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Multifamily

Lathrop Apartments

2122 Lathrop St, South Bend, IN 46628

Listing Price: $1,068,000

Cap Rate
7.55%
Number of Units
26
GRM
6.31
Occupancy
90.9%
Price/Unit
$41,077
Price/Gross SF
$60.17
Gross SF
17,750

Investment Overview

The Lathrop Apartments are a 26-unit property comprised of 6 buildings with a mix of 19 one-bedrooms and 7 two-bedrooms. The property is in South Bend, Indiana and specifically on the northwest side of the city near Interstate-80/90 and St. Joseph River. Lathrop Apartments are advantageously located less than a 10-minute drive from three of South Bends major higher education institutions and less than 5-minutes from South Bend International Airport. Along with this central location it allows tenants to be within a 10-minute drive to 5 out of the top 10 employers in South Bend.

This asset offers the investor a strong immediate 11.71% cash-on-cash return with the opportunity to continue the renovations that 4 of the units have undergone. Once these renovations have been completed the investor will have the opportunity to achieve a forecasted 19.56% cash-on-cash return. Aside from these renovations the property has been well maintained with over $250,000 in capital improvements in the last 5 years. Some of these improvements include a new roof on 4 of the buildings in 2016, 160 feet of fencing for the courtyards, total parking lot tear out and regrading, and all new landscaping. There is ample opportunity to add value to this high demand property with a great occupancy track record.

Investment Highlights

  • Within a 10-minute drive to 5 of South Bend's Top 10 employers
  • High Entry CAP Rate
  • Value add opportunity

Exclusively Listed By

Listing Price: $1,068,000

Cap Rate
7.55%
Number of Units
26
GRM
6.31
Occupancy
90.9%
Price/Unit
$41,077
Price/Gross SF
$60.17
Gross SF
17,750

Investment Highlights

  • Within a 10-minute drive to 5 of South Bend's Top 10 employers
  • High Entry CAP Rate
  • Value add opportunity

Investment Overview

The Lathrop Apartments are a 26-unit property comprised of 6 buildings with a mix of 19 one-bedrooms and 7 two-bedrooms. The property is in South Bend, Indiana and specifically on the northwest side of the city near Interstate-80/90 and St. Joseph River. Lathrop Apartments are advantageously located less than a 10-minute drive from three of South Bends major higher education institutions and less than 5-minutes from South Bend International Airport. Along with this central location it allows tenants to be within a 10-minute drive to 5 out of the top 10 employers in South Bend.

This asset offers the investor a strong immediate 11.71% cash-on-cash return with the opportunity to continue the renovations that 4 of the units have undergone. Once these renovations have been completed the investor will have the opportunity to achieve a forecasted 19.56% cash-on-cash return. Aside from these renovations the property has been well maintained with over $250,000 in capital improvements in the last 5 years. Some of these improvements include a new roof on 4 of the buildings in 2016, 160 feet of fencing for the courtyards, total parking lot tear out and regrading, and all new landscaping. There is ample opportunity to add value to this high demand property with a great occupancy track record.

Exclusively Listed By

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