One-Story Apartment
For Sale
$795,000
Pending
210/218 S Silverwood Lane, Goshen, IN 46526
INVESTMENT, One Story, Goshen, IN
Property Size6,608 SF
Lot Size0.71 Acres
Days on Market51
Property Features for 210/218 S Silverwood Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 1, Bedroom 1, Bathroom 8, Bathroom 2, Bedroom 10, Bedroom 9, Bedroom 8, Bedroom 2, Bedroom 15, Bedroom 11, Bedroom 3, Bedroom 16, Bathroom 6, Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 12, Bathroom 7, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 13, Bedroom 14, Bathroom 5
Parking
16
Subdivision
Dellameade
Lot features
City/ Town/ Suburb, Level, 0-2.9999
Elementary school
Model
Middle school
Goshen
High school
Goshen
Elementary school district
Goshen Community Schools
Middle school district
Goshen Community Schools
High school district
Goshen Community Schools
Directions
Lincoln Ave. east of Greene Rd. - head south on Silverwood Lane - 3rd entrance on the left the units are immediately to the left
Standard status
Pending
APN
20-11-08-328-025.000-015
Size
6,608 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
4051
Tax Description
Dellameade 8th N Pt Center Pt Lot 139 *and* Dellameade 8th NW Pt Lot 139
Tax Annual Amount
2286
Legal Description
Dellameade 8th N Pt Center Pt Lot 139 *and* Dellameade 8th NW Pt Lot 139
Utilities
Cooling system
Central Air
Building Details
Year built
1993
Floors in Building
1
Number of units
8
Flooring type
Finished
Roof type
Metal
Architectural style
Other
Listing Agency:
RE/MAX Results · RE/MAX International
(574) 533-9581
Listed By:
Steve Miller · License #CO88900013
(574) 238-1436
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 28 at 11:06PM
MLS# 202627704
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 multifamily property includes two buildings totaling 6,608 square feet on a 0.71-acre site. Each building contains four main-level apartments, creating an eight-apartment community with private parking. The units include finished flooring, central air, and tenant-provided appliances, including washers and dryers. The property was built in 1993 and has metal roofing.
Capital improvements include metal roofs installed approximately 7 years ago and updated HVAC systems completed 4 years ago. The apartment layout includes 16 bedrooms and 8 bathrooms across the community. Current rents are below market, providing an opportunity to evaluate future rent adjustments while maintaining the existing apartment configuration.
Capital improvements include metal roofs installed approximately 7 years ago and updated HVAC systems completed 4 years ago. The apartment layout includes 16 bedrooms and 8 bathrooms across the community. Current rents are below market, providing an opportunity to evaluate future rent adjustments while maintaining the existing apartment configuration.
Key Highlights
- Two buildings with four main‑level apartments each, for a total of 8 apartments
- 6,608 square feet on a 0.71‑acre site
- Metal roofs installed approximately 7 years ago
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
$49,004
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
6.16%
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%
$980,080
$980.1K
Cap Rate 7%
$700,057
$700.1K
Cap Rate 9%
$544,489
$544.5K
Market Conditions
NOI Build-Up for 6,608 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
$96.7K $14.64/SF
− Vacancy
−$7.6K −$1.16/SF
EGI
$89.1K $13.48/SF
− OpEx
−$40.1K −$6.07/SF
NOI
$49.0K $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%
$980,080
Cap Rate 7%
$700,057
Cap Rate 9%
$544,489
Alternative Uses
Best Use
Apartment 5plus
$700.1K
$612.6K – $816.7K
NOI $49,004 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,640 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Explore this area
Business Placement
Demographics for 46526, IN
33,170
Population
12,570
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
67.1 sq mi
ZIP Area
494
Density / Sq Mi
$65,864
Median Household Income
$36,446
Median Earnings
$1,061
Median Rent
$192,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight main-level apartments with central air, private parking, and in-unit appliances provided to tenants.
Where is this apartment building located?
The property is located at 210/218 S Silverwood Lane Goshen, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two buildings with four main‑level apartments each, for a total of 8 apartments; 6,608 square feet on a 0.71‑acre site; Metal roofs installed approximately 7 years ago
