Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    322 S Washington St Warsaw, IN 46580

    Sponsored
    For Sale
    $205,000

    Triplex - Warsaw, IN

    Type:Triplex
    Property size:
    2,997 SF
    Lot size:
    0.20 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 26 at 10:06 pm

    Property Features for 322 S Washington St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    5
    Bathrooms
    4
    APN
    43-11-06-300-332.000-032
    Parking features
    Off Street
    Exterior features
    Basement, Cable Available, None
    Basement Y/N
    1
    Appliances
    Range
    Size
    2,997 SF
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Vinyl
    Architectural style
    Other

    We can help!

    Listing Contact
    Charles Mills
    Charles Mills

    Homes Land & Lakes Realty (574) 268-4881

    Listing agent Charles Mills (574) 268-4881 License #RB14024519

    Listing date Feb 24, 2026

    MLS# 202603945 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Warsaw Triplex with Long-Term Renters

    This triplex is located within walking distance of banking and downtown services in Warsaw, Indiana. The property features long-term renters with tenures of 10 years or more. The renters are responsible for paying their electric and gas utilities. Apartment 1 has a refrigerator that was replaced within the last 2 years. The current owner is in the process of replacing bathroom flooring and a range in one of the units. The roof was replaced in 2021. A new furnace and a tank-less water heater were installed in 2022 for one apartment, and a new furnace was added in 2023 for another apartment. The property consists of two downstairs apartments and one upstairs apartment. The lot size is 0.2 acres. The property size is 2997 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Warsaw
    County
    Kosciusko
    State
    Indiana
    Longitude
    -85.859617
    Latitude
    41.235392

    Nearby Similar for Sale

    • $245,000
      Pending

      Versatile Commercial Building in Warsaw

      4,000 sq ft commercial building suitable for various business uses.
      1414 Armstrong Rd, Warsaw, IN 46580
      View Details
    • $249,000
      0.58 Acres

      Versatile Mixed-Use Building with Drive-Through

      Multi-use building with drive-through, ideal for retail or restaurant.
      2950 Frontage Rd, Warsaw, IN 46580
      View Details
    • $528,000
      0.23 Acres

      Iconic Retail Opportunity Near Barbee Lakes

      Prime retail location near Warsaw with high visibility and flexibility.
      3774 N Barbee Rd, Warsaw, IN 46582
      View Details
    • New
      $765,000
      8,200 SF

      Versatile Mixed-Use Property Near Center Lake

      Spacious property with residential/commercial flexibility near downtown Warsaw.
      347 N Buffalo St, Warsaw, IN 46580
      View Details
    • $199,900
      0.43 Acres

      Warsaw Mixed-Use Building For Sale

      Highly visible Warsaw building suitable for retail, office, or salon.
      955 Fisher Ave, Warsaw, IN 46580
      View Details
    • $715,000
      1.50 Acres

      Chapman Lake Marina and Campground

      Seasonal business opportunity with marina, campground, and lake access.
      1150 Chapman Lake Dr, Warsaw, IN 46582
      View Details
    • $224,900
      0.07 Acres

      Downtown Warsaw Retail Opportunity

      Retail property in high-traffic downtown location with parking.
      206 S Buffalo St, Warsaw, IN 46580
      View Details
    • $174,900
      2.22 Acres

      New Warsaw Storage and Workshop

      New premium storage and flexible-use facility in Warsaw, Indiana.
      2490 N Rainbow Dr, Warsaw, IN 46582
      View Details
    • $420,000
      Pending

      Warsaw Fourplex on 1.7 Acres

      Well-located Warsaw fourplex with long-term investment potential on 1.7 acres.
      207 Gilliam Dr, Warsaw, IN 46580
      View Details
    • $299,900
      0.40 Acres

      Warsaw Retail Opportunity For Sale

      Retail space in Warsaw, Indiana, with high foot traffic.
      310 Argonne Rd, Warsaw, IN 46580
      View Details
    • $900,000
      16,046 SF

      Versatile Building on US-30

      Adaptable building suitable for office, retail, and flex-type uses.
      2691 Us-30, Warsaw, IN
      View Details
    • $1,500,000
      35,620 SF

      Industrial Space on Rainbow Drive

      35,620 SF industrial space with convenient highway access.
      2371 North Rainbow Dr, Warsaw, IN 46582
      View Details

    FAQs

    What type of property is this?
    Triplex - Triplex with long-term tenants, recent upgrades, and convenient location.
    Where is this triplex located?
    The property is located at 322 S Washington St Warsaw, IN.
    What is the asking price?
    The asking price for this property is $205,000.
    What are key features of this property?
    This property features: - New roof installed in 2021; - New furnaces replaced in 2022 & 2023; - New tank-less water heater installed in 2022
    (574) 268-4881
    Request Owner's contact information
    322 S Washington St Warsaw, IN 46580
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    322 S Washington St
    Warsaw, IN 46580
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    322 S Washington St Warsaw, IN 46580
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Charles Mills
    Charles Mills
    Real Estate License ID: RB14024519
    (574) 268-4881 (574) 269-4541
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!