2007 Northside Blvd, South Bend, IN 46615 - multi-family property

Detailed information about multi-family property which situated in South Bend (46615) city, Indiana state on 2007 Northside Blvd.

Additional Information: INVESTMENT RATIONALE Summit Realty Group and CBRE / Bradley are pleased to present the opportunity to acquire Northside Terrace Apartments. Northside Terrace is a 45-unit mid-rise community ideally located adjacent to the Indiana University South Bend campus. In 1999, the property underwent a significant rehab which included new roofs, electrical systems, upgraded elevators, kitchen cabinets (25 units) and some plumbing. INVESTMENT HIGHLIGHTS LOCATION Northside Terrace resides within the district of South Bend Community School Corporation and is directly across the street from the Indiana University South Bend (IUSB) campus. IUSB boasts a student enrollment of 8,590, of which approximately 69% (or 5,297) are full time undergraduate students. IUSB has a very limited amount of housing for students (48 units / 136 beds) and is 100% leased for the Fall 2011 semester. Value Add Opportunity Northside Terrace is currently owned by a not-for-profit agency. Value creation exists in the conversion of the property to a dedicated “by the bed” student housing community. Rents at Northside Terrace average $.72 psf, significantly under-market in comparison to on-campus housing rents of $1.68 - $2.15 psf. Additional revenue can also be realized through water / sewer bill-backs (currently paid by the owner).