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    Renovated Three-Unit Rental

    616 N Michigan Street Elkhart, IN 46514

    New
    616 N Michigan Street, Elkhart, IN, 46514
    $209,900
    For Sale
    Claim this Listing
    $209,900

    MULTI_FAMILY - Elkhart, IN

    Property Size1,502 SF
    Lot Size0.20 Acres
    Price / SF$139.75
    AddedJul 13
    Days on Market2
    Last RefreshJul 14 at 2:06 pm

    Property Features for 616 N Michigan Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Basement, Bathroom 3, Bathroom 1, Bedroom 1
    Parking
    3
    Parking features
    Off Street
    Standard status
    Active
    APN
    20-06-06-285-008.000-012
    Size
    1,502 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    BEARDSLEYS N ELK PT LOT 68
    Tax Annual Amount
    1560

    Building Details

    Year built
    1902
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Laminate
    Roof type
    Shingle
    Architectural style
    Other

    Listing agent Terrie Forrest License #SP09002250

    Listing office McKinnies Realty, LLC Elkhart 54560 CR 17, Mishawaka, IN

    Listing date Jul 13, 2026

    MLS# 202627998

    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 offering is a three-unit residential income property. The units were renovated prior to the current tenants moving in, and a new furnace was installed this year. The property is presented as a turnkey option for an income-focused buyer.

    The property is located at 616 N Michigan Street in Elkhart, Indiana (Elkhart County).

    Key Highlights

    • Year built 1902
    • Renovated 3‑unit rental property (renovated before current tenants moved in)
    • New furnace installed this year

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $19.3k $12.84
    − Vacancy −$1.4k −$0.96
    EGI $17.8k $11.88
    − OpEx −$5.4k −$3.56
    NOI $12.5k $8.31
    1,502 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $178.4K
    $156.1K – $208.1K (±1% cap)
    NOI $12,487 @ 7.0% cap · market cap 5.95%
    Second Best
    Apartment 5plus
    $159.1K
    $139.2K – $185.7K (±1% cap)
    NOI $11,139 @ 7.0% cap · market cap 5.31%
    Theoretical Best
    Specialty Retail
    $278.1K
    $243.3K – $324.4K (±1% cap)
    NOI $19,466 @ 7.0% cap · market cap 9.27%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Electrical Service HVAC Service (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Storage Facility Locksmith (Bike/Boat/Book/etc) Store Home Appliance Store Plumbing Service

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

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    FAQs

    What type of property is this?
    Triplex - Three-unit residential property in Elkhart with recent renovations and a newly installed furnace.
    Where is this triplex located?
    The property is located at 616 N Michigan Street Elkhart, IN.
    What is the asking price?
    The asking price for this property is $209,900.
    What are key features of this property?
    This property features: Year built 1902; Renovated 3‑unit rental property (renovated before current tenants moved in); New furnace installed this year
    Contact an agent
    (574) 320-7777
    We can help!
    Contact an agent
    Terrie Forrest
    Terrie Forrest
    Real Estate License ID: SP09002250
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