410 Marion StSouth Bend, IN 46601

For Sale
$2,000,000

23 Units, High Occupancy, Value-Add

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a portfolio of 23 single-family rental units across 21 buildings in South Bend, Indiana. Currently boasting 98% occupancy and a Net Operating Income (NOI) of $135,000, this Class C portfolio offers significant value-add potential. The asking price is $2,000,000, representing a 6.75% cap rate, with a pro-forma cap rate projected at 10% and a pro-forma NOI of $200,000. The portfolio includes 21 houses and additional buildable lots, all held in individual land trusts, simplifying the transfer process. All rents are currently below market rates, providing immediate opportunities for revenue growth. Significant investment in maintenance and capital expenditures ($180,000+ in 2022) ensures minimal immediate capital expenditure needs. The properties are strategically located within four miles of four colleges and a major hospital, with many within two miles. Five of the buildable lots are within one mile of Notre Dame, St. Mary's, and Holy Cross College campuses. The South Bend area is experiencing robust growth, with recent residential construction projects and potential rezoning to multi-family lots indicating a strong upward market trend. This portfolio offers a compelling combination of immediate income, significant upside potential, and a prime location in a thriving market. The price per unit is $86,956.52. The property is free and clear of any encumbrances.

Highlights

  • $2,252,000 current market value (Q1 2024).
  • $2,000,000 asking price, a 10% discount offering immediate equity.
  • 6.75% cap rate at the asking price.
  • 21 houses and 15 buildable lots included.
  • Below-market rents provide immediate revenue growth potential.
  • Properties held in individual land trusts for simplified transfer.

Property Details for 410 Marion St

Property type
Multifamily properties, Residential income homes
Class
C
Buildings
21
Units
23

Location Insight

City
South Bend
County
St. Joseph
State
Indiana
Latitude
41.681405
Longitude
-86.2560589
410 Marion St, South Bend, Indiana

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410 Marion St
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