66-Unit Student Housing
For Sale
Contact for pricing
1106 S 20TH ST, South Bend, IN 46615
Multifamily student housing with 66 units and 133 beds, supported by extensive recent capital improvements and upgrades.
Property Size58,544 SF
Price / SF$153.73
Days on Market64
Property Features for 1106 S 20TH ST
General Information
Standard status
Active
Size
58,544 SF
Property subtype
Multifamily
Building Details
Year Built
1961
Year Renovated
2024
Buildings
3
Stories
6
Tenancy
Multi
Listing Agency:
XMARK Midwest
Listed By:
Carter Piper · License #RB24000949
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 11 at 9:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of XMARK Midwest
Investment Insights
Based on property information with market context.
Riverwalk Commons is a 66-unit, 133-bed student property originally constructed in 1957 and 1961. The community is made up of (14) 1-bedroom/1-bath units (632 SF), (37) 2-bedroom/2-bath units (868 SF), and (15) 3-bedroom/2-bath units (1,172 SF). Recent capital improvements include elevator replacements, fire system upgrades and replacements, interior and exterior painting, interior unit and CAM flooring replacements, HVAC and mechanical replacements, roof replacements, and exterior asphalt work. Additional upgrades include window replacements, security system and camera implementation, washer and dryer installations, and keyless entry, along with improvements to dumpster corrals such as asphalt, sealcoat, stripe, and related parking lot items.
The property is located at 1106 S 20TH ST in South Bend, Indiana, and is described as being positioned for demand tied to Indiana University South Bend.
This asset is best suited to operators seeking a purpose-built student housing platform with a unit mix spanning one- through three-bedroom layouts. The scale of the bed count, combined with the documented building and systems updates, supports straightforward residential management and tenant experience for a student-oriented tenant base.
The property is located at 1106 S 20TH ST in South Bend, Indiana, and is described as being positioned for demand tied to Indiana University South Bend.
This asset is best suited to operators seeking a purpose-built student housing platform with a unit mix spanning one- through three-bedroom layouts. The scale of the bed count, combined with the documented building and systems updates, supports straightforward residential management and tenant experience for a student-oriented tenant base.
Key Highlights
- 66‑unit multifamily student housing with 133 beds (property originally constructed in 1957 and 1961)
- Unit mix: (14) 1 bed/1 bath (632 SF), (37) 2 bed/2 bath (868 SF), and (15) 3 bed/2 bath (1,172 SF)
- Recent capital improvements include elevator replacements and HVAC/mechanical replacements
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$482,505
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,650,100
$9.7M
Cap Rate 7%
$6,892,929
$6.9M
Cap Rate 9%
$5,361,167
$5.4M
Market Conditions
NOI Build-Up for 58,544 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$948.4K $16.20/SF
− Vacancy
−$71.1K −$1.22/SF
EGI
$877.3K $14.99/SF
− OpEx
−$394.8K −$6.74/SF
NOI
$482.5K $8.24/SF
Area
South Bend, IN
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,650,100
Cap Rate 7%
$6,892,929
Cap Rate 9%
$5,361,167
Alternative Uses
Best Use
Apartment 5plus
$6.89M
$6.03M – $8.04M
NOI $482,505 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.81M
$12.96M – $17.28M
NOI $1,036,763 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 46615, IN
14,777
Population
7,234
Households
2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
4,478
Density / Sq Mi
$57,983
Median Household Income
$39,744
Median Earnings
$971
Median Rent
$127,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily student housing with 66 units and 133 beds, supported by extensive recent capital improvements and upgrades.
Where is this apartment building located?
The property is located at 1106 S 20TH ST South Bend, IN.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 66‑unit multifamily student housing with 133 beds (property originally constructed in 1957 and 1961); Unit mix: (14) 1 bed/1 bath (632 SF), (37) 2 bed/2 bath (868 SF), and (15) 3 bed/2 bath (1,172 SF); Recent capital improvements include elevator replacements and HVAC/mechanical replacements
