Updated Duplex Income
23663/23665 Springriver Drive Elkhart, IN 46516
23663/23665 Springriver Drive, Elkhart, IN, 46516
$324,900
For Sale
$324,900
MULTI_FAMILY - Elkhart, IN
Property Size1,383 SF
Lot Size0.46 Acres
Price / SF$234.92
Days on Market49
Property Features for 23663/23665 Springriver Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Basement, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 3
- Parking
- 2
- Parking features
- Off Street, Garage
- Basement
- Concrete
- Standard status
- Active
- APN
- 20-06-23-376-005.000-009
- Size
- 1,383 SF
- Lot size
- 0.46 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Description
- MILLER;S RIVER MANOR SOUTH THIRTEENTH LOT 372
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 2003
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Mixed
- Roof type
- Asphalt, Shingle
- Architectural style
- Other
Listing Agency
Myers Trust Real Estate
(574) 875-5149
2809 A Ferndale Road, Elkhart, IN
Listed by
Andrew Myers · License #RB14031728
(574) 320-1214
Added: Jun 2 Checked: Jul 20 at 5:06 am
MLS# 202621582
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 well maintained and updated duplex is configured for residential income, with two units under one property footprint. The listing notes that the building has received updates and is being offered as a duplex income property. The total property size is listed as 1,383 square feet on a 0.46-acre lot.
The property is located in Elkhart, Indiana, and the listing states it is served by Concord Schools. Address information is provided as 23663/23665 Springriver Drive, Elkhart, IN 46516. For showings, walkthroughs are to be scheduled once an offer is accepted, and prospective buyers are instructed not to disturb tenants.
The seller frames the offering as a long-term investment opportunity, with the practical note that expenses are not listed as zero and are described as unknown. Buyers are responsible for verifying all expenses and underwriting items during due diligence. Given the duplex structure and the “updated” condition referenced in the remarks, this asset may suit buyers seeking a manageable, two-unit rental configuration and willing to complete property-specific expense review.
The property is located in Elkhart, Indiana, and the listing states it is served by Concord Schools. Address information is provided as 23663/23665 Springriver Drive, Elkhart, IN 46516. For showings, walkthroughs are to be scheduled once an offer is accepted, and prospective buyers are instructed not to disturb tenants.
The seller frames the offering as a long-term investment opportunity, with the practical note that expenses are not listed as zero and are described as unknown. Buyers are responsible for verifying all expenses and underwriting items during due diligence. Given the duplex structure and the “updated” condition referenced in the remarks, this asset may suit buyers seeking a manageable, two-unit rental configuration and willing to complete property-specific expense review.
Key Highlights
- Well maintained and updated duplex with 4 bedrooms and 4 bathrooms
- Central air conditioning and mixed flooring throughout
- Parking includes off‑street parking and a garage
Local 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 | $17.8k | $12.84 |
| − Vacancy | −$1.3k | −$0.96 |
| EGI | $16.4k | $11.88 |
| − OpEx | −$4.9k | −$3.56 |
| NOI | $11.5k | $8.31 |
1,383 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$164.3K
$143.7K – $191.6K
NOI $11,498 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$146.5K
$128.2K – $170.9K
NOI $10,256 @ 7.0% cap · market cap 3.16%
Theoretical Best
Specialty Retail
$256.1K
$224.1K – $298.7K
NOI $17,924 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Well maintained duplex offers a straightforward owner-occupied or investment rental setup with confirmed tenant-respect walkthrough procedures.
Where is this duplex located?
The property is located at 23663/23665 Springriver Drive Elkhart, IN.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Well maintained and updated duplex with 4 bedrooms and 4 bathrooms; Central air conditioning and mixed flooring throughout; Parking includes off‑street parking and a garage
