24-Unit Multifamily
For Sale
Contact for pricing
1404 Tippecanoe Dr, Warsaw, IN 46580
Residential units include equipped kitchens, practical layouts, ample storage, and access to onsite laundry and off-street parking.
Property Size24,000 SF
Price / SF$91
Days on Market160
Property Features for 1404 Tippecanoe Dr
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Multifamily
Occupancy
100%
Building Details
Year Built
1988
Buildings
4
Stories
2
Units
24
Listing Agency:
Global Real Estate Advisors (GREA)
Listed By:
Cary Belovicz · License #MI 6502406329
Source:
Crexi
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 29 at 5:45PM
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 Global Real Estate Advisors (GREA)
Investment Insights
Based on property information with market context.
Tippecanoe Apartments is a 24-unit multifamily property containing 24,000 square feet and built in 1988. The residential units offer functional floor plans, generous living areas, fully equipped kitchens, and dedicated storage. Onsite laundry facilities and off-street parking are also included among the property improvements.
The property is located at 1404 Tippecanoe Dr in Warsaw, Indiana, near downtown, major retail corridors, healthcare providers, and primary transportation routes. This setting places everyday services and key travel connections within the surrounding area.
The combination of unit count, established construction, resident-oriented amenities, and access to nearby commercial and service destinations defines the property’s operating profile.
The property is located at 1404 Tippecanoe Dr in Warsaw, Indiana, near downtown, major retail corridors, healthcare providers, and primary transportation routes. This setting places everyday services and key travel connections within the surrounding area.
The combination of unit count, established construction, resident-oriented amenities, and access to nearby commercial and service destinations defines the property’s operating profile.
Key Highlights
- 24‑unit multifamily property totaling 24,000 square feet
- Built in 1988
- Functional residential layouts with generous living areas, equipped kitchens, and ample storage
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
$182,097
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
8.34%
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%
$3,641,940
$3.6M
Cap Rate 7%
$2,601,386
$2.6M
Cap Rate 9%
$2,023,300
$2.0M
Market Conditions
NOI Build-Up for 24,000 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
$345.6K $14.40/SF
− Vacancy
−$14.5K −$0.60/SF
EGI
$331.1K $13.80/SF
− OpEx
−$149.0K −$6.21/SF
NOI
$182.1K $7.59/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$14.40 /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%
$3,641,940
Cap Rate 7%
$2,601,386
Cap Rate 9%
$2,023,300
Alternative Uses
Best Use
Apartment 5plus
$2.60M
$2.28M – $3.03M
NOI $182,097 @ 7.0% cap · market cap 8.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.18M
$3.66M – $4.88M
NOI $292,682 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
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 - Residential units include equipped kitchens, practical layouts, ample storage, and access to onsite laundry and off-street parking.
Where is this apartment building located?
The property is located at 1404 Tippecanoe Dr Warsaw, IN.
What is the asking price?
The asking price for this property is $2,184,000.
What are key features of this property?
This property features: 24‑unit multifamily property totaling 24,000 square feet; Built in 1988; Functional residential layouts with generous living areas, equipped kitchens, and ample storage
