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Multifamily

River Suites Apartments

522 W Colfax Ave, South Bend, IN 46601

Listing Price: $1,187,000

Cap Rate
7.00%
Number of Units
29
Price/Unit
$40,931
Price/Gross SF
$101.25
Gross SF
11,724

Investment Overview

The River Suites Apartments is a (29) unit, (2) building apartment community consisting of (11) Studio, (16) one bedroom, and (2) two-bedroom units. This property is well situated within the heart of Downtown South Bend. LOCATION River Suites is within walking distance to all downtown South Bend giving easy access to ample entertainment, employment, and parks. Within the downtown area you can find the baseball team, South Bend Cubs, which is directly affiliated with the Chicago Cubs. The area is also filled with several art and cultural features that include Century Center, Indiana University Civil Rights Heritage Center, Morris Performing Arts Center, Studebaker National museum, and The History Museum. Just 5- minutes south of River Suites is Ignition Business Park which is the former site of the Studebaker plant, this business park is receiving a lot of attraction from companies within the tech sector. The city is experiencing a large decline in unemployment and a renewal of the downtown area. South Bend has recently been described as a “turnaround city”. OPPORTUNITY River Suites offers the investor the opportunity to raise rents closer to market by an estimated 15.5% or +$72 on average. This increase in rents still makes the property a value option in the area since competitors are currently receiving an additional $80 more than that. The property also has a 4-car garage that can be rented out for an estimated $50/month to receive $2,280 in additional income.

Investment Highlights

  • The River Suites Apartments is a (29) unit, (2) building apartment community consisting of (11) Studio, (16) one bedroom, and (2) two-bedroom units
  • River Suites is within walking distance to all downtown South Bend giving easy access to ample entertainment, employment, and parks
  • River Suites offers the investor the opportunity to raise rents closer to market by an estimated 15.5% or +$72 on average

Exclusively Listed By

Multifamily

River Suites Apartments

Listing Price: $1,187,000

Cap Rate
7.00%
Number of Units
29
Price/Unit
$40,931
Price/Gross SF
$101.25
Gross SF
11,724

Investment Highlights

  • The River Suites Apartments is a (29) unit, (2) building apartment community consisting of (11) Studio, (16) one bedroom, and (2) two-bedroom units
  • River Suites is within walking distance to all downtown South Bend giving easy access to ample entertainment, employment, and parks
  • River Suites offers the investor the opportunity to raise rents closer to market by an estimated 15.5% or +$72 on average

Investment Overview

The River Suites Apartments is a (29) unit, (2) building apartment community consisting of (11) Studio, (16) one bedroom, and (2) two-bedroom units. This property is well situated within the heart of Downtown South Bend. LOCATION River Suites is within walking distance to all downtown South Bend giving easy access to ample entertainment, employment, and parks. Within the downtown area you can find the baseball team, South Bend Cubs, which is directly affiliated with the Chicago Cubs. The area is also filled with several art and cultural features that include Century Center, Indiana University Civil Rights Heritage Center, Morris Performing Arts Center, Studebaker National museum, and The History Museum. Just 5- minutes south of River Suites is Ignition Business Park which is the former site of the Studebaker plant, this business park is receiving a lot of attraction from companies within the tech sector. The city is experiencing a large decline in unemployment and a renewal of the downtown area. South Bend has recently been described as a “turnaround city”. OPPORTUNITY River Suites offers the investor the opportunity to raise rents closer to market by an estimated 15.5% or +$72 on average. This increase in rents still makes the property a value option in the area since competitors are currently receiving an additional $80 more than that. The property also has a 4-car garage that can be rented out for an estimated $50/month to receive $2,280 in additional income.

Exclusively Listed By

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