Turnkey 8-Unit Apartment
For Sale
$699,999
117 Franklin Pl, South Bend, IN 46601
Well-maintained, fully occupied 8-unit apartment building with long-term tenants and a strong rental history.
Property Size5,552 SF
Price / SF$126.08
Days on Market96
Property Features for 117 Franklin Pl
General Information
Standard status
Active
Size
5,552 SF
Additional Details
Multifamily Units
8
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
RE/MAX Legends
Listed By:
Jaymi Block · License #471019251
(708) 233-8760
Source:
Realtopiare
Added: Jul 21
Changed: Oct 12
Last Checked: Oct 7 at 1:47PM
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 RE/MAX Legends
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Investment Insights
Based on property information with market context.
This well-maintained 8-unit apartment building is fully occupied and features long-term tenants, with a strong rental history. The property is presented as a turnkey investment with steady cashflow.
Located in the heart of downtown South Bend at 117 Franklin Pl, the building offers an established in-place residential income setup for buyers seeking a ready-to-operate multifamily asset. The property is also described as having potential for growth.
Located in the heart of downtown South Bend at 117 Franklin Pl, the building offers an established in-place residential income setup for buyers seeking a ready-to-operate multifamily asset. The property is also described as having potential for growth.
Key Highlights
- Fully occupied 8‑unit apartment building in downtown South Bend
- Well‑maintained property with long‑term tenants
- Strong rental history with steady cash flow
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,758
Cap Rate
6.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$915,160
$915.2K
Cap Rate 7%
$653,686
$653.7K
Cap Rate 9%
$508,422
$508.4K
Market Conditions
NOI Build-Up for 5,552 SF
Gross rent
$89.9K $16.20/SF
− Vacancy
−$6.7K −$1.22/SF
EGI
$83.2K $14.99/SF
− OpEx
−$37.4K −$6.74/SF
NOI
$45.8K $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 Rate 5%
$915,160
Cap Rate 7%
$653,686
Cap Rate 9%
$508,422
Alternative Uses
Best Use
Apartment 5plus
$653.7K
$572.0K – $762.6K
NOI $45,758 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,321 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 46601, IN
5,947
Population
2,862
Households
2.1
Avg Household Size
35
Median Age
22%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
2,974
Density / Sq Mi
$27,080
Median Household Income
$26,835
Median Earnings
$784
Median Rent
$131,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained, fully occupied 8-unit apartment building with long-term tenants and a strong rental history.
Where is this apartment building located?
The property is located at 117 Franklin Pl South Bend, IN.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: Fully occupied 8‑unit apartment building in downtown South Bend; Well‑maintained property with long‑term tenants; Strong rental history with steady cash flow
