Updated Duplex with Two
For Sale
$209,900
1106 Portage Ave, South Bend, IN 46616
Each residence offers two bedrooms and one bathroom, with major systems updated in 2025.
Property Size1,732 SF
Price / SF$121.19
Days on Market8
Property Features for 1106 Portage Ave
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,922
Building Details
Year Renovated
2025
Buildings
1
Listing Agency:
Coldwell Banker Realty
Listed By:
Ashley Hairston
(574) 383-4027
Source:
Exprealty
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 23 at 2:30AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex at 1106 Portage Ave includes two residential units, each configured with 2 bedrooms and 1 bathroom. The property measures 1,732 square feet and received several major improvements in 2025, including a new furnace, roof, windows, plumbing, and electrical systems.
The two-unit configuration provides a straightforward multifamily layout at a South Bend address. Recent work spans key building systems and exterior components, including heating, roofing, windows, plumbing, and electrical service.
The two-unit configuration provides a straightforward multifamily layout at a South Bend address. Recent work spans key building systems and exterior components, including heating, roofing, windows, plumbing, and electrical service.
Key Highlights
- Two‑unit duplex configuration
- Each unit includes 2 bedrooms and 1 bathroom
- 1,732 square feet of total property size
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
$15,426
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
7.35%
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%
$308,520
$308.5K
Cap Rate 7%
$220,371
$220.4K
Cap Rate 9%
$171,400
$171.4K
Market Conditions
NOI Build-Up for 1,732 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
$23.9K $13.80/SF
− Vacancy
−$1.9K −$1.08/SF
EGI
$22.0K $12.72/SF
− OpEx
−$6.6K −$3.82/SF
NOI
$15.4K $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%
$308,520
Cap Rate 7%
$220,371
Cap Rate 9%
$171,400
Alternative Uses
Best Use
Multifamily LT 5
$220.4K
$192.8K – $257.1K
NOI $15,426 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$203.9K
$178.4K – $237.9K
NOI $14,275 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$438.2K
$383.4K – $511.2K
NOI $30,672 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 46616, IN
6,167
Population
2,824
Households
2.2
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
4,405
Density / Sq Mi
$56,293
Median Household Income
$35,232
Median Earnings
$1,019
Median Rent
$136,400
Median Home Value
Check the figures for this property
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?
Duplex - Each residence offers two bedrooms and one bathroom, with major systems updated in 2025.
Where is this duplex located?
The property is located at 1106 Portage Ave South Bend, 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: Two‑unit duplex configuration; Each unit includes 2 bedrooms and 1 bathroom; 1,732 square feet of total property size
