Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Elkhart, Ind.

ELKHART, IND. — Marcus & Millichap has arranged the sale of Gladstone Apartments in Elkhart, located at 601-603 Gladstone Ave. The 12-unit, multifamily property sold for $264,000, or $22,000 per unit, and consists of two one-bedroom units and 10 two-bedroom units. Gladstone Apartments is fully occupied. Built in 1964, the property had been owner-operated and owner-managed for 36 years and included relatively new windows and roofing. The 10,800-square-foot property is located a few blocks from downtown Elkhart and has trolley access to Walmart, Meijer, Elkhart General Hospital, and Ivy Tech, according to LoopNet. The apartment community includes spacious floor plans, separately metered electric, baseboard heat, an outdoor picnic area, coin-operated washers and dryers in two laundry rooms, wall-mounted electric air conditioning, landlord-paid water/sewer/trash common area electricity and private trash services. David Orton of Marcus & Millichap’s Indianapolis office represented the buyer, a private investor, in the transaction. Orton also marketed the property on behalf of the seller, a personal trust. Orton Interra Credit Union, a local bank, financed the transaction.