415 N Washington St, Warsaw, IN 46580-2652

Property Description

Investor opportunity with a CAP rate over 12%! This income-producing multi-unit property is a fantastic addition to any portfolio, offering three residential apartment units plus a large workshop/garage unit with office space - all within walking distance of vibrant downtown Warsaw. The location adds even more appeal for tenants, with shopping, dining, community events, Central Park, and Center Lake just around the corner. Enjoy easy access to the Friday night concert series, playgrounds, kayak rentals, and more. Apartment A is a spacious 4 bedroom, 2 bath unit that was completely remodeled down to the studs in 2020, including updated plumbing and electrical. A new back deck was added in 2023, and the large primary bedroom features an en-suite bath and direct deck access. Apartment B offers 1 bedroom and 1 bathroom, while Apartment C features 2 bedrooms, 1 bathroom with a jetted tub, and new flooring installed in 2021. Each apartment includes a generous kitchen with ample cabinetry plus its own washer and dryer - an attractive convenience for tenants. The fourth unit is a versatile 40’x30’ garage/workshop with 15’ ceilings, a 12’ overhead door, and two offices, creating additional rental potential for a contractor or business needing office, workshop, and storage space. Additional improvements include a partial roof replacement in 2021 and a new sewer line installed in 2022. Utilities are billed back to tenants, all three apartments are currently rented, and the property is producing a CAP rate of over 12%. With established rental income, multiple revenue streams, tenant-paid utilities, and a strong CAP rate, this property offers an opportunity to add a solid income-producing asset to your portfolio in a prime Warsaw location.