Northeast Indiana Multifamily
1511 W 31st St, Marion, IN 46953
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Age-restricted apartment communities in Marion, Ossian, and Kendallville, Indiana.
Type:Multifamily
Property size:
40,200 SFPrice / SF:
$426/SF- Added:
- Feb 4, 2026
- Days on Market:
- 97
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 1511 W 31st St
General Information
- Standard status
- Active
- Size
- 40,200 SF
- Property subtype
- Multifamily
Listing agent Neal Bowman License #IN RB14026402
Listing office Sturges Property Group (260) 424-8448
Listing date Feb 4, 2026
Source Crexi
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 Sturges Property Group
HighLights
- Portfolio of three fully leased, age‑restricted (55+) apartment communities totaling 134 units, providing immediate cash flow.
- Opportunity to increase rental rates and add value, enhancing investment returns.
- Stabilized assets with a strong rental history, waitlists, and low maintenance needs.
- Offered at a 6.45% cap rate based on current operations.
- Meticulously maintained properties developed by the seller in prime rental markets.
- Located near major traffic thoroughfares with direct connection to Fort Wayne, the region’s economic hub.
Overview
This portfolio offers the opportunity to acquire three age-restricted (55+) apartment communities located in Northeast Indiana. The properties, totaling 134 units, are available as a portfolio or individually. The communities consist of 46, 14, and 74 units. The properties are offered fully leased, presenting an opportunity for increased rental rates. The offering cap rate is 6.45% based on current operations. Developed by the Seller from the mid-1990s to the early 2000s, the properties have been meticulously maintained. Each garden-style community has a strong rental history, with waitlists and low maintenance needs. The communities are located in Marion, Ossian, and Kendallville, Indiana, and consist of one-bedroom (approximately 700 SF) and two-bedroom (approximately 800-900 SF) units. Each location is near major traffic thoroughfares, providing a direct connection to Fort Wayne. The Marion apartment community features 14 units distributed over 12,300 square feet and two buildings. The Ossian apartment community includes 46 units distributed over 40,200 square feet and four buildings. The Kendallville apartment community consists of 55 two-bedroom/one-bathroom units with front facing garages, 11 two-bedroom/one-bathroom units without garages, and eight one-bedroom/one bathroom units without garages.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Marion
- County
- Grant
- State
- Indiana
- Longitude
- -85.677746
- Latitude
- 40.533147
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Age-restricted apartment communities in Marion, Ossian, and Kendallville, Indiana.
Where is this apartment building located?
The property is located at 1511 W 31st St Marion, IN.
What is the asking price?
The asking price for this property is $17,160,000.
What are key features of this property?
This property features: Portfolio of three fully leased, age‑restricted (55+) apartment communities totaling 134 units, providing immediate cash flow.; Opportunity to increase rental rates and add value, enhancing investment returns.; Stabilized assets with a strong rental history, waitlists, and low maintenance needs.
