Investment Overview

Marcus & Millichap is pleased to exclusively present the Shoaff Park Villas in Fort Wayne, IN. Northside Manor has a unit mix of 24 studio units, 130 one-bedroom/one-bath, and 52 two-bedroom/one-bath units. There is a wide range of rents at the property, with some one-bedrooms achieving rents of approximately $800/mo and some two-bedrooms achieving mid-$900/mo. Rents are considerably under market, with the studio units being 7.6 percent below, one-bedrooms 22 percent below, and two-bedrooms 43 percent below comparable rent per square foot averages. The “Villa” style is highly desirable for its suburban, residential feel. Private entrances and “no neighbor above” living typically command a rent premium over traditional garden-style walk-ups. The site’s density is lower, offering residents a sense of privacy that mirrors single-family living. Shoaff Park is located close to the Parkview Health system, which employees over 10,000 people in the Fort Wayne area. Purdue Fort Wayne University is approximately 1.5 miles from Shoaff Park. According to CoStar, rent growth for market-rate apartments in the Fort Wayne market increased 5.1 percent year-over-year. Fort Wayne also consistently ranks top 10 of most affordable cities in America.