Mixed-Use Building With
For Sale
$285,000
120 N 5th St, Goshen, IN 46528
B-2-zoned property combines a main-level office with two private-entry residential units above.
Property Size3,216 SF
Price / SF$88.62
Days on Market20
Property Features for 120 N 5th St
General Information
Standard status
Active
Size
3,216 SF
Property subtype
Residential Income
Zoning
B-2
Property Condition
Severity
Minor
Evidence
renovation, updates
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$5,888
Amenities
fireplace
central air conditioning
Building Details
Buildings
1
Listing Agency:
Hallmark Excellence Realty
(574) 238-7157
Listed By:
Gregory Hire
(574) 238-7157
Source:
Exprealty
Added: Jul 29
Changed: Aug 13
Last Checked: Aug 16 at 10:11AM
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 Hallmark Excellence Realty
Investment Insights
Based on property information with market context.
This 3,216 SF mixed-use building contains approximately three separate spaces: a main-level office and two upper-level one-bedroom apartments. The office includes a reception and work area, fireplace, two half baths, and central air conditioning. Each apartment has a private entrance and a full bathroom with a shower; kitchen appliances are not currently installed. A hot water boiler in the basement provides building heat, while the apartments do not currently have air conditioning.
Located at 120 N 5th St in Goshen, Indiana, the property carries B-2 zoning. The building has not been leased or occupied for several years, leaving the office and residential areas available for future occupancy and owner-directed improvements.
Located at 120 N 5th St in Goshen, Indiana, the property carries B-2 zoning. The building has not been leased or occupied for several years, leaving the office and residential areas available for future occupancy and owner-directed improvements.
Key Highlights
- 3,216 SF mixed‑use building at 120 N 5th St, Goshen, IN
- B‑2 zoning supports the mixed‑use property classification
- Approximately three separate spaces: one office and two apartments
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
$23,850
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
8.37%
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%
$477,000
$477.0K
Cap Rate 7%
$340,714
$340.7K
Cap Rate 9%
$265,000
$265.0K
Market Conditions
NOI Build-Up for 3,216 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
$47.1K $14.64/SF
− Vacancy
−$3.7K −$1.16/SF
EGI
$43.4K $13.48/SF
− OpEx
−$19.5K −$6.07/SF
NOI
$23.8K $7.42/SF
Area
Elkhart County, IN
Vacancy
7.90%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$477,000
Cap Rate 7%
$340,714
Cap Rate 9%
$265,000
Alternative Uses
Best Use
Office B
$474.5K
$415.2K – $553.6K
NOI $33,218 @ 7.0% cap · market cap 11.66%
Second Best
Mixed Use
$432.6K
$378.5K – $504.7K
NOI $30,283 @ 7.0% cap · market cap 10.63%
Theoretical Best
Specialty Retail
$595.4K
$521.0K – $694.7K
NOI $41,679 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 46528, IN
27,223
Population
8,495
Households
3.2
Avg Household Size
34
Median Age
25%
College-Educated
80%
High-School Grad
72.5 sq mi
ZIP Area
375
Density / Sq Mi
$77,620
Median Household Income
$40,539
Median Earnings
$1,056
Median Rent
$237,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - B-2-zoned property combines a main-level office with two private-entry residential units above.
Where is this mixed-use property located?
The property is located at 120 N 5th St Goshen, IN.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 3,216 SF mixed‑use building at 120 N 5th St, Goshen, IN; B‑2 zoning supports the mixed‑use property classification; Approximately three separate spaces: one office and two apartments
