350 Bercado Circle
Mishawaka, IN 46544 ·
234 Units · Multifamily For Sale
River Pointe Apartments
|Price||N/A||Property Use Type||Investment|
|No. Units||234||Cap Rate||7.39%|
|Building Size||246,557 SF||Year Built||1974|
|Property Type||Multifamily||Parking Ratio||1.97 / 1,000 SF|
|Listing ID: 15783701||Date Created: 07/01/2008||Last Updated: 06/09/2010|
River Pointe has an average unit size of 1,054 square feet. The property offers residents a selection of 6 distinctive floor plans, ranging from 843 to 1,732 square feet. Fifteen of the 2 bedroom units and five of the 3 bedroom units are two-story townhomes. Eighteen of the 2 bedroom units and fourteen of the 3 bedroom units are single story flats with private entrances. Market rents range from $570 to $1,080. Each unit contains a fully equipped kitchen with kitchen pantries, ample cabinets with lazy Susan' s and complete appliance package. Other features include central air conditioning, formal dining room area, private balcony or patio, ceiling fan and a walk-in closet in select units. In the 2 and 3 bedroom units, there are in-unit washers and dryers. Common area laundry rooms are available.
River Pointe has an excellent community amenity package including picnic areas, swimming pool, sand volleyball court, community clubhouse with fireplace lounge and kitchen and a new fitness center. One and two car garages are available. The property is located on St. Joseph River with access to boat docks, boating and fishing.
River Pointe is a perfect location for the business class commuter. It is just six miles away from the US-33 Highway that merges with the Indiana Toll Road (I-80 and I-90). US Highways 31/33 links the area to Michigan and Indianapolis and also connects to I-94, a direct route to Chicago and Detroit.
River Pointe is located in close proximity to all levels of education, shopping, business and industry. The property is located in the Penn-Harris-Madison School District, which has been recognized as one of the best in the region, and in close proximity to Bethel College and Indiana University South Bend. University Park Mall, a super-regional mall, and the Grape Road Retail
Corridor are located less than 6 miles to the northwest. Edison Lakes Office Park is a 700-acre mixed-use, master-planned development, which encompasses commercial, office, hotel, lodging, residential and flex space. The development is home to the corporate headquarters of such companies as Quality Dining, Inc., Bayer Corporation and McDonald Financial.
- Value-add potential through renovations of apartment interiors.
- No direct competition in immediate market.
- Historically high occupancy.
- All the roofs, windows, sliding doors and siding were replaced in 2002-2003.
- Close proximity to University Park Mall and the Grape Road Retail Corridor, the 2nd largest area of retail concentration in Indiana.
- The AM General assembly facility is located less than 2 miles from the property.
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