Four-Bedroom Short-Term Rental
For Sale
$425,000
435 S Main St, Middlebury, IN 46540
Home with a bonus apartment and access to the Pumpkinvine Nature Trail in Middlebury.
Property Size4,112 SF
Price / SF$103.36
Days on Market15
Property Features for 435 S Main St
General Information
Standard status
Active
Size
4,112 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Jami Stamm
Source:
Callcriswell
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 30 at 7:33PM
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 Real Estate Group
Investment Insights
Based on property information with market context.
Located at 435 S Main St in Middlebury, this 4,112-square-foot home was built in 1900 and includes 4 bedrooms, gathering areas, outdoor spaces, and a bonus apartment. The configuration supports short-term rental use, subject to applicable requirements.
The property sits along the Pumpkinvine Nature Trail and is near Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation. Notre Dame football weekends are also identified as a visitor draw in the property information.
This offering combines a residential layout with additional apartment space in a town associated with year-round tourism and regional attractions.
The property sits along the Pumpkinvine Nature Trail and is near Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation. Notre Dame football weekends are also identified as a visitor draw in the property information.
This offering combines a residential layout with additional apartment space in a town associated with year-round tourism and regional attractions.
Key Highlights
- 4,112‑square‑foot home built in 1900
- 4‑bedroom layout with gathering areas and outdoor spaces
- Bonus apartment included
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
$30,494
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
7.18%
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%
$609,880
$609.9K
Cap Rate 7%
$435,629
$435.6K
Cap Rate 9%
$338,822
$338.8K
Market Conditions
NOI Build-Up for 4,112 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
$60.2K $14.64/SF
− Vacancy
−$4.8K −$1.16/SF
EGI
$55.4K $13.48/SF
− OpEx
−$24.9K −$6.07/SF
NOI
$30.5K $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%
$609,880
Cap Rate 7%
$435,629
Cap Rate 9%
$338,822
Alternative Uses
Best Use
Apartment 5plus
$435.6K
$381.2K – $508.2K
NOI $30,494 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$761.3K
$666.2K – $888.2K
NOI $53,292 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 46540, IN
12,552
Population
4,245
Households
3
Avg Household Size
33
Median Age
19%
College-Educated
71%
High-School Grad
59.4 sq mi
ZIP Area
211
Density / Sq Mi
$99,664
Median Household Income
$45,850
Median Earnings
$1,074
Median Rent
$297,800
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?
Short term rental property - Home with a bonus apartment and access to the Pumpkinvine Nature Trail in Middlebury.
Where is this short term rental property located?
The property is located at 435 S Main St Middlebury, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,112‑square‑foot home built in 1900; 4‑bedroom layout with gathering areas and outdoor spaces; Bonus apartment included
