Northeast Indiana Multifamily
For Sale
Contact for pricing
1511 W 31st St, Marion, IN 46953
Age-restricted apartment communities in Marion, Ossian, and Kendallville, Indiana.
Property Size40,200 SF
Price / SF$426.87
Days on Market188
Property Features for 1511 W 31st St
General Information
Standard status
Active
Size
40,200 SF
Property subtype
Multifamily
Zoning
AR
Occupancy
100%
Building Details
Year Built
1990
Units
134
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Neal Bowman · License #IN RB14026402
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Aug 10 at 6:55AM
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
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
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
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 - 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.
