Two-Story
New
For Sale
$289,900
1101 Fulton Street, Elkhart, IN 46514
INVESTMENT, Two Story, Elkhart, IN
Property Size2,352 SF
Lot Size0.11 Acres
Price / SF$123.26
Days on Market6
Property Features for 1101 Fulton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Basement, Bedroom 2, Bathroom 2
Fireplace
1
Lot features
Corner
Elementary school
Mary Daly
Middle school
West Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
Beardsley to Ward South to Fulton, House on corner of Ward and Fulton
Subdivision
Elkhart County
Standard status
Active
APN
20-06-06-406-009.000-012
Size
2,352 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
4318
Tax Description
WARDS FIRST ADD EX 40FT S END LOT 3
Tax Annual Amount
1700
Legal Description
WARDS FIRST ADD EX 40FT S END LOT 3
Building Details
Year built
1904
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Elkhart
(574) 293-1010
Listed By:
Verlin Miller · License #RB14045672
(574) 536-6496
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 5 at 4:06PM
MLS# 202635994
Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story quadplex contains 2352 square feet across four residential units. Units A and B are identified as economy units, while Unit C has one bedroom and Unit D has two bedrooms. The property includes vinyl and carpet flooring, a fireplace, and a basement. Built in 1904, the building sits on a 0.111-acre lot.
Unit A and Unit C are currently rented, while Units B and D are vacant. The owner pays all utilities and maintenance, providing a clearly defined operating arrangement. The property is located at 1101 Fulton Street in Elkhart, Indiana, within the Strong Ave area.
Unit A and Unit C are currently rented, while Units B and D are vacant. The owner pays all utilities and maintenance, providing a clearly defined operating arrangement. The property is located at 1101 Fulton Street in Elkhart, Indiana, within the Strong Ave area.
Key Highlights
- Four‑unit quadplex with two‑story configuration
- 2352 square feet on a 0.111‑acre lot
- Unit C has 1 bedroom; Unit D has 2 bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,554
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,080
$391.1K
Cap Rate 7%
$279,343
$279.3K
Cap Rate 9%
$217,267
$217.3K
Market Conditions
NOI Build-Up for 2,352 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.2K $12.84/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$27.9K $11.88/SF
− OpEx
−$8.4K −$3.56/SF
NOI
$19.6K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,080
Cap Rate 7%
$279,343
Cap Rate 9%
$217,267
Alternative Uses
Best Use
Multifamily LT 5
$279.3K
$244.4K – $325.9K
NOI $19,554 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$249.2K
$218.0K – $290.7K
NOI $17,442 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$435.5K
$381.0K – $508.0K
NOI $30,482 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer varied layouts, including economy units and one- and two-bedroom apartments.
Where is this quadplex located?
The property is located at 1101 Fulton Street Elkhart, IN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Four‑unit quadplex with two‑story configuration; 2352 square feet on a 0.111‑acre lot; Unit C has 1 bedroom; Unit D has 2 bedrooms
