Duplex with Separate
208 E Winona Avenue, Warsaw, IN 46580
For Sale
$228,000
INVESTMENT, Two Story, Warsaw, IN
Property Size2,320 SF
Lot Size0.07 Acres
Price / SF$98.28
Days on Market17
Property Features for 208 E Winona Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Roof type
Architectural style
Buildings
Listing Agency:
RE/MAX Results · RE/MAX International
(574) 269-6911
Listed By:
Steve Savage · License IN RB14027643
(574) 253-1313
Added: Oct 28
Changed: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 202646564
Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1920, this 2,320-square-foot duplex is currently occupied as a single-family residence. Its two living areas have separate entrances, kitchens, bathrooms, and utility meters. The main-level space includes one or two bedrooms, a dining room, a full kitchen with appliances, and access to the full daylight basement. Upstairs are three bedrooms, a full bathroom, and an eat-in kitchen with appliances; one bedroom can instead serve as a family room. The basement includes laundry hookups and storage. A 28-by-10-foot front porch and a 33-by-14-foot carport add usable outdoor and parking space. The lot measures 0.067 acres.
Updates include a roof in 2022, a gas water heater in 2023, and two GFA furnaces in 2026. Exterior and most interior painting was also completed in 2026. The property has off-street parking and access from the alley.
Updates include a roof in 2022, a gas water heater in 2023, and two GFA furnaces in 2026. Exterior and most interior painting was also completed in 2026. The property has off-street parking and access from the alley.
Key Highlights
- Two separate entrances and utility meters support the duplex configuration
- 2,320 square feet on a 0.067‑acre lot
- Main‑level area offers 1–2 bedrooms; upper level has 3 bedrooms, with one adaptable as a family room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,646
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$392,920
$392.9K
Cap Rate 7%
$280,657
$280.7K
Cap Rate 9%
$218,289
$218.3K
Market Conditions
NOI Build-Up for 2,320 SF
Gross rent
$29.2K $12.60/SF
− Vacancy
−$1.2K −$0.50/SF
EGI
$28.1K $12.10/SF
− OpEx
−$8.4K −$3.63/SF
NOI
$19.6K $8.47/SF
Area
Kosciusko County, IN
Vacancy
3.99%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$392,920
Cap Rate 7%
$280,657
Cap Rate 9%
$218,289
Alternative Uses
Best Use
Multifamily LT 5
$280.7K
$245.6K – $327.4K
NOI $19,646 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$251.5K
$220.0K – $293.4K
NOI $17,603 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$404.2K
$353.7K – $471.6K
NOI $28,293 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
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Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two living areas have separate utility meters, kitchens, and access, with a full basement serving the main-level unit.
Where is this duplex located?
The property is located at 208 E Winona Avenue Warsaw, IN.
What is the asking price?
The asking price for this property is $228,000.
What are key features of this property?
This property features: Two separate entrances and utility meters support the duplex configuration; 2,320 square feet on a 0.067‑acre lot; Main‑level area offers 1–2 bedrooms; upper level has 3 bedrooms, with one adaptable as a family room
