Two-Unit
New
For Sale
$155,000
169 N 6th Street, Elkhart, IN 46516
INVESTMENT, Two Story, Elkhart, IN
Property Size1,514 SF
Lot Size0.12 Acres
Price / SF$102.38
Days on Market5
Property Features for 169 N 6th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Basement
Parking
2
Lot features
Level
Elementary school
Beardsley
Middle school
North Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
East on W Lexington Ave, turn left onto N 6th St to duplex
Subdivision
Elkhart County
Standard status
Active
APN
20-06-05-306-019.000-012
Size
1,514 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
FIELDHOUSE 5TH LOT 201
Tax Annual Amount
2060
Legal Description
FIELDHOUSE 5TH LOT 201
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Cara Warren
(574) 505-6712
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 15 at 6:06AM
MLS# 202637911
Copyright © 2026 Kosciusko Board of Realtors MLS. 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 1,514-square-foot duplex, built in 1900, contains two distinct living spaces. Unit A offers 3 bedrooms and 2 full baths, while Unit B includes 1 bedroom and 1 full bath. Interior finishes include vinyl and carpet flooring, and the property also includes a basement.
A new sewer line adds a recent infrastructure improvement. The 0.122-acre property is located near downtown Elkhart, with shopping, dining, and everyday amenities nearby. The separate-unit configuration supports rental use, owner occupancy with an additional living space, or multigenerational living.
A new sewer line adds a recent infrastructure improvement. The 0.122-acre property is located near downtown Elkhart, with shopping, dining, and everyday amenities nearby. The separate-unit configuration supports rental use, owner occupancy with an additional living space, or multigenerational living.
Key Highlights
- Two separate living spaces in a duplex configuration
- Unit A includes 3 bedrooms and 2 full baths
- Unit B includes 1 bedroom and 1 full bath
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
$12,587
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
8.12%
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%
$251,740
$251.7K
Cap Rate 7%
$179,814
$179.8K
Cap Rate 9%
$139,856
$139.9K
Market Conditions
NOI Build-Up for 1,514 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
$19.4K $12.84/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$18.0K $11.88/SF
− OpEx
−$5.4K −$3.56/SF
NOI
$12.6K $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%
$251,740
Cap Rate 7%
$179,814
Cap Rate 9%
$139,856
Alternative Uses
Best Use
Multifamily LT 5
$179.8K
$157.3K – $209.8K
NOI $12,587 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$160.4K
$140.4K – $187.1K
NOI $11,228 @ 7.0% cap · market cap 7.24%
Theoretical Best
Specialty Retail
$280.3K
$245.3K – $327.0K
NOI $19,621 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living spaces with a three-bedroom and one-bedroom layout, plus a recently installed sewer line.
Where is this duplex located?
The property is located at 169 N 6th Street Elkhart, IN.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two separate living spaces in a duplex configuration; Unit A includes 3 bedrooms and 2 full baths; Unit B includes 1 bedroom and 1 full bath
