Two-Building Apartment
For Sale
$795,000
210 /218 S Silverwood Ln, Goshen, IN 46526
Multifamily property with private parking, tenant-provided appliances, and recent HVAC updates.
Property Size6,608 SF
Price / SF$120.31
Days on Market42
Property Features for 210 /218 S Silverwood Ln
General Information
Standard status
Active
Size
6,608 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Amenities
private parking
appliances included
Building Details
Year Built
1993
Buildings
2
Listing Agency:
RE/MAX Results
(574) 238-1436
Listed By:
Steve Miller · License #CO88900013
Source:
Callcriswell
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 2:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results
Investment Insights
Based on property information with market context.
This 6,608-square-foot apartment property comprises two buildings, each with four main-level apartments, along with private parking. Constructed in 1993, the community includes appliances for tenant use, including washers and dryers.
Metal roofing was installed approximately 7 years ago, and the HVAC systems were updated 4 years ago. The property is located at 210/218 S Silverwood Ln in Goshen, Indiana.
Metal roofing was installed approximately 7 years ago, and the HVAC systems were updated 4 years ago. The property is located at 210/218 S Silverwood Ln in Goshen, Indiana.
Key Highlights
- Two buildings with four main‑level apartments in each building
- 6,608 SF apartment property constructed in 1993
- 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
154
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with private parking, tenant-provided appliances, and recent HVAC updates.
Where is this apartment building located?
The property is located at 210 /218 S Silverwood Ln 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 in each building; 6,608 SF apartment property constructed in 1993; Metal roofs installed approximately 7 years ago
