Mixed-Use Office and
120 N 5Th Street Goshen, IN 46528
New
For Sale
$285,000
MULTI_FAMILY - Other - Goshen, IN
Property Size3,216 SF
Lot Size0.12 Acres
Price / SF$88.62
Days on Market2
Property Features for 120 N 5Th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
2
Bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bathroom 4, Bathroom 3, Basement, Bathroom 1, Bedroom 2
Fireplace
1
Standard status
Active
APN
20-11-09-426-002.000-015
Size
3,216 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ORIG W 90FT OF N1/2 75 W 90FT OF S 23FT 76 (TIF 128)
Tax Annual Amount
3000
Utilities
Cooling system
Multi Units
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet, Wood
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Hallmark Excellence Realty
(574) 238-7157
Listed By:
Gregory Hire
(574) 238-7157
Added: Jul 29
Changed: Jul 30
Last Checked: Jul 30 at 8:06AM
MLS# 202630691
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 mixed-use property includes three separate spaces: a main-level office and two upper-level one-bedroom, one-bath apartments. The office features a reception/work area, a fireplace, two half baths, and central air conditioning. Each upstairs apartment has a private entrance and a full bath with a shower.
Heating is provided by a hot water boiler system located in the basement. The office space is air conditioned, while the upstairs apartments do not currently have air conditioning; window units could be installed. The apartments are also without kitchen appliances.
The building has not been leased or occupied for the past several years, presenting an opportunity for updates and reconfiguration of finishes for future occupancy.
Heating is provided by a hot water boiler system located in the basement. The office space is air conditioned, while the upstairs apartments do not currently have air conditioning; window units could be installed. The apartments are also without kitchen appliances.
The building has not been leased or occupied for the past several years, presenting an opportunity for updates and reconfiguration of finishes for future occupancy.
Key Highlights
- B‑2 zoned mixed‑use building with approximately three separate spaces: main‑level office plus two upper one‑bedroom apartments
- Main‑level office features a reception/work area, fireplace, two half baths, and central air conditioning
- Two upstairs 1‑bedroom, 1‑bath apartments, each with its own private entrance
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.1k | $14.64 |
| − Vacancy | −$3.7k | −$1.16 |
| EGI | $43.4k | $13.48 |
| − OpEx | −$19.5k | −$6.07 |
| NOI | $23.8k | $7.42 |
3,216 SF · lease $14.64/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Office B
$474.5K
$415.2K – $553.6K
NOI $33,218 @ 7.0% cap · market cap 11.66%
Second Best
Multifamily LT 5
$382.0K
$334.2K – $445.6K
NOI $26,738 @ 7.0% cap · market cap 9.38%
Theoretical Best
Specialty Retail
$595.4K
$521.0K – $694.7K
NOI $41,679 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - B-2 zoned building with a main-level office and two one-bedroom apartments, each with a private entrance.
Where is this triplex located?
The property is located at 120 N 5Th Street Goshen, IN.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: B‑2 zoned mixed‑use building with approximately three separate spaces: main‑level office plus two upper one‑bedroom apartments; Main‑level office features a reception/work area, fireplace, two half baths, and central air conditioning; Two upstairs 1‑bedroom, 1‑bath apartments, each with its own private entrance
