Updated Apartment
New
For Sale
$1,250,000
952 Walnut Street, Nappanee, IN 46550
Multifamily property with large one- and two-bedroom units and a documented rental history.
Property Size12,022 SF
Price / SF$103.98
Days on Market2
Property Features for 952 Walnut Street
General Information
Standard status
Active
Size
12,022 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
13
Building Details
Year Built
1957
Listing Agency:
Blackwell Real Estate
(574) 453-8143
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 6
Last Checked: Sep 7 at 7:25AM
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 Blackwell Real Estate
Investment Insights
Based on property information with market context.
This 13-unit apartment property in Nappanee includes a mix of one- and two-bedroom residences, with units described as large in size. The building contains 12,022 square feet and was built in 1957, with multiple recent updates supporting its current residential use.
A new roof was installed in 2020. The property is located at 952 Walnut Street in Nappanee, Indiana, and has a rental history associated with the apartment operation.
A new roof was installed in 2020. The property is located at 952 Walnut Street in Nappanee, Indiana, and has a rental history associated with the apartment operation.
Key Highlights
- 13‑unit apartment property
- 12,022‑square‑foot building
- Mix of one- and two‑bedroom units
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
$89,154
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
7.13%
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%
$1,783,080
$1.8M
Cap Rate 7%
$1,273,629
$1.3M
Cap Rate 9%
$990,600
$990.6K
Market Conditions
NOI Build-Up for 12,022 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
$176.0K $14.64/SF
− Vacancy
−$13.9K −$1.16/SF
EGI
$162.1K $13.48/SF
− OpEx
−$72.9K −$6.07/SF
NOI
$89.2K $7.42/SF
Area
Elkhart County, IN
Vacancy
7.90%
Lease Rate
$14.64 /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%
$1,783,080
Cap Rate 7%
$1,273,629
Cap Rate 9%
$990,600
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.49M
NOI $89,154 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,805 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 46550, IN
12,679
Population
4,656
Households
2.7
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
71.6 sq mi
ZIP Area
177
Density / Sq Mi
$80,403
Median Household Income
$42,843
Median Earnings
$867
Median Rent
$232,300
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 - Multifamily property with large one- and two-bedroom units and a documented rental history.
Where is this apartment building located?
The property is located at 952 Walnut Street Nappanee, IN.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 13‑unit apartment property; 12,022‑square‑foot building; Mix of one- and two‑bedroom units
