Age-Restricted Multifamily Portfolio
Multifamily | 6.39% CAP | 14 Units
Marketing description
STURGES PROPERTY GROUP HAS BEEN APPOINTED THE EXCLUSIVE AGENT for the sale of the Marion Apartment Community, an age-restricted (55+) multifamily property located at 1511 W 31st Street in Marion, Indiana. The 14-unit community is currently operating at 100% occupancy across two buildings, offering investors immediate and stable cash flow.
THE COMMUNITY FEATURES A DESIRABLE UNIT MIX with a majority of units including front facing garages and in-unit laundry in every unit. Tenants are separately metered for utilities, limiting landlord expense exposure, with water and sewer service provided by the Landlord.
THIS OFFERING PRESENTS INVESTORS WITH THE OPPORTUNITY to acquire a stabilized, well maintained multifamily asset in a strong North-Central Indiana rental market, with upside potential through future rental rate growth.
Investment highlights
THE MARION APARTMENT COMMUNITY CONSISTS OF 14 units distributed over 12,300 square feet and two buildings. It is located at 1511 W 31st St, Marion, IN 46953.
THIS WELL-MAINTAINED MULTIFAMILY PROPERTY features a strong unit mix and is currently operating at 100% occupancy. The community consists of 12 two-bedroom/one bathroom units, each with a front-facing garage, along with one additional two-bedroom/one-bathroom unit without a garage, and one one-bedroom/one-bathroom unit without a garage. TENANTS ARE SEPARATELY METERED and responsible for their own utilities, with electric service provided by AEP and gas service through CenterPoint. Each unit is equipped with an in-unit washer and dryer.
WATER SERVICE IS PROVIDED BY THE LANDLORD as well as sewer service. Both buildings have a shingle roof.
WITH FULL OCCUPANCY AND A DESIRABLE LAYOUT that includes in unit laundry and garage parking on the majority of units, this asset offers stable performance and attractive fundamentals for continued operations.
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