October 29, 2019 – Andrew O’Connell and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of the Washington Street Apartments in Hobart, Indiana. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,670,000, which translates to a 7.73% Cap Rate.
The Washington Street Apartments, located at 432 and 436 N Washington Street and 704 W 40th Place in Hobart, Indiana, consists of twenty-four (24) apartment units spread over three contiguous properties. Constructed in 1972, Washington Street Apartments are comprised of three (3) garden-style brick buildings with eight (8) units in each. The complex, set on 0.34 acres, has a good unit mix with twenty-one (21) two-bedroom, one-bathroom units and three (3) one-bedroom, one-bathroom units. The units are separately metered for electricity and have individual gas-fired forced hot-air furnaces, the landlord is responsible for the remainder of the utilities. The properties have been well maintained, and offer 18,900 square feet of rentable square feet, 24,000 gross square feet and forty-eight (48) parking spaces. Washington Street is centrally located in an attractive residential neighborhood in the center of town. Additionally, the location provides easy access to a number of Interstates, including close proximity to I-65 and I-94 (both less than 2 miles away) and to Interstates 80 and 90. The complex is approximately 5 miles from the train station with direct access to Chicago, IL, South Bend, IN and Milwaukee, WI. While the property has been extremely well maintained, with new boilers and a new roof, the rents are below market and offer upside through rental increases in a high demand, supply-constrained residential market.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.