Two-Story Duplex with
For Sale
$425,000
435 S Main Street, Middlebury, IN 46540
INVESTMENT, Two Story, Middlebury, IN
Property Size4,112 SF
Lot Size0.57 Acres
Price / SF$103.36
Days on Market115
Property Features for 435 S Main Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 2, Basement, Bathroom 3, Bedroom 1, Bathroom 2, Bathroom 5, Bathroom 6
Parking
6
Lot features
Level
Elementary school
Middlebury
Middle school
Northridge
High school
Northridge
Elementary school district
Middlebury Community Schools
Middle school district
Middlebury Community Schools
High school district
Middlebury Community Schools
Directions
From US 20, turn North on SR 13
Subdivision
Elkhart County
Standard status
Active
APN
20-08-10-380-016.000-035
Size
4,112 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
IN SE COR SW EX .06A SEC 10 .57A
Legal Description
IN SE COR SW EX .06A SEC 10 .57A
Utilities
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Wood, Laminate, Carpet
Architectural style
Other
Listing Agency:
Coldwell Banker Real Estate Group
(574) 522-2822
Listed By:
Jami Stamm
(574) 596-4868
Added: May 19
Changed: Sep 3
Last Checked: Sep 10 at 1:06AM
MLS# 202629722
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 4,112-square-foot duplex occupies a 0.57-acre parcel and was built in 1900. The two-story property includes four bedrooms, six bathrooms, a basement, and an additional apartment. Interior finishes include laminate, wood, and carpet flooring, with central air conditioning serving the building.
Located at 435 S Main Street in Middlebury, the property sits along the Pumpkinvine Nature Trail. The setting provides proximity to Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation in Elkhart County.
Located at 435 S Main Street in Middlebury, the property sits along the Pumpkinvine Nature Trail. The setting provides proximity to Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation in Elkhart County.
Key Highlights
- 4,112‑square‑foot duplex on a 0.57‑acre parcel
- Built in 1900 with a two‑story layout
- Four bedrooms and six bathrooms
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
$34,187
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
8.04%
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%
$683,740
$683.7K
Cap Rate 7%
$488,386
$488.4K
Cap Rate 9%
$379,856
$379.9K
Market Conditions
NOI Build-Up for 4,112 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
$52.8K $12.84/SF
− Vacancy
−$4.0K −$0.96/SF
EGI
$48.8K $11.88/SF
− OpEx
−$14.7K −$3.56/SF
NOI
$34.2K $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%
$683,740
Cap Rate 7%
$488,386
Cap Rate 9%
$379,856
Alternative Uses
Best Use
Multifamily LT 5
$488.4K
$427.3K – $569.8K
NOI $34,187 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$435.6K
$381.2K – $508.2K
NOI $30,494 @ 7.0% cap · market cap 7.18%
Theoretical Best
Specialty Retail
$761.3K
$666.2K – $888.2K
NOI $53,292 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 46540, IN
12,552
Population
4,245
Households
3
Avg Household Size
33
Median Age
19%
College-Educated
71%
High-School Grad
59.4 sq mi
ZIP Area
211
Density / Sq Mi
$99,664
Median Household Income
$45,850
Median Earnings
$1,074
Median Rent
$297,800
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The property combines a two-story layout, basement, central air, and an additional apartment.
Where is this duplex located?
The property is located at 435 S Main Street Middlebury, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,112‑square‑foot duplex on a 0.57‑acre parcel; Built in 1900 with a two‑story layout; Four bedrooms and six bathrooms
