Two-Story Mixed-Use
For Sale
$275,000
120 N 5Th Street, Goshen, IN 46528
INVESTMENT, Two Story, Goshen, IN
Property Size3,216 SF
Lot Size0.12 Acres
Price / SF$85.51
Days on Market54
Property Features for 120 N 5Th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
2
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bathroom 4, Basement, Bathroom 2, Bathroom 3, Bedroom 2
Fireplace
1
Lot features
City/ Town/ Suburb, Historic Designation
Elementary school
Chamberlain
Middle school
Goshen
High school
Goshen
Elementary school district
Goshen Community Schools
Middle school district
Goshen Community Schools
High school district
Goshen Community Schools
Directions
5th street to property
Subdivision
Elkhart County
Standard status
Active
APN
20-11-09-426-002.000-015
Size
3,216 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ORIG W 90FT OF N1/2 75 W 90FT OF S 23FT 76 (TIF 128)
Tax Annual Amount
3000
Legal Description
ORIG W 90FT OF N1/2 75 W 90FT OF S 23FT 76 (TIF 128)
Utilities
Cooling system
Multi Units
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Vinyl, Wood
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Hallmark Excellence Realty
Listed By:
Gregory Hire
(574) 238-7157
Added: Jul 29
Changed: Sep 20
Last Checked: Sep 20 at 10:06PM
MLS# 202630691
Copyright © 2026 Elkhart County Board 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.
Built in 1900, this two-story mixed-use building contains 3,216 square feet on a 0.12-acre lot. The main level is configured as an office with a reception and work area, fireplace, two half baths, and air conditioning. Two separate one-bedroom apartments occupy the upper floor, each with a private entrance and a full bathroom with shower. The apartments do not include kitchen appliances or air conditioning, leaving those components for future customization.
A basement houses the hot water boiler system, and the property includes wood, vinyl, and carpet flooring beneath an asphalt roof. The building has been unleased and unoccupied for several years. B-2 zoning and the combination of office and residential space provide a mixed-use layout within Goshen.
A basement houses the hot water boiler system, and the property includes wood, vinyl, and carpet flooring beneath an asphalt roof. The building has been unleased and unoccupied for several years. B-2 zoning and the combination of office and residential space provide a mixed-use layout within Goshen.
Key Highlights
- 3,216‑square‑foot mixed‑use building on a 0.12‑acre lot
- B‑2 zoning with office and residential components
- Main‑level office includes reception/work area, fireplace, two half baths, and air conditioning
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
8.67%
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 12.08%
Second Best
Mixed Use
$432.6K
$378.5K – $504.7K
NOI $30,283 @ 7.0% cap · market cap 11.01%
Theoretical Best
Specialty Retail
$595.4K
$521.0K – $694.7K
NOI $41,679 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - B-2 zoning supports a main-level office with two residential units above.
Where is this mixed-use property located?
The property is located at 120 N 5Th Street Goshen, IN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 3,216‑square‑foot mixed‑use building on a 0.12‑acre lot; B‑2 zoning with office and residential components; Main‑level office includes reception/work area, fireplace, two half baths, and air conditioning
