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The Cottages at Bridgewater 14203 Illinois Rd 53 Unit Apartment Building $8,200,000 ($154,717/Unit) 6.10% Cap Rate Fort Wayne, IN 46814
Investment Highlights
- 53 total garden-style units
- Expansion potential with adjacent 1.775 AC
- 55+ community
- Stable in-place cash flow
Executive Summary
Sturges Property Group has been appointed the exclusive agent for the sale of The Cottages at Bridgewater, a rare opportunity to acquire a stabilized, income-producing 55+ garden-style community in one of the most desirable suburban corridors of Fort Wayne, Indiana. The property features 53 well-maintained units along with 1.775 acres of adjacent land, offering both immediate cash flow and future expansion potential.
The asset currently generates approximately $500,000 in net operating income, with strong occupancy under current ownership. Rents remain below comparable properties in the surrounding submarkets, presenting a clear opportunity to increase rates and drive additional revenue.
The garden-style layout and age-restricted tenancy create a differentiated product in the southwest Fort Wayne market, appealing to a growing demographic of downsizing renters seeking low-maintenance living. The included adjacent land can support approximately 22 additional units, providing a compelling value-add opportunity through phased development and long-term growth.
Contact Broker to sign a CA to view financials.
The asset currently generates approximately $500,000 in net operating income, with strong occupancy under current ownership. Rents remain below comparable properties in the surrounding submarkets, presenting a clear opportunity to increase rates and drive additional revenue.
The garden-style layout and age-restricted tenancy create a differentiated product in the southwest Fort Wayne market, appealing to a growing demographic of downsizing renters seeking low-maintenance living. The included adjacent land can support approximately 22 additional units, providing a compelling value-add opportunity through phased development and long-term growth.
Contact Broker to sign a CA to view financials.
Property Facts
| Price | $8,200,000 | Apartment Style | Garden |
| Price Per Unit | $154,717 | Building Class | B |
| Sale Type | Investment | Lot Size | 5.62 AC |
| Cap Rate | 6.10% | Building Size | 54,031 SF |
| No. Units | 53 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 2014 |
| Zoning | R3 - R3 - units | C3 - adjacent land | ||
| Price | $8,200,000 |
| Price Per Unit | $154,717 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 5.62 AC |
| Building Size | 54,031 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2014 |
| Zoning | R3 - R3 - units | C3 - adjacent land |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Oven
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | - | 681 - 762 |
| 2+1 | 30 | - | 871 |
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 02-11-07-200-008.011-038 | Improvements Assessment | $1,910,000 |
| Land Assessment | $0 | Total Assessment | $1,910,000 |
Property Taxes
Parcel Number
02-11-07-200-008.011-038
Land Assessment
$0
Improvements Assessment
$1,910,000
Total Assessment
$1,910,000
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The Cottages at Bridgewater | 14203 Illinois Rd
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