Updated Duplex with Central
For Sale
$324,900
Pending
23663/23665 Springriver Drive, Elkhart, IN 46516
MULTI_FAMILY - Elkhart, IN
Property Size1,383 SF
Lot Size0.46 Acres
Days on Market72
Property Features for 23663/23665 Springriver Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 4, Basement, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 1
Parking
2
Parking features
Off Street, Garage
Basement
Concrete
Subdivision
Millers River Manor
Lot features
City/ Town/ Suburb, Level, 0-2.9999
Elementary school
Concord Ox Bow
Middle school
Concord
High school
Concord
Elementary school district
Concord Community Schools
Middle school district
Concord Community Schools
High school district
Concord Community Schools
Directions
CR 13 to Springriver Dr
Standard status
Pending
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
Legal 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
Listed By:
Andrew Myers · License #RB14031728
(574) 320-1214
Added: Jun 2
Changed: Aug 3
Last Checked: Aug 12 at 10:06AM
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 updated duplex offers a total size of 1,383 square feet on a 0.46-acre lot. The property includes a basement and a mix of bedroom and bathroom rooms, with flooring described as mixed. Cooling is provided by central air, supporting comfortable year-round use.
Parking is available with a garage and off-street spaces. The exterior features an asphalt shingle roof. The property was built in 2003, offering more recent construction relative to many older duplex options.
The duplex is in the Concord Schools area. Walkthroughs are to be scheduled once an offer is accepted, and tenants should not be disturbed. While expenses are described as not zero, the specific expense details are not provided and should be verified by the buyer.
Parking is available with a garage and off-street spaces. The exterior features an asphalt shingle roof. The property was built in 2003, offering more recent construction relative to many older duplex options.
The duplex is in the Concord Schools area. Walkthroughs are to be scheduled once an offer is accepted, and tenants should not be disturbed. While expenses are described as not zero, the specific expense details are not provided and should be verified by the buyer.
Key Highlights
- Updated duplex in Concord Schools
- 1,383 square feet total with basement
- 0.46‑acre lot
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
$11,498
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
3.54%
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%
$229,960
$230.0K
Cap Rate 7%
$164,257
$164.3K
Cap Rate 9%
$127,756
$127.8K
Market Conditions
NOI Build-Up for 1,383 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
$17.8K $12.84/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$16.4K $11.88/SF
− OpEx
−$4.9K −$3.56/SF
NOI
$11.5K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
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%
$229,960
Cap Rate 7%
$164,257
Cap Rate 9%
$127,756
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
217
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex in Concord Schools with central air, mixed flooring, and garage plus off-street parking.
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: Updated duplex in Concord Schools; 1,383 square feet total with basement; 0.46‑acre lot
