Six-Unit Brick Apartment
316 S Washington Street, Warsaw, IN 46580
For Sale
$360,000
INVESTMENT, Two Story, Warsaw, IN
Property Size2,836 SF
Lot Size0.20 Acres
Price / SF$126.94
Days on Market170
Property Features for 316 S Washington Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Subdivision
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Architectural style
Listing Agency:
RE/MAX Results · RE/MAX International
(574) 269-6911
Listed By:
James Bausch · License IN RB15000093
(574) 742-4531
Added: May 25
Changed: Nov 6
Last Checked: Nov 10 at 5:06PM
MLS# 202619931
Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This two-story brick apartment property contains six units across 2,836 square feet. Five apartments have one bedroom and one bathroom, while the sixth is an efficiency. The building dates to 1873 and sits on a 0.2-acre lot. Improvements completed within the past 18 months include a roof replacement, new paint and LVP flooring. Vinyl and carpet flooring and central air are also reported.
The property is on S Washington Street in Warsaw, near downtown and local shopping, restaurants and parks. The reported cap rate is 15.82%.
The property is on S Washington Street in Warsaw, near downtown and local shopping, restaurants and parks. The reported cap rate is 15.82%.
Key Highlights
- Six apartments: five one‑bedroom, one‑bath units plus one efficiency
- 2,836 square feet in a two‑story brick building
- 0.2‑acre lot; built in 1873
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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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments and an efficiency create a compact rental mix in Warsaw.
Where is this apartment building located?
The property is located at 316 S Washington Street 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 apartments: five one‑bedroom, one‑bath units plus one efficiency; 2,836 square feet in a two‑story brick building; 0.2‑acre lot; built in 1873
