Fully Renovated
For Sale
$699,900
Pending
602 N Frances Street, South Bend, IN 46617
MULTI_FAMILY - South Bend, IN
Property Size2,722 SF
Lot Size0.08 Acres
Days on Market269
Property Features for 602 N Frances Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Basement, Bedroom 1, Bedroom 6
Fencing
Privacy
Fireplace
1
Lot features
Near College Campus, Corner, 0-2.9999
Elementary school
Nuner
Middle school
Jefferson
High school
Adams
Elementary school district
South Bend Community School Corp.
Middle school district
South Bend Community School Corp.
High school district
South Bend Community School Corp.
Directions
From N Eddy Street, West on Sorin Street, Property is on corner of Sorin and N Frances.
Subdivision
St. Joseph County
Standard status
Pending
APN
71-08-01-432-027.000-026
Size
2,722 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 SHONE'S FRANCES ST MINOR SUB NP #3718 6/14/06
Tax Annual Amount
4697
Legal Description
LOT 1 SHONE'S FRANCES ST MINOR SUB NP #3718 6/14/06
Utilities
Cooling system
Central Air
Amenities
gas fire pit
concrete patio
fenced yard
washer and dryer
storage
Building Details
Year built
1929
Floors in Building
2
Number of units
3
Flooring type
Carpet, Tile, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
Weichert Rltrs-J.Dunfee&Assoc.
(574) 277-7444
Listed By:
Rachel Prillwitz
(574) 261-5736
Added: Dec 2, 2025
Changed: Aug 2
Last Checked: Aug 28 at 10:06AM
MLS# 202547822
Copyright © 2026 Greater South Bend-Mishawaka Association 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 fully renovated triplex offers three updated, flexible rental units: a 1 bedroom/1 bath unit, a 2 bedroom/1 bath unit, and an expansive second-story 3 bedroom/2 bath unit with a full living and dining area. The property totals 2,722 square feet on a 0.08-acre lot, built in 1929.
Improvements include new exterior paint, a new roof, soffits, fascia, gutters, and updated lighting, along with a concrete patio and a privacy-fenced yard. A gas fireplace is present, and the property also features a gas fire pit on a timer. Major mechanical updates include new AC units installed in 2022, water heaters replaced within the last five years, and furnaces installed within the last six years. The main floor was fully gutted in 2022 with new drywall, windows, flooring, redesigned kitchens with granite countertops, new cabinets, appliances, tile, lighting, and updated bathrooms. The upstairs renovation was completed in 2025, adding a second full bathroom and expanding the kitchen with new cabinets, appliances, butcher-block countertops, tile flooring, and updated fixtures.
A full basement provides storage plus a washer and dryer to support efficient turnover. A portion of the lot may allow for added parking or a secondary building, supporting future rental flexibility.
Improvements include new exterior paint, a new roof, soffits, fascia, gutters, and updated lighting, along with a concrete patio and a privacy-fenced yard. A gas fireplace is present, and the property also features a gas fire pit on a timer. Major mechanical updates include new AC units installed in 2022, water heaters replaced within the last five years, and furnaces installed within the last six years. The main floor was fully gutted in 2022 with new drywall, windows, flooring, redesigned kitchens with granite countertops, new cabinets, appliances, tile, lighting, and updated bathrooms. The upstairs renovation was completed in 2025, adding a second full bathroom and expanding the kitchen with new cabinets, appliances, butcher-block countertops, tile flooring, and updated fixtures.
A full basement provides storage plus a washer and dryer to support efficient turnover. A portion of the lot may allow for added parking or a secondary building, supporting future rental flexibility.
Key Highlights
- 0.08‑acre triplex lot with 2,722 sq ft total area
- Three units: 1 bed/1 bath, 2 bed/1 bath, and a second‑story 3 bed/2 bath (1,300+ sq ft)
- Main floor fully gutted in 2022 with new drywall, windows, flooring, redesigned kitchens, and updated 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
$24,244
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
3.46%
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%
$484,880
$484.9K
Cap Rate 7%
$346,343
$346.3K
Cap Rate 9%
$269,378
$269.4K
Market Conditions
NOI Build-Up for 2,722 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
$37.6K $13.80/SF
− Vacancy
−$2.9K −$1.08/SF
EGI
$34.6K $12.72/SF
− OpEx
−$10.4K −$3.82/SF
NOI
$24.2K $8.91/SF
Area
South Bend, IN
Vacancy
7.80%
Lease Rate
$13.80 /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%
$484,880
Cap Rate 7%
$346,343
Cap Rate 9%
$269,378
Alternative Uses
Best Use
Multifamily LT 5
$346.3K
$303.1K – $404.1K
NOI $24,244 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$320.5K
$280.4K – $373.9K
NOI $22,434 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$688.6K
$602.6K – $803.4K
NOI $48,204 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,199
Businesses Nearby
Explore this area
Business Placement
Demographics for 46617, IN
9,813
Population
5,502
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.6 sq mi
ZIP Area
3,774
Density / Sq Mi
$73,700
Median Household Income
$37,331
Median Earnings
$1,422
Median Rent
$231,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Renovated triplex with three updated units, including a second-story 3-bedroom layout, plus central air and a full basement.
Where is this triplex located?
The property is located at 602 N Frances Street South Bend, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 0.08‑acre triplex lot with 2,722 sq ft total area; Three units: 1 bed/1 bath, 2 bed/1 bath, and a second‑story 3 bed/2 bath (1,300+ sq ft); Main floor fully gutted in 2022 with new drywall, windows, flooring, redesigned kitchens, and updated bathrooms
