Two-Story Mixed-Use
For Sale
$369,900
209 S 2nd Street, Elkhart, IN 46516
INVESTMENT, Two Story, Elkhart, IN
Property Size4,252 SF
Lot Size0.17 Acres
Price / SF$86.99
Days on Market137
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
Bedroom 1, Basement, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, 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
Additional Details
Mixed-Use Components
retail, residential
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
Buildings
1
Listing Agency:
RE/MAX Oak Crest - Elkhart · RE/MAX International
(574) 262-0770
Listed By:
Nick Foy
(574) 538-8801
Added: Jun 14
Changed: Oct 27
Last Checked: Oct 28 at 9:06AM
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.
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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 / Yr
$31,532
Cap Rate
8.52%
Suggested Prices Based on Cap Rates
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
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 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 14.75%
Second Best
Office B
$627.4K
$549.0K – $732.0K
NOI $43,919 @ 7.0% cap · market cap 11.87%
Theoretical Best
Specialty Retail
$787.2K
$688.8K – $918.4K
NOI $55,106 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,067
Businesses Nearby
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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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Market
Vacancy Rate% for Office in Midwest region
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 $369,900.
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
