Multifamily

Joyful Sunshine Apartments

Listing Price: $479,200

Cap Rate
8.37%
Number of Units
16
GRM
4.70
Occupancy
90.00%
Price/Unit
$29,950
Price/Gross SF
$49.45
Gross SF
9,690

Investment Overview

Marcus & Millichap is pleased to present Joyful Sunshine, a 16-unit apartment complex in South Bend, Indiana. The 16-unit community is located just three miles from the iconic University of Notre Dame and three miles from downtown South Bend. Built in 1973, Joyful Sunshine Apartments gives a prospective investor an outstanding opportunity to obtain a well-maintained property with rents under the market average.

Joyful Sunshine Apartments are on the northwest side of the city, in west-side submarket which is comprised of only 1,900 multifamily units out of 15,608 that are in the South Bend MSA. Due to this lack of market rate apartments, the average vacancy rate in the submarket is only 5.4%. The city of South Bend is home to companies such as AM General, Bayer, Tire Rack, Data Realty, and Union Station Technology Center. A city of 102,000 people, South Bend continues to be a strong rental market.

Joyful Sunshine Apartments provides a prospective investor to acquire a property with rents below the market average in an area lacking market-rate multifamily properties. The current owner has completely replaced the roofs of each building along with a complete electric replacement, leaving a new owner with little to no immediate deferred maintenance. In addition to being offered at an attractive in place cap rate, a prospective owner can further increase their return by raising rents to meet the market after making basic renovations to the units.

Investment Highlights

  • Complete roof renovation and electrical replacementno immediate deferred maintenance
  • Under market rents
  • 16 unit property in South Bend, IN

Exclusively Listed By

Listing Price: $479,200

Cap Rate
8.37%
Number of Units
16
GRM
4.70
Occupancy
90.00%
Price/Unit
$29,950
Price/Gross SF
$49.45
Gross SF
9,690

Investment Highlights

  • Complete roof renovation and electrical replacementno immediate deferred maintenance
  • Under market rents
  • 16 unit property in South Bend, IN

Investment Overview

Marcus & Millichap is pleased to present Joyful Sunshine, a 16-unit apartment complex in South Bend, Indiana. The 16-unit community is located just three miles from the iconic University of Notre Dame and three miles from downtown South Bend. Built in 1973, Joyful Sunshine Apartments gives a prospective investor an outstanding opportunity to obtain a well-maintained property with rents under the market average.

Joyful Sunshine Apartments are on the northwest side of the city, in west-side submarket which is comprised of only 1,900 multifamily units out of 15,608 that are in the South Bend MSA. Due to this lack of market rate apartments, the average vacancy rate in the submarket is only 5.4%. The city of South Bend is home to companies such as AM General, Bayer, Tire Rack, Data Realty, and Union Station Technology Center. A city of 102,000 people, South Bend continues to be a strong rental market.

Joyful Sunshine Apartments provides a prospective investor to acquire a property with rents below the market average in an area lacking market-rate multifamily properties. The current owner has completely replaced the roofs of each building along with a complete electric replacement, leaving a new owner with little to no immediate deferred maintenance. In addition to being offered at an attractive in place cap rate, a prospective owner can further increase their return by raising rents to meet the market after making basic renovations to the units.

Exclusively Listed By

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