Two-Unit Duplex with In-Law
For Sale
$219,900
Pending
1101 Elliott Street, South Bend, IN 46628
INVESTMENT, Attached, South Bend, IN
Property Size2,041 SF
Lot Size0.14 Acres
Days on Market54
Property Features for 1101 Elliott Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bathroom 2
Parking
2
Parking features
Garage
Subdivision
Lincoln Manor
Lot features
Level
Elementary school
Coquillard
Middle school
Dickinson
High school
Washington
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
Head toward Ryer St Pass by Taco Bell (on the right in 0.2 mi) Turn right onto Ardmore Trail Turn left onto Goodland Ave Turn left Turn right Destination will be on the left
Standard status
Pending
APN
71-08-03-155-020.000-026
Size
2,041 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 318 LINCOLN MANOR
Tax Annual Amount
1450
Legal Description
LOT 318 LINCOLN MANOR
Utilities
Cooling system
Central Air
Building Details
Year built
1959
Number of units
2
Flooring type
Laminate, Wood
Architectural style
Other
Listing Agency:
List With Freedom.com LLC
Listed By:
Joseph Wootan · License #BRO-99919
(855) 456-4945
Added: Jul 11
Changed: Sep 2
Last Checked: Sep 2 at 2:06PM
MLS# 202627812
Copyright © 2026 Northeastern Indiana 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.
Located at 1101 Elliott Street in South Bend, this county-approved duplex contains 2,041 square feet within a two-unit layout. The primary residence includes three bedrooms, one and a half bathrooms, a full kitchen, a large living room, and 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.
The property sits on a 0.14-acre lot and includes garage parking. Built in 1959, it features central air along with wood and laminate flooring. The configuration provides distinct living areas within one residential property, with the larger unit and secondary suite offering separate functional spaces.
The property sits on a 0.14-acre lot and includes garage parking. Built in 1959, it features central air along with wood and laminate flooring. The configuration provides distinct living areas within one residential property, with the larger unit and secondary suite offering separate functional spaces.
Key Highlights
- County‑approved two‑unit dwelling with 2,041 square feet
- Main residence includes 3 bedrooms, 1.5 bathrooms, full kitchen, and large living room
- Secondary in‑law suite has 1 bedroom, 1 bathroom, private entrance, and kitchenette
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 - County-approved duplex with separate living arrangements, garage parking, central air, and yard access.
Where is this duplex located?
The property is located at 1101 Elliott Street 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: County‑approved two‑unit dwelling with 2,041 square feet; Main residence includes 3 bedrooms, 1.5 bathrooms, full kitchen, and large living room; Secondary in‑law suite has 1 bedroom, 1 bathroom, private entrance, and kitchenette
