Duplex with Updated
For Sale
$155,000
169 N 6th St, Elkhart, IN 46516
Two distinct residences offer flexible occupancy options near downtown, shopping, dining, and daily amenities.
Property Size1,514 SF
Price / SF$102.38
Days on Market14
Property Features for 169 N 6th St
General Information
Standard status
Active
Size
1,514 SF
Property subtype
Residential Income
Units
Unit Mix
3BR/2BA, 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$650
Listing Agency:
eXp Realty, LLC
Listed By:
Cara Warren
(574) 518-2527
Source:
Exprealty
Added: Sep 14
Changed: Sep 23
Last Checked: Sep 26 at 11:38AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains two separate residences totaling 1,514 SF. Unit A includes 3 bedrooms and 2 full baths, while Unit B provides 1 bedroom and 1 full bath. The arrangement supports separate occupancy and can accommodate rental use, guest space, or multigenerational living, as supported by the property's two-unit configuration.
Recent improvements include a new sewer line and windows installed in 2023. Located at 169 N 6th St in Elkhart, the property is near downtown as well as shopping, dining, and everyday amenities. The layout provides flexibility for an owner occupant or an investor seeking a two-residence property.
Recent improvements include a new sewer line and windows installed in 2023. Located at 169 N 6th St in Elkhart, the property is near downtown as well as shopping, dining, and everyday amenities. The layout provides flexibility for an owner occupant or an investor seeking a two-residence property.
Key Highlights
- Two separate living units within a 1,514 SF duplex
- Unit A includes 3 bedrooms and 2 full baths
- Unit B includes 1 bedroom and 1 full bath
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
$12,587
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
8.12%
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%
$251,740
$251.7K
Cap Rate 7%
$179,814
$179.8K
Cap Rate 9%
$139,856
$139.9K
Market Conditions
NOI Build-Up for 1,514 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
$19.4K $12.84/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$18.0K $11.88/SF
− OpEx
−$5.4K −$3.56/SF
NOI
$12.6K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
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%
$251,740
Cap Rate 7%
$179,814
Cap Rate 9%
$139,856
Alternative Uses
Best Use
Multifamily LT 5
$179.8K
$157.3K – $209.8K
NOI $12,587 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$160.4K
$140.4K – $187.1K
NOI $11,228 @ 7.0% cap · market cap 7.24%
Theoretical Best
Specialty Retail
$280.3K
$245.3K – $327.0K
NOI $19,621 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,052
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences offer flexible occupancy options near downtown, shopping, dining, and daily amenities.
Where is this duplex located?
The property is located at 169 N 6th St Elkhart, IN.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two separate living units within a 1,514 SF duplex; Unit A includes 3 bedrooms and 2 full baths; Unit B includes 1 bedroom and 1 full bath
