Six-Unit Brick Apartment
For Sale
$360,000
316 S Washington Street, Warsaw, IN 46580
INVESTMENT, Two Story, Warsaw, IN
Property Size2,836 SF
Lot Size0.20 Acres
Price / SF$126.94
Days on Market101
Property Features for 316 S Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 5, Bedroom 6, Basement, Bathroom 3
Parking
6
Subdivision
Hood & Britton
Lot features
Corner, 0-2.9999
Elementary school
Washington
Middle school
Edgewood
High school
Warsaw
Elementary school district
Warsaw Community
Middle school district
Warsaw Community
High school district
Warsaw Community
Directions
Heading South on IN 15, turn right on E Winona Ave, turn right onto S Columbia St, Property is on the right.
Standard status
Active
APN
43-11-08-300-247.000-032
Size
2,836 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
4-43-125 LOT 339 HOOD & BRITTON ADD AKA CITY OF WARSAW
Tax Annual Amount
3080
Legal Description
4-43-125 LOT 339 HOOD & BRITTON ADD AKA CITY OF WARSAW
Utilities
Cooling system
Central Air
Building Details
Year built
1873
Floors in Building
2
Number of units
6
Flooring type
Carpet, Vinyl
Architectural style
Other
Listing Agency:
RE/MAX Results · RE/MAX International
(574) 269-6911
Listed By:
James Bausch · License #RB15000093
(574) 742-4531
Added: May 25
Changed: Aug 22
Last Checked: Sep 2 at 8:06AM
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.
Investment Insights
Based on property information with market context.
This 2,836-square-foot brick apartment property contains six units on a 0.2-acre parcel. The unit mix includes five one-bedroom, one-bath apartments plus one efficiency unit. Improvements completed during the past 18 months include a new roof, refreshed paint, and LVP flooring, with vinyl and carpet also present. Central air serves the property, and the building dates to 1873.
Located at 316 S Washington Street in Warsaw, Indiana, the property is near Downtown Warsaw, with shopping, restaurants, parks, and other amenities identified in the surrounding area. The reported 12.94% CAP rate and six-unit configuration provide key operating and investment metrics for multifamily evaluation.
Located at 316 S Washington Street in Warsaw, Indiana, the property is near Downtown Warsaw, with shopping, restaurants, parks, and other amenities identified in the surrounding area. The reported 12.94% CAP rate and six-unit configuration provide key operating and investment metrics for multifamily evaluation.
Key Highlights
- Six units: five 1‑bedroom, 1‑bath apartments and one efficiency unit
- 2,836 square feet on a 0.2‑acre parcel
- New roof completed within the past 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Central air, updated finishes, and a recently replaced roof support the property’s multifamily configuration.
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 units: five 1‑bedroom, 1‑bath apartments and one efficiency unit; 2,836 square feet on a 0.2‑acre parcel; New roof completed within the past 18 months
