Mixed-Use Storefront with
209 S 2nd Street Elkhart, IN 46516
For Sale
$399,900
MULTI_FAMILY - Other - Elkhart, IN
Property Size4,252 SF
Lot Size0.17 Acres
Price / SF$94.05
Days on Market46
Property Features for 209 S 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
4
Rooms
Bathroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 3
Parking
7
Parking features
Off Street
Fireplace
1
Standard status
Active
APN
20-06-05-409-013.000-012
Size
4,252 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Beardsleys 1st N 1/2 Lot 68 5 1/2X105ft Se Cor Lot 69 (Tif 75)
Tax Annual Amount
3886
Utilities
Cooling system
Central Air
Building Details
Year built
1915
Floors in Building
2
Number of units
3
Flooring type
Wood, Carpet
Roof type
Rubber
Architectural style
Other
Listing Agency:
RE/MAX Oak Crest - Elkhart
(574) 262-0770
Listed By:
Nick Foy · License #RB17000064
(574) 538-8801
Added: Jun 14
Changed: Jul 28
Last Checked: Jul 29 at 2:06PM
MLS# 202623318
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 mixed-use building offers a spacious main-level commercial storefront plus two upper-level residential apartments. The storefront includes an open secretary room and five office rooms with carpeted flooring. The office suite also features two bathrooms, a kitchen, and a storage room, providing a flexible layout for a range of business uses.
The two second-floor apartments each include one bedroom and one bathroom and are described as having character features such as 10-foot ceilings, hardwood floors, granite counters, large windows, and abundant natural light.
Located in downtown Elkhart, the property is positioned for convenient access to local restaurants, shops, entertainment, and employers.
The two second-floor apartments each include one bedroom and one bathroom and are described as having character features such as 10-foot ceilings, hardwood floors, granite counters, large windows, and abundant natural light.
Located in downtown Elkhart, the property is positioned for convenient access to local restaurants, shops, entertainment, and employers.
Key Highlights
- Mixed‑use building with main‑level commercial storefront plus two upper‑level residential apartments
- Each apartment is 1 bedroom and 1 bathroom
- Residential units feature 10‑foot ceilings, hardwood floors, granite counters, and large windows
Financial Insights For Multifamily LT 5
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 | $54.6k | $12.84 |
| − Vacancy | −$4.1k | −$0.96 |
| EGI | $50.5k | $11.88 |
| − OpEx | −$15.2k | −$3.56 |
| NOI | $35.4k | $8.31 |
4,252 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$779.6K
$682.2K – $909.6K
NOI $54,575 @ 7.0% cap · market cap 13.65%
Second Best
Office B
$627.4K
$549.0K – $732.0K
NOI $43,919 @ 7.0% cap · market cap 10.98%
Theoretical Best
Specialty Retail
$787.2K
$688.8K – $918.4K
NOI $55,106 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Main-level storefront with office rooms and two upstairs 1-bedroom apartments with 10-foot ceilings and hardwood floors.
Where is this duplex located?
The property is located at 209 S 2nd Street Elkhart, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Mixed‑use building with main‑level commercial storefront plus two upper‑level residential apartments; Each apartment is 1 bedroom and 1 bathroom; Residential units feature 10‑foot ceilings, hardwood floors, granite counters, and large windows
