wow, 7k/door, I live there once....

Multifamily Property For Sale

EASTWOOD POINTE

3710 East Paulding Road, Fort Wayne, IN 46816

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• Price:
  $1,850,000
• No. Units:
  271
• Building Size:
  177,412 SF
• Price/Unit:
  $6,826.57
• Property Type:
  Multifamily
• Property Sub-type:
  Garden/Low-Rise
• Property Use Type:
  Investment
• Cap Rate:
  9.12%
• Gross Rent Multiplier:
  1.43
• Year Built:
  1965
• Lot Size:
  22 AC
• Find Out More...

Last Verified  4/20/2012 Listing ID  17373931

Attachments

• Community Document
• PropertyWebsiteURL

Highlights

• Bank-Directed Sale ~ 271 Garden-Style Units
• $6826 Price/Unit ~Financial Info Based on Actuals
• 60% Occupancy ~ Upside Potential

• Tenants Pay Heat

Description

271 Garden Style apartment units consisting of efficiency, 1, 2, and 3 Bedrooms. 60% Occupied. Possible upside in leasing up the vacant units. Property does accept Section 8, but currently only 8% of tenants are Section 8.

Eastwood Point is nestled in the outskirts of the SE quadrant of Fort Wayne. It is located within the city limits but has the feeling of a country property, with lots of privacy and mature trees. The SE quadrant is primarily residential with most of the population being blue collar. Located on the east end of a primary thoroughfare in the south part of Fort Wayne, Eastwood Point is only minutes from a new commercial development which includes a Walmart and Menards.

Financial Summary

Unit Mix Information

Debt & Equity Information

• Proforma
• Effective Gross Income
  $770,494
• Net Operating Income
  $168,729
• Pre-Tax Cash Flow
  $168,729