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    14-Unit Apartment Complex Opportunity Title is generated by Realmo AI

    408 N Jefferson Street, Converse, IN 46919

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    For Sale
    $715,000

    Apartment Complex - Converse, IN

    Property size:
    7,880 SF
    Lot size:
    0.45 Acres
    Price / SF:
    $90/SF
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 408 N Jefferson Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    18
    Bathrooms
    14
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Exterior features
    Sump Pump, Other-see Remarks, Laundry Facilities, None
    Appliances
    Dryer, Range
    Standard status
    Active
    APN
    52-16-29-401-037.000-011
    Size
    7,880 SF
    Lot size
    0.45 Acres

    Utilities

    Heating system
    Baseboard, Ceiling

    Building Details

    Floors in Building
    2
    Number of units
    14
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    Other
    Additional Structures
    See Remarks

    We can help!

    Listing Contact
    Jonathan Preusz

    Listing agent Jonathan Preusz License #RB19000148

    Listing office CENTURY 21 Bradley Realty, Inc 2928 E Dupont Road, Fort Wayne, IN

    Listing date Jun 2, 2026

    MLS# 202621117 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 14‑unit apartment complex in Converse, directly on Jefferson St (main road)
    • Three buildings: two triplexes and one 8‑plex, with an identified 2‑story layout in the 8‑plex
    • Unit mix includes (4) 2BR/1BA units and (10) 1BR/1BA units
    • On‑site laundry room in the 8‑plex with commercial‑grade machines provided and maintained by a third‑party vendor
    • 10 units have ground‑level entry for easier accessibility
    • Roofs replaced about 5 years ago; Unit #1 renovation in progress with majority of materials already purchased and to convey at closing

    Overview

    This 14-unit apartment complex is organized across three separate buildings: two triplexes and one 8-plex. The unit mix includes (4) two-bedroom, one-bath units and (10) one-bedroom, one-bath units. Accessibility is a strong point, with 10 units featuring ground-level entry. The 8-plex is a two-story design and includes on-site laundry facilities that generate additional monthly income.

    The property is situated directly on Jefferson Street in Converse, providing convenient, main-road visibility and straightforward tenant access. It also offers adjacency to Dollar General for nearby everyday convenience. The complex is served by Oak Hill United School Corporation. Ownership has included major recent improvements, including roof replacements completed about five years ago.

    From an investment perspective, the complex presents a value-add path with renovation progress already in place. Unit #1 is currently being renovated, and the majority of building materials have already been purchased and will convey with the sale, allowing a buyer to complete the project and pursue rental upside. With consistent tenant demand supported by the ground-level layout and existing income streams, this is well-suited for an owner-operator or investor looking to add value while maintaining current operations. Current rent roll and operating expense information are available upon request for qualified buyers, and showings are by appointment only.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jefferson Court Apartments Apartment Building

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Food Market HVAC Service Department Store Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Converse
    County
    Miami
    State
    Indiana
    Longitude
    -85.873255
    Latitude
    40.581205

    FAQs

    What type of property is this?
    Apartment building - Well-maintained 14-unit complex with ground-level entry, ongoing renovation materials transfer, and added laundry revenue.
    Where is this apartment building located?
    The property is located at 408 N Jefferson Street Converse, IN.
    What is the asking price?
    The asking price for this property is $715,000.
    What are key features of this property?
    This property features: 14‑unit apartment complex in Converse, directly on Jefferson St (main road); Three buildings: two triplexes and one 8‑plex, with an identified 2‑story layout in the 8‑plex; Unit mix includes (4) 2BR/1BA units and (10) 1BR/1BA units
    (765) 667-1990
    We can help!
    Listing Contact
    Jonathan Preusz
    Real Estate License ID: RB19000148
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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