Six-Unit Apartment Building with
For Sale
$360,000
316 S Washington St, Warsaw, IN 46580
Brick multifamily property with refreshed interiors, a new roof, and a practical unit mix near Downtown Warsaw.
Property Size2,836 SF
Price / SF$126.94
Days on Market83
Property Features for 316 S Washington St
General Information
Standard status
Active
Size
2,836 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 1BR/1BA, 1 x efficiency
Multifamily Units
6
Additional Details
Cap Rate
12.94%
Building Details
Year Built
1873
Construction
brick
Listing Agency:
RE/MAX Results
Listed By:
James Bausch · License #RB15000093
(574) 742-4531
Source:
Spencerchildersgroup
Added: Jul 27
Changed: Oct 15
Last Checked: Oct 7 at 4:19PM
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 Results
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Investment Insights
Based on property information with market context.
This 2,836-square-foot brick apartment property contains six units, including five one-bedroom, one-bath residences and one efficiency. Recent work completed within the past 18 months includes updated paint, LVP flooring, and a new roof, combining refreshed interiors with durable exterior construction. The property was built in 1873.
Located near Downtown Warsaw, the building provides access to local shopping, restaurants, parks, and other nearby amenities. Its unit configuration and recent improvements support continued multifamily use, while the stated 12.94% CAP rate provides a measurable investment metric for review.
Located near Downtown Warsaw, the building provides access to local shopping, restaurants, parks, and other nearby amenities. Its unit configuration and recent improvements support continued multifamily use, while the stated 12.94% CAP rate provides a measurable investment metric for review.
Key Highlights
- Six‑unit apartment property totaling 2,836 SF
- Unit mix includes five 1‑bedroom, 1‑bath units and one efficiency
- Updates completed within the last 18 months
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,518
Cap Rate
5.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,360
$430.4K
Cap Rate 7%
$307,400
$307.4K
Cap Rate 9%
$239,089
$239.1K
Market Conditions
NOI Build-Up for 2,836 SF
Gross rent
$40.8K $14.40/SF
− Vacancy
−$1.7K −$0.60/SF
EGI
$39.1K $13.80/SF
− OpEx
−$17.6K −$6.21/SF
NOI
$21.5K $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 Rate 5%
$430,360
Cap Rate 7%
$307,400
Cap Rate 9%
$239,089
Alternative Uses
Best Use
Apartment 5plus
$307.4K
$269.0K – $358.6K
NOI $21,518 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.1K
$432.3K – $576.4K
NOI $34,585 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
710
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with refreshed interiors, a new roof, and a practical unit mix near Downtown Warsaw.
Where is this apartment building located?
The property is located at 316 S Washington St Warsaw, IN.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Six‑unit apartment property totaling 2,836 SF; Unit mix includes five 1‑bedroom, 1‑bath units and one efficiency; Updates completed within the last 18 months
