Tenant-Occupied Residential Income
For Sale
$114,900
1500 W Lexington Avenue, Elkhart, IN 46516
INVESTMENT, One Story, Elkhart, IN
Property Size866 SF
Lot Size0.28 Acres
Price / SF$132.68
Days on Market91
Property Features for 1500 W Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Basement, Bedroom 2
Parking
4
Lot features
Level
Elementary school
Mary Daly
Middle school
West Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
South on Nappanee, turn left on Lexington, house on the left
Subdivision
Elkhart County
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
Legal Description
South View Lot 6 & 7
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 Agency:
SUNRISE Realty
(574) 596-1394
Listed By:
Michelle Bordeau · License #RB20001750
(574) 339-8199
Added: May 26
Changed: Aug 21
Last Checked: Aug 24 at 10:06AM
MLS# 202620063
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.
This tenant-occupied single-family home is being offered as a residential income property. The layout includes spacious living areas and is positioned for straightforward rental use with a tenant already in place, with showings requiring advance notice due to occupancy.
The property is located at 1500 W Lexington Avenue in Elkhart, Indiana (46516). The listing notes convenience to shopping, schools, and major roadways.
With a small residential footprint and functional interior space, the home is presented as an opportunity for investors seeking to add a cash-flowing unit to their portfolio.
The property is located at 1500 W Lexington Avenue in Elkhart, Indiana (46516). The listing notes convenience to shopping, schools, and major roadways.
With a small residential footprint and functional interior space, the home is presented as an opportunity for investors seeking to add a cash-flowing unit to their portfolio.
Key Highlights
- Single‑family home in Elkhart with an established tenant already in place (tenant‑occupied).
- Year built: 1912.
- Central air cooling.
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
$6,422
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
5.59%
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%
$128,440
$128.4K
Cap Rate 7%
$91,743
$91.7K
Cap Rate 9%
$71,356
$71.4K
Market Conditions
NOI Build-Up for 866 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
$12.7K $14.64/SF
− Vacancy
−$1.0K −$1.16/SF
EGI
$11.7K $13.48/SF
− OpEx
−$5.3K −$6.07/SF
NOI
$6.4K $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%
$128,440
Cap Rate 7%
$91,743
Cap Rate 9%
$71,356
Alternative Uses
Best Use
Apartment 5plus
$91.7K
$80.3K – $107.0K
NOI $6,422 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$160.3K
$140.3K – $187.1K
NOI $11,223 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Explore this area
Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Single-family income property with an established tenant in place, offering immediate rental occupancy.
Where is this single family property located?
The property is located at 1500 W Lexington Avenue Elkhart, IN.
What is the asking price?
The asking price for this property is $114,900.
What are key features of this property?
This property features: Single‑family home in Elkhart with an established tenant already in place (tenant‑occupied).; Year built: 1912.; Central air cooling.
