13-Unit Apartment
New
For Sale
$1,250,000
952 Walnut Street, Nappanee, IN 46550
INVESTMENT, One Story, Nappanee, IN
Property Size12,022 SF
Lot Size0.65 Acres
Price / SF$103.98
Days on Market2
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 7, Bathroom 2, Bedroom 19, Bedroom 17, Bedroom 9, Bedroom 13, Bathroom 10, Bedroom 5, Bathroom 6, Bedroom 14, Bedroom 1, Bedroom 15, Bathroom 5, Bathroom 11, Bathroom 12, Bathroom 8, Bedroom 2, Bathroom 1, Bedroom 10, Bedroom 4, Bedroom 11, Bathroom 9, Bathroom 3, Bathroom 7, Bedroom 8, Bedroom 6, Bedroom 3, Bedroom 18, Bathroom 13, Bedroom 16, Bedroom 12, 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 · License #RB14046169
(574) 612-7277
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 5 at 12:06PM
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.
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 = 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
294
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
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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 $1,250,000.
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
