13-Unit Apartment
For Sale
$1,200,000
952 Walnut Street, Nappanee, IN 46550
INVESTMENT, One Story, Nappanee, IN
Property Size12,022 SF
Lot Size0.65 Acres
Price / SF$99.82
Days on Market51
Property Features for 952 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
19
Bathrooms
13
Full bathrooms
13
Rooms
Bedroom 13, Bathroom 10, Bedroom 7, Bedroom 6, Bedroom 17, Bathroom 13, Bedroom 4, Bedroom 11, Bedroom 9, Bedroom 14, Bedroom 19, Bedroom 18, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 12, Bathroom 2, Bathroom 7, Bathroom 8, Bedroom 5, Bedroom 10, Bedroom 16, Bathroom 9, Bathroom 12, Bathroom 6, Bathroom 11, Bedroom 15, Bathroom 5, Bedroom 8, Bedroom 1, Bathroom 4
Parking
15
Lot features
Corner
Elementary school
Nappanee
Middle school
NorthWood
High school
NorthWood
Elementary school district
Wa-Nee Community Schools
Middle school district
Wa-Nee Community Schools
High school district
Wa-Nee Community Schools
Directions
Market street to Guiss to Walnut to property
Subdivision
Elkhart County
Standard status
Active
APN
20-13-36-179-006.000-021
Size
12,022 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Year
25
Tax Description
ADAM V GUISS ADDITION LOT 14 15 & 16 & VAC ALLEY BTW
Tax Annual Amount
8500
Legal Description
ADAM V GUISS ADDITION LOT 14 15 & 16 & VAC ALLEY BTW
Utilities
Cooling system
Multi Units
Building Details
Year built
1957
Floors in Building
1
Number of units
13
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
Bright Star Real Estate Services LLC
(574) 821-7653
Listed By:
Jesse Riegsecker
(574) 612-7277
Added: Sep 4
Changed: Oct 19
Last Checked: Oct 24 at 7:06AM
MLS# 202636733
Copyright © 2026 Elkhart County Board of Realtors. 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 one-story apartment property at 952 Walnut Street contains 13 residences within 12,022 square feet on 0.65 acres. The unit mix includes one- and two-bedroom layouts, with vinyl flooring and separate cooling units serving the property. Built in 1957, the building has received multiple updates, including a roof replacement completed in 2020.
Located in Nappanee, the property provides a multifamily configuration with varied residential layouts and established physical improvements. The combination of unit count, bedroom mix, and recent roof work offers a clear basis for evaluating the asset’s existing apartment operations.
Located in Nappanee, the property provides a multifamily configuration with varied residential layouts and established physical improvements. The combination of unit count, bedroom mix, and recent roof work offers a clear basis for evaluating the asset’s existing apartment operations.
Key Highlights
- 13 apartment units within 12,022 square feet
- 0.65‑acre property at 952 Walnut Street in Nappanee
- One- and two‑bedroom unit mix
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
294
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 - One-story multifamily property with one- and two-bedroom residences and updated building components.
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 apartment units within 12,022 square feet; 0.65‑acre property at 952 Walnut Street in Nappanee; One- and two‑bedroom unit mix
