Turnkey 8-Unit Apartment
117 Franklin Pl South Bend, IN 46601
117 Franklin Pl, South Bend, IN, 46601
$699,999
For Sale
$699,999
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 Market77
Property Features for 117 Franklin Pl
General Information
- Standard status
- Active
- Size
- 5,552 SF
Listing agency
RE/MAX Legends
(708) 655-5000
Listed by
Jaymi Block · License #471019251
(708) 655-5000
Source
Exprealty
Added: May 7 Updated: Jul 22 at 12:31PM Checked: Jul 22 at 12:31PM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.9k | $16.20 |
| − Vacancy | −$6.7k | −$1.22 |
| EGI | $83.2k | $14.99 |
| − OpEx | −$37.4k | −$6.74 |
| NOI | $45.8k | $8.24 |
5,552 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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
