Updated Apartment
For Sale
$1,200,000
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$99.82
Days on Market49
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:
The Hardie Group
(765) 457-7214
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 6
Changed: Oct 23
Last Checked: Oct 23 at 7:21AM
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 The Hardie Group
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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 / Yr
$89,154
Cap Rate
7.43%
Suggested Prices Based on Cap Rates
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
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 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 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,805 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $1,200,000.
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
