410 Marion St South Bend, IN 46601

Property Details for 410 Marion St

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 23 single-family rental units across 21 buildings in South Bend, Indiana. Currently boasting 98% occupancy and a Net Operating Income (NOI) of $135,000, this Class C portfolio offers significant value-add potential. The asking price is $2,000,000, representing a 6.75% cap rate, with a pro-forma cap rate projected at 10% and a pro-forma NOI of $200,000. The portfolio includes 21 houses and additional buildable lots, all held in individual land trusts, simplifying the transfer process. All rents are currently below market rates, providing immediate opportunities for revenue growth. Significant investment in maintenance and capital expenditures ($180,000+ in 2022) ensures minimal immediate capital expenditure needs. The properties are strategically located within four miles of four colleges and a major hospital, with many within two miles. Five of the buildable lots are within one mile of Notre Dame, St. Mary's, and Holy Cross College campuses. The South Bend area is experiencing robust growth, with recent residential construction projects and potential rezoning to multi-family lots indicating a strong upward market trend. This portfolio offers a compelling combination of immediate income, significant upside potential, and a prime location in a thriving market. The price per unit is $86,956.52. The property is free and clear of any encumbrances.