Three-Unit Residential Income
207 West Garfield Avenue Elkhart, IN 46516
207 West Garfield Avenue, Elkhart, IN, 46516
$220,000
For Sale
$220,000
Three-unit property currently occupied by tenants, with updates including a recent roof and multiple furnaces.
Property Size2,587 SF
Price / SF$85.04
Days on Market62
Property Features for 207 West Garfield Avenue
General Information
- Standard status
- Active
- Size
- 2,587 SF
- Property subtype
- Multi Family / Triplex
Building Details
- Year Built
- 1917
Listing agency
Cressy & Everett- Goshen
(574) 975-7716
Listed by
Karla Ramirez · License #RB26000127
(574) 975-7716
Source
Compass
Added: May 23 Updated: Jul 22 at 3:50PM Checked: Jul 22 at 3:50PM
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 Cressy & Everett- Goshen
Investment Insights
Based on property information with market context.
This three-unit residential income property is currently occupied by three tenants. Two units are on month-to-month arrangements, and one unit has a one-year lease. Tenants pay all utilities, including water, gas, and electric.
Updates include a roof installed approximately 1.5 years ago, with furnaces replaced for the main level about three months ago and a second-floor furnace about four years ago. Each unit includes washer and dryer hookups, and one unit owns the washer/dryer.
Showings require at least 48 hours’ notice.
Updates include a roof installed approximately 1.5 years ago, with furnaces replaced for the main level about three months ago and a second-floor furnace about four years ago. Each unit includes washer and dryer hookups, and one unit owns the washer/dryer.
Showings require at least 48 hours’ notice.
Key Highlights
- Three‑unit property with 5 total bedrooms and 3 full baths, currently occupied by three tenants
- Two tenants on month‑to‑month and one on a one‑year lease; tenants pay all utilities including water, gas, and electric
- Updates include a roof (about 1.5 years old), furnace (about 3 months old), and second‑floor furnace (about 4 years old)
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 | $37.9k | $14.64 |
| − Vacancy | −$3.0k | −$1.16 |
| EGI | $34.9k | $13.48 |
| − OpEx | −$15.7k | −$6.07 |
| NOI | $19.2k | $7.42 |
2,587 SF · lease $14.64/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$307.3K
$268.9K – $358.5K
NOI $21,508 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$274.1K
$239.8K – $319.8K
NOI $19,185 @ 7.0% cap · market cap 8.72%
Theoretical Best
Specialty Retail
$479.0K
$419.1K – $558.8K
NOI $33,528 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-unit property currently occupied by tenants, with updates including a recent roof and multiple furnaces.
Where is this triplex located?
The property is located at 207 West Garfield Avenue Elkhart, IN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Three‑unit property with 5 total bedrooms and 3 full baths, currently occupied by three tenants; Two tenants on month‑to‑month and one on a one‑year lease; tenants pay all utilities including water, gas, and electric; Updates include a roof (about 1.5 years old), furnace (about 3 months old), and second‑floor furnace (about 4 years old)
