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 Market37
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
(574) 742-4531
Listed By:
James Bausch · License #RB15000093
Source:
Spencerchildersgroup
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 31 at 7:13PM
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
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 = 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
$21,518
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
5.98%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
