Investment Overview

Marcus & Millichap is pleased to present Spansail Court Apartments, a 48-unit multifamily community located in Niles, Michigan, within the greater South Bend–Mishawaka MSA. Constructed in 1980 with select updates completed in 2000, the property consists of four three-story residential buildings situated on 2.61 acres. The community features a durable unit mix of 75% two-bedroom units and 25% one-bedroom units, aligning well with the area’s workforce and family-oriented renter base and supporting consistent occupancy across market cycles. Spansail Court has benefited from over $250,000 in recent capital improvements, highlighted by a newly shingled roofs in 2020. These investments meaningfully reduce near-term capital needs and allow a new owner to direct future capital toward interior enhancements and operating efficiencies rather than deferred maintenance. Located less than 30 minutes from South Bend’s primary employment corridors, the property benefits from proximity to the region’s institutional employment base, including healthcare systems, higher education, and advanced manufacturing employers. The surrounding submarket is defined by limited new multifamily development, a stable renter population, and historically strong occupancy levels, providing downside protection to cash flow. With solid in-place operations, a functional unit mix, and embedded rent growth relative to market, Spansail Court offers investors a stabilized acquisition with both current income and long-term value appreciation potential.