Investment Overview

Marcus & Millichap is pleased to exclusively present the Northside Manor Apartments in Nappanee, IN. Northside Manor has an attractive unit mix of 19 one-bedroom/one-bath, 15 two-bedroom/one-bath, 4 two-bedroom/two-bath, and 27 two-bedroom/one-bath Townhome style units. 28 out of the 65 units have been renovated, achieving an approximate 17.7%($186/mo) proven premium compared to the non-renovated units. We believe there is further rental upside on the renovated units, especially for the townhome style units. Over the past 3 years, the current owner has invested significant capital expenditures into the property, including but not limited to, all new roofs, new parking lot, new gutters, interior unit renovations, new siding and windows on two buildings, and adding better crawlspace access. Owner has purchased the remaining siding and windows for the five remaining buildings and will be included in the sale. Nappanee is located approximately 27 miles southeast of South Bend(35-40 Minute drive), 15 miles southwest of the affluent town of Goshen, IN and 18 miles directly south of Elkhart, IN. Elkhart has been labeled as the ‘RV capital of the world’ as manufacturing facilities in the area produce approximately 80% of all RVs worldwide. Major employers in Nappanee and nearby towns include Keystone RV, Jayco, Elkhart Hospital, Supreme Industries, Newmar Corp, and Morryde International.