Two-Unit Apartment
1506-1508 Virginia Street Unit 2 South Bend, IN 46613
For Sale
$144,000
Two one-bedroom apartments in a multifamily building, with one unit currently occupied.
Property Size1,513 SF
Price / SF$95.18
Days on Market98
Property Features for 1506-1508 Virginia Street Unit 2
General Information
Standard status
Active
Size
1,513 SF
Property subtype
Multi Family / Apartment Building
Building Details
Year Built
1912
Listing Agency:
Choice Property Management & Realty Group
(574) 387-4416
Listed By:
Jackie Stevenson · License #RB14049555
(574) 387-4416
Source:
Compass
Added: Apr 22
Changed: Jul 23
Last Checked: Jul 28 at 12:38PM
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 Choice Property Management & Realty Group
Investment Insights
Based on property information with market context.
This two-unit apartment building features two one-bedroom units. The main floor unit is currently occupied, and the second-floor unit is available and ready for a new tenant.
The seller manages water and trash services. Each unit is responsible for its own gas and electric usage.
The property is listed for sale as a residential income asset with a straightforward two-unit layout.
The seller manages water and trash services. Each unit is responsible for its own gas and electric usage.
The property is listed for sale as a residential income asset with a straightforward two-unit layout.
Key Highlights
- Multifamily building with 2 units, both 1‑bedroom apartments
- Main floor unit is currently occupied; second‑floor unit is available for a new tenant
- Year built 1912 with a partial block basement
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 | $24.5k | $16.20 |
| − Vacancy | −$1.8k | −$1.22 |
| EGI | $22.7k | $14.99 |
| − OpEx | −$10.2k | −$6.74 |
| NOI | $12.5k | $8.24 |
1,513 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$192.5K
$168.5K – $224.6K
NOI $13,476 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$178.1K
$155.9K – $207.8K
NOI $12,470 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$382.8K
$334.9K – $446.6K
NOI $26,794 @ 7.0% cap · market cap 18.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments in a multifamily building, with one unit currently occupied.
Where is this duplex located?
The property is located at 1506-1508 Virginia Street Unit 2 South Bend, IN.
What is the asking price?
The asking price for this property is $144,000.
What are key features of this property?
This property features: Multifamily building with 2 units, both 1‑bedroom apartments; Main floor unit is currently occupied; second‑floor unit is available for a new tenant; Year built 1912 with a partial block basement
