Purchase $27,750,000 + the buyer paid 3% real estate commission
pof needed
greenleaf manor-
2122 east bristol street,
elkhart, indiana 46514
golfview manor-1305 west
vistula street bristol,
indiana 46507
located in America's heartland, the two-property portfolio of 248 multi-family units shows a net (in your pocket) of over $1,750,000 & a super strong cap rate in the 6s++.
This portfolio is performing for sure, but there is plenty more room to grow that noise/cap rate as the rents are about 88% of market rent and the occupancy rate is 93%.
This class B portfolio was built over multiple years, from 1975 to 1995. The total rentable square footage is 282,526 with an average square footage of 1,146 square feet per unit. The average market rent per unit is $1,066 monthly.
The buyer/buyers should be pleased that the seller is all-in as far as providing as much financial information & details as possible for the right financially qualified buyer to make an informed decision. Please notice the list of pdf attachments that are provided upfront and, as usual, never an NCN or NDA is needed. Now we simply need a serious, financially qualified buyer.
The new 2024 assessed values have been released in Elkhart County, and the assessed values for both Greenleaf & Golfview have "reduced" significantly from 2023 to 2024. Greenleaf's assessment was lowered from $6.55 million to $5.06 million, while Golfview's assessment has been lowered from $3.32 million down to $2.25 million. Excellent news for the qualified buyer on the property taxes.
Both properties are great value-added deals with below-market rents, with even more upside remaining after completing renovations. Both Greenleaf and Golfvieweach can increase rent by approximately $250+ monthly after completing interior renovations.
Greenleaf Manor has large units, and all units have attached garages. The property is conveniently located just minutes outside of downtown Elkhart, which has seen significant investment in the last several years. The two new construction properties in Elkhart are located downtown and highly occupied, while also having rents well above the forecast post-renovation rents at Greenleaf.
There is a beautiful golf course located directly adjacent to the golf course, and there are also beautiful, high-priced single-family homes. The golf view property is also the only large rental property located in Bristol, Indiana, which neighbors Elkhart.
