Four-Unit Multifamily
New
For Sale
$289,900
1101 Fulton St, Elkhart, IN 46514
Includes economy units alongside one-bedroom and two-bedroom layouts, with two units occupied and two currently vacant.
Property Size2,352 SF
Price / SF$123.26
Days on Market2
Property Features for 1101 Fulton St
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1904
Listing Agency:
Berkshire Hathaway HomeServices Elkhart
Listed By:
Verlin Miller · License #RB14045672
(574) 536-6496
Source:
Spencerchildersgroup
Added: Sep 11
Last Checked: Sep 12 at 3:05PM
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 Berkshire Hathaway HomeServices Elkhart
Investment Insights
Based on property information with market context.
This 2,352-square-foot multifamily property at 1101 Fulton St in Elkhart, IN contains four residential units. The configuration includes two economy units, one one-bedroom unit, and one two-bedroom unit. Unit A and Unit C are occupied, while Unit B and Unit D are vacant.
The owner currently covers utilities and maintenance for the property. The unit mix and existing occupancy provide a clear overview of the current operating setup for an investor evaluating a small residential income property.
The owner currently covers utilities and maintenance for the property. The unit mix and existing occupancy provide a clear overview of the current operating setup for an investor evaluating a small residential income property.
Key Highlights
- Four residential units totaling 2,352 square feet
- Unit mix includes two economy units, one 1‑bedroom unit, and one 2‑bedroom unit
- Units A and C are currently rented
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
$19,554
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
6.75%
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%
$391,080
$391.1K
Cap Rate 7%
$279,343
$279.3K
Cap Rate 9%
$217,267
$217.3K
Market Conditions
NOI Build-Up for 2,352 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
$30.2K $12.84/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$27.9K $11.88/SF
− OpEx
−$8.4K −$3.56/SF
NOI
$19.6K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /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%
$391,080
Cap Rate 7%
$279,343
Cap Rate 9%
$217,267
Alternative Uses
Best Use
Multifamily LT 5
$279.3K
$244.4K – $325.9K
NOI $19,554 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$249.2K
$218.0K – $290.7K
NOI $17,442 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$435.5K
$381.0K – $508.0K
NOI $30,482 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
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Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Includes economy units alongside one-bedroom and two-bedroom layouts, with two units occupied and two currently vacant.
Where is this quadplex located?
The property is located at 1101 Fulton St Elkhart, IN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Four residential units totaling 2,352 square feet; Unit mix includes two economy units, one 1‑bedroom unit, and one 2‑bedroom unit; Units A and C are currently rented
