Northeast Indiana Multifamily
1511 W 31st St, Marion, IN 46953
For Sale
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Age-restricted apartment communities in Marion, Ossian, and Kendallville, Indiana.
Property Size40,200 SF
Price / SF$426.87
Days on Market284
Property Features for 1511 W 31st St
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Building Details
Year Built
Units
Listing Agency:
Sturges Property Group
Listed By:
Neal Bowman · License IN RB14026402
(260) 424-8448
Source:
Crexi
Added: Feb 4
Changed: Nov 3
Last Checked: Nov 12 at 8:04AM
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
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Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
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Business Placement
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
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 - 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.
