.38/1,000 SF |
| Zoning | PUD | ||
| Price | $6,951,532 CAD |
| Price Per Unit | $106,947 CAD |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 7.85 |
| No. Units | 65 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 10.65 AC |
| Building Size | 48,650 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 2.38/1,000 SF |
| Zoning | PUD |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Window Coverings
Site Amenities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | $780.27 CAD | 400 |
| 1+1 | 10 | $975.34 CAD | 400 |
| 2+1 | 42 | $1,241 CAD | 800 - 900 |
| 2+2 | 4 | $1,348 CAD | 810 |
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Somewhat walkable
20/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 20-13-25-477-013.000-021 | Total Assessment | $2,439,064 CAD |
| Land Assessment | $269,216 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $2,169,848 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
20-13-25-477-013.000-021
Land Assessment
$269,216 CAD
Improvements Assessment
$2,169,848 CAD
Total Assessment
$2,439,064 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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Northside Manor Apartments | 808 Northside Blvd
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