503 Jackson St, Walkerton, IN 46574
12 Unit Apartment Building | $840,000 ($70,000/Unit) | 8.07% Cap Rate | Walkerton, IN 46574
For Sale
Active
Asking Price $840,000
- Property Type
-
Multifamily
- Square Feet
- 9,410 SF
Listing Contacts
Jack Friskney
Aaron Kuroiwa
Austin Meeker
Property Overview
Marcus & Millichap is pleased to exclusivey present the Walkerton Apartments, three fourplexes on three separate contiguous parcels in Walkerton, IN. Walkerton, is located in Northwest Indiana approximately 20 miles from La Porte and South Bend, Indiana.
The Walkerton Apartments were built in 1966 & 1967, with each fourplex containing three 2-bed units and one 1-bed unit. Over the last several years current ownership has renovated 8 out of 12 units, spending approximately $6,000 - $10,000 per unit. Renovations include new LVP flooring, updated bathrooms, updated kitchens, and new boiler systems. Ownership has raised rent considerably post-renovations, with an updated 2-bedroom recently renting for $900/mo. Approximately 10% rent growth can be achieved renewing leases at market rents.
The Walkerton Apartments offers a prospective investor the opportunity to renovate the remaining two units and achieve approximately 10% rent growth. There is an additional opportunity to transfer the electric utilities in the tenant’s names, as each unit is sub metered but owner current pays the electricity. Walkerton boasts an attractive going in cap rate above 8%, with the proforma cap rate well above 9%. Northwest Indiana has achieved some of the highest rent growth in the State of Indiana, with 2023 rent growth of 4.8% according to real estate data firm Costar.
The Walkerton Apartments were built in 1966 & 1967, with each fourplex containing three 2-bed units and one 1-bed unit. Over the last several years current ownership has renovated 8 out of 12 units, spending approximately $6,000 - $10,000 per unit. Renovations include new LVP flooring, updated bathrooms, updated kitchens, and new boiler systems. Ownership has raised rent considerably post-renovations, with an updated 2-bedroom recently renting for $900/mo. Approximately 10% rent growth can be achieved renewing leases at market rents.
The Walkerton Apartments offers a prospective investor the opportunity to renovate the remaining two units and achieve approximately 10% rent growth. There is an additional opportunity to transfer the electric utilities in the tenant’s names, as each unit is sub metered but owner current pays the electricity. Walkerton boasts an attractive going in cap rate above 8%, with the proforma cap rate well above 9%. Northwest Indiana has achieved some of the highest rent growth in the State of Indiana, with 2023 rent growth of 4.8% according to real estate data firm Costar.
Property Details
- Class
- C
- Year Built
- 1967
- Stories
- 2
- Lot Size (sq. ft)
- 5,663 SF
- Units
- 12
Highlights
- Attractive going in cap rate: 8.07%
- Tax-adjusted Proforma cap rate: 9.13%
- Potential to shift electric utilities to tenants
- Located in a historically strong rent growth area
- 17% discount to sales comparable average
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