1500 W Lexington Avenue, Elkhart, IN 46516
- Added:
- May 26, 2026
- Days on Market:
- 45
- Last Refresh:
- Jul 9 at 6:06 am
Property Features for 1500 W Lexington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 2
- Bathrooms
- 1
- Rooms
- Basement, Bedroom 2, Bedroom 1, Bathroom 1
- Parking
- 4
- Standard status
- Active
- APN
- 20-06-06-378-004.000-012
- Size
- 866 SF
- Lot size
- 0.28 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- South View Lot 6 & 7
- Tax Annual Amount
- 700
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1912
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Vinyl
- Architectural style
- Other
Listing agent Michelle Bordeau License #RB20001750 (574) 339-8199
Listing office SUNRISE Realty 6442 E Waco Dr, Elkhart, IN (574) 596-1394
Listing date May 26, 2026
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.
HighLights
- Tenant‑occupied single‑family home in Elkhart, offering immediate rental income with an established tenant in place
- Central air cooling
- Vinyl flooring
- Built in 1912
- Layout includes 2 bedrooms, 1 bathroom, and a basement
Overview
The property is located at 1500 W Lexington Avenue in Elkhart, Indiana. It sits on a lot size of 0.28 acres and is described as being conveniently positioned near shopping, schools, and major roadways.
For investors or owner-operators seeking an income-producing residential asset with an in-place tenant, this property may fit well. The current tenant occupancy is a key operating consideration, and the functional interior layout is intended to support long-term residential use. Prospective buyers should plan showings with appropriate notice given the tenant-occupied status.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $12.7k | $14.64 |
| − Vacancy | −$1.0k | −$1.16 |
| EGI | $11.7k | $13.48 |
| − OpEx | −$5.3k | −$6.07 |
| NOI | $6.4k | $7.42 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Elkhart
- County
- Elkhart
- State
- Indiana
- Longitude
- -85.997485
- Latitude
- 41.684066
