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    509 Prospect St Elkhart, IN 46514

    For Sale
    $324,900

    Duplex - Elkhart, IN

    Type:Duplex
    Property size:
    2,068 SF
    Lot size:
    0.23 Acres
    Days on Market:
    27
    Last Refresh:
    Dec 6 at 1:06 am

    Property Features for 509 Prospect St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    2
    APN
    20-06-05-157-011.000-012
    Parking features
    Garage, Garage - Detached
    EntryLevel
    Upper,Main
    Exterior features
    Basement, Fireplace, None
    Basement Y/N
    1
    Appliances
    Range
    Size
    2,068 SF
    Lot size
    0.23 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    2
    Flooring type
    Carpet, Laminate, Tile, Vinyl, Wood
    Architectural style
    Other

    McKinnies Realty, LLC (574) 271-3440

    Listing agent Jennea Schirr (574) 271-3440 License #RB14043735

    Listing date Nov 10, 2025

    MLS# 202538768 Listing URL

    Copyright © 2025 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.

    Overview

    Duplex Plus Bungalow Investment Opportunity

    This unique property in Elkhart, Indiana, includes a two-story duplex and a single bungalow home, sharing a single tax-key. Each unit features 2 bedrooms and 1 full bath, offering flexible living arrangements for investors or owner-occupants. The main level of the duplex is currently occupied by a long-term tenant of over 20 years, providing immediate rental income. The properties are in very good condition, requiring minimal updates. New windows, flooring, HVAC, cabinets and baths have been installed. The property includes a detached garage, adding value and convenience. The upper level of the duplex and the single unit have been rehabbed. The property sits on a 0.23-acre lot. The property offers a total of 2068 square feet of living space. The property is located in Elkhart County, Indiana.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.983858
    Latitude
    41.690004

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    FAQs

    What type of property is this?
    Duplex - Two-story duplex and bungalow on one tax-key in Elkhart.
    Where is this duplex located?
    The property is located at 509 Prospect St Elkhart, IN.
    What is the asking price?
    The asking price for this property is $324,900.
    What are key features of this property?
    This property features: - Two properties (duplex and bungalow) on one tax key offer versatile living/rental options.; - Immediate rental income from long-term tenant in one duplex unit.; - **Recently updated with new windows, flooring, HVAC, cabinets, and baths.**
    (574) 271-3440
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    Realmo Value Estimation

    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.

    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.

    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
    509 Prospect St Elkhart, IN 46514
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