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Straley Apartments 700 W Wayne St 32 Unit Apartment Building $1,490,000 ($46,563/Unit) 6.51% Cap Rate Paulding, OH 45879
Investment Highlights
- 32-Unit Complex: 40 minutes from Fort Wayne, IN (Indiana’s fastest growing city)
- Value-Add Opportunity to renovate unit interiors
- Proforma 8.15% Cap Rate and 11.5% Cash-on Cash Return
- Offered at an attractive basis of less than $47k/door
Executive Summary
Marcus & Millichap is pleased to exclusively present Straley Apartments, a 32-unit apartment complex located in Paulding, OH. Located just 40 minutes from Fort Wayne, the property benefits from being near one of the fastest growing cities in the Midwest.
The property was built from 1972 - 1974 and is comprised of sixteen (16) Two-Bedroom Apartments, and sixteen (16) One-Bedroom Apartments. The two-bedroom units are approximately 775 square feet, and the current average rent is $675. The one-bedroom units are approximately 650 square feet, and the current average rent is $640. Nearby comparable properties average 2-bedroom rents are $880/month, while comparable 1- bedroom rents average $800+, supporting the notion that Straley Apartments is well situated for substantial revenue growth.
Straley Apartments offers the prospective investor an attractive opportunity to acquire 32 apartments near Fort Wayne, Indiana. The property was built in the early 1970s, has great curb appeal, has an excellent unit mix of half one-bedroom units and half two-bedroom units, is offered at an affordable basis of $46,000/unit, and is primed for value-add interior unit renovations.
The property was built from 1972 - 1974 and is comprised of sixteen (16) Two-Bedroom Apartments, and sixteen (16) One-Bedroom Apartments. The two-bedroom units are approximately 775 square feet, and the current average rent is $675. The one-bedroom units are approximately 650 square feet, and the current average rent is $640. Nearby comparable properties average 2-bedroom rents are $880/month, while comparable 1- bedroom rents average $800+, supporting the notion that Straley Apartments is well situated for substantial revenue growth.
Straley Apartments offers the prospective investor an attractive opportunity to acquire 32 apartments near Fort Wayne, Indiana. The property was built in the early 1970s, has great curb appeal, has an excellent unit mix of half one-bedroom units and half two-bedroom units, is offered at an affordable basis of $46,000/unit, and is primed for value-add interior unit renovations.
Property Facts
| Price | $1,490,000 | Apartment Style | Garden |
| Price Per Unit | $46,563 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.90 AC |
| Cap Rate | 6.51% | Building Size | 22,800 SF |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
| Price | $1,490,000 |
| Price Per Unit | $46,563 |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 22,800 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.88/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $640.00 | 650 |
| 2+1 | 16 | $675.00 | 775 |
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Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 30-05S-007-00 | Improvements Assessment | $65,770 |
| Land Assessment | $9,630 | Total Assessment | $75,400 |
Property Taxes
Parcel Number
30-05S-007-00
Land Assessment
$9,630
Improvements Assessment
$65,770
Total Assessment
$75,400
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Straley Apartments | 700 W Wayne St
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