Two-Story Mixed-Use
For Sale
$399,900
209 S 2nd Street, Elkhart, IN 46516
INVESTMENT, Two Story, Elkhart, IN
Property Size4,252 SF
Lot Size0.17 Acres
Price / SF$94.05
Days on Market91
Property Features for 209 S 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 1, Bathroom 3
Parking
7
Parking features
Off Street
Fireplace
1
Lot features
City/ Town/ Suburb, Level
Elementary school
Beardsley
Middle school
North Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
Turn onto 2nd Street. Building sits just south of Lexington and 2nd Street intersection on west side.
Subdivision
Elkhart County
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
Legal Description
Beardsleys 1st N 1/2 Lot 68 5 1/2X105ft Se Cor Lot 69 (Tif 75)
Utilities
Cooling system
Central Air
Building Details
Year built
1915
Floors in Building
2
Number of units
3
Flooring type
Carpet, Wood
Roof type
Rubber
Architectural style
Other
Listing Agency:
RE/MAX Oak Crest - Elkhart · RE/MAX International
(574) 262-0770
Listed By:
Nick Foy · License #RB17000064
(574) 538-8801
Added: Jun 14
Changed: Sep 12
Last Checked: Sep 12 at 5:06PM
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 4,252-square-foot mixed-use building combines a main-level commercial component with two upper-floor apartments. The commercial area includes five office rooms, two bathrooms, a kitchen, storage, and an open secretary room. Carpet flooring serves the office area, while the residential units feature wood flooring, granite counters, large windows, and 10-foot ceilings. Each apartment contains one bedroom and one bathroom.
Built in 1915, the property sits in downtown Elkhart near restaurants, shops, entertainment, and local employers. Central air, off-street parking, a rubber roof, and a fireplace are among the documented property features. The 0.17-acre parcel provides a compact setting for a building that combines commercial and residential occupancy within the same structure.
Built in 1915, the property sits in downtown Elkhart near restaurants, shops, entertainment, and local employers. Central air, off-street parking, a rubber roof, and a fireplace are among the documented property features. The 0.17-acre parcel provides a compact setting for a building that combines commercial and residential occupancy within the same structure.
Key Highlights
- 4,252‑square‑foot mixed‑use building on a 0.17‑acre parcel
- Two upper‑level apartments, each with 1 bedroom and 1 bathroom
- Main‑level commercial area includes 5 office rooms, 2 bathrooms, kitchen, and storage
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
$31,532
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
7.88%
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%
$630,640
$630.6K
Cap Rate 7%
$450,457
$450.5K
Cap Rate 9%
$350,356
$350.4K
Market Conditions
NOI Build-Up for 4,252 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
$62.2K $14.64/SF
− Vacancy
−$4.9K −$1.16/SF
EGI
$57.3K $13.48/SF
− OpEx
−$25.8K −$6.07/SF
NOI
$31.5K $7.42/SF
Area
Elkhart County, IN
Vacancy
7.90%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$630,640
Cap Rate 7%
$450,457
Cap Rate 9%
$350,356
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
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,067
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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial storefront and office space are paired with two one-bedroom residential apartments.
Where is this mixed-use property 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: 4,252‑square‑foot mixed‑use building on a 0.17‑acre parcel; Two upper‑level apartments, each with 1 bedroom and 1 bathroom; Main‑level commercial area includes 5 office rooms, 2 bathrooms, kitchen, and storage
