Two-Unit Duplex with In-Law
For Sale
$219,900
Pending
1101 Elliott St, South Bend, IN 46628
Legally approved duplex with a three-bedroom main residence and separate one-bedroom suite.
Property Size2,041 SF
Days on Market48
Property Features for 1101 Elliott St
General Information
Standard status
Pending
Size
2,041 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,945
Listing Agency:
List With Freedom.com LLC
(855) 456-4945
Listed By:
Joseph Wootan · License #BRO-99919
(855) 456-4945
Source:
Exprealty
Added: Jul 12
Changed: Aug 21
Last Checked: Aug 26 at 11:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of List With Freedom.com LLC
Investment Insights
Based on property information with market context.
This legally approved duplex contains 2,041 square feet across two distinct living areas. The primary unit includes three bedrooms, 1.5 bathrooms, a full kitchen, and a large living room, with direct access to the yard and parking. The second unit is a one-bedroom, one-bathroom in-law suite with its own entrance and kitchenette setup.
Located at 1101 Elliott St in South Bend, Indiana, the property offers a defined two-unit configuration with separate access between residences. The layout supports flexible occupancy arrangements while maintaining distinct living spaces for each unit.
Located at 1101 Elliott St in South Bend, Indiana, the property offers a defined two-unit configuration with separate access between residences. The layout supports flexible occupancy arrangements while maintaining distinct living spaces for each unit.
Key Highlights
- Legally approved two‑unit dwelling
- 2,041 square feet with two separate living areas
- Main unit has 3 bedrooms, 1.5 bathrooms, and a full kitchen
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
$18,178
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
8.27%
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%
$363,560
$363.6K
Cap Rate 7%
$259,686
$259.7K
Cap Rate 9%
$201,978
$202.0K
Market Conditions
NOI Build-Up for 2,041 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
$28.2K $13.80/SF
− Vacancy
−$2.2K −$1.08/SF
EGI
$26.0K $12.72/SF
− OpEx
−$7.8K −$3.82/SF
NOI
$18.2K $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%
$363,560
Cap Rate 7%
$259,686
Cap Rate 9%
$201,978
Alternative Uses
Best Use
Multifamily LT 5
$259.7K
$227.2K – $303.0K
NOI $18,178 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$240.3K
$210.3K – $280.4K
NOI $16,821 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$516.3K
$451.8K – $602.4K
NOI $36,144 @ 7.0% cap · market cap 16.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 46628, IN
27,011
Population
12,266
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
92%
High-School Grad
34.2 sq mi
ZIP Area
790
Density / Sq Mi
$56,889
Median Household Income
$37,423
Median Earnings
$1,068
Median Rent
$164,500
Median Home Value
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 - Legally approved duplex with a three-bedroom main residence and separate one-bedroom suite.
Where is this duplex located?
The property is located at 1101 Elliott St South Bend, IN.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Legally approved two‑unit dwelling; 2,041 square feet with two separate living areas; Main unit has 3 bedrooms, 1.5 bathrooms, and a full kitchen
