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 Market124
Property Features for 117 Franklin Pl
General Information
Standard status
Active
Size
5,552 SF
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$3,201
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Legends
(630) 216-8000
Listed By:
Jaymi Block · License #471019251
(708) 655-5000
Source:
Exprealty
Added: May 6
Changed: Aug 20
Last Checked: Sep 5 at 10:56AM
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
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 = 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
$45,758
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
6.54%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
