Age-Restricted Multifamily Portfolio
Multifamily | 6.27% CAP | 46 Units
Marketing description
STURGES PROPERTY GROUP HAS BEEN APPOINTED THE EXCLUSIVE AGENT for the sale of the Ossian Apartment Community, an age-restricted (55+) multifamily property located at 301 Parent Drive in Ossian, Indiana. The 46-unit community is spread across four buildings on approximately 6.28 acres, with a portion of the land to be split at closing, offering investors a substantial multifamily asset with stable income potential.
THE COMMUNITY FEATURES A DESIRABLE UNIT MIX with a majority of units including front facing garages and in-unit laundry throughout. Tenants are separately metered and responsible for all utilities, minimizing landlord expense exposure.
THIS OFFERING PRESENTS INVESTORS WITH THE OPPORTUNITY to acquire a well-constructed, age-restricted multifamily asset in a growing Northeast Indiana community, with upside potential through future rental rate growth.
Investment highlights
THE OSSIAN APARTMENT COMMUNITY CONSISTS OF 46 units distributed over 40,200 square feet and four buildings. It is located at 301 Parent Dr, Ossian, IN 46777.
THIS MULTIFAMILY PROPERTY OFFERS A SUBSTANTIAL UNIT COUNT on approximately 6.28 acres, with a portion of the land to be split at closing. The community features a desirable unit mix consisting of 38 two-bedroom/one-bathroom units with front-facing garages, four additional two-bedroom/one bathroom units without garages, and four one-bedroom/one-bathroom units without garages.
ALL UNITS ARE SEPARATELY METERED and tenants are responsible for utilities including electric service provided by AEP, gas service through NIPSCO, and water and sewer service supplied by the City of Ossian. Each unit is equipped with an in-unit washer and dryer.
THE PROPERTY IS OF WOOD-FRAME CONSTRUCTION with vinyl siding, and features central heating and cooling throughout. Roofing consists of shingle roofs.
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