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Multifamily

Main & Miami

408 W Main St, Wabash, IN 46992

Listing Price: $1,405,000

Cap Rate
7.02%
Number of Units
36
Price/Unit
$39,028
Price/Gross SF
$70.78
Gross SF
19,850

Investment Overview

Main & Miami Apartments consists of 36 units split between 2 properties that are 1.5 miles apart. The property at Miami Street has a total of 16 units with (1) Studio and (15) one bedrooms. The property at Main Street has 20 units with (1) Studio, (13) one bedrooms, and (6) two bedrooms. LOCATION Main & Miami is located within the city of Wabash which is well located less than an hour from Kokomo and Fort Wayne and about an hour and a half to Indianapolis and South Bend. Within Wabash there is a strong workforce population with nearly 40% of the population employed in industrial roles. The largest employer in the city is Ford Meter Box Company which is headquartered in the city and employs over 700 people. Wabash has outperformed the United States in median household income growth (6.98% vs. 6.09%) and median property value growth (5.24% vs. 4.7%). OPPORTUNITY Main & Miami offers a new investor the opportunity to raise rents toward what competitors in the market are achieving. It is conservatively estimated that there is +$54/month on average of upside or +11.4%. The property also has metal roofs to mitigate the need for large shorter term capital improvements.

Investment Highlights

  • 36 units split between 2 properties that are 1.5 miles apart
  • Located within the city of Wabash which is well located less than an hour from Kokomo and Fort Wayne and about an hour and a half to Indianapolis and South Bend
  • Offers a new investor the opportunity to raise rents toward what competitors in the market are achieving

Exclusively Listed By

Multifamily

Main & Miami

Listing Price: $1,405,000

Cap Rate
7.02%
Number of Units
36
Price/Unit
$39,028
Price/Gross SF
$70.78
Gross SF
19,850

Investment Highlights

  • 36 units split between 2 properties that are 1.5 miles apart
  • Located within the city of Wabash which is well located less than an hour from Kokomo and Fort Wayne and about an hour and a half to Indianapolis and South Bend
  • Offers a new investor the opportunity to raise rents toward what competitors in the market are achieving

Investment Overview

Main & Miami Apartments consists of 36 units split between 2 properties that are 1.5 miles apart. The property at Miami Street has a total of 16 units with (1) Studio and (15) one bedrooms. The property at Main Street has 20 units with (1) Studio, (13) one bedrooms, and (6) two bedrooms. LOCATION Main & Miami is located within the city of Wabash which is well located less than an hour from Kokomo and Fort Wayne and about an hour and a half to Indianapolis and South Bend. Within Wabash there is a strong workforce population with nearly 40% of the population employed in industrial roles. The largest employer in the city is Ford Meter Box Company which is headquartered in the city and employs over 700 people. Wabash has outperformed the United States in median household income growth (6.98% vs. 6.09%) and median property value growth (5.24% vs. 4.7%). OPPORTUNITY Main & Miami offers a new investor the opportunity to raise rents toward what competitors in the market are achieving. It is conservatively estimated that there is +$54/month on average of upside or +11.4%. The property also has metal roofs to mitigate the need for large shorter term capital improvements.

Exclusively Listed By

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