Updated Duplex with New
23692/23694 Springriver Drive Elkhart, IN 46516
23692/23694 Springriver Drive, Elkhart, IN, 46516
$324,900
For Sale
Under Contract
$324,900
MULTI_FAMILY - Elkhart, IN
Property Size1,435 SF
Lot Size0.46 Acres
Price / SF$226.41
Days on Market50
Property Features for 23692/23694 Springriver Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bedroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2
- Parking
- 2
- Parking features
- Offsite, Garage
- Basement
- Concrete
- Standard status
- Active Under Contract
- APN
- 20-06-23-377-024.000-009
- Size
- 1,435 SF
- Lot size
- 0.46 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Description
- Miller's River Manor South Thirteenth Lot 376
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 2003
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Mixed
- Roof type
- Shingle, Asphalt
- 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 Updated: Jul 6 at 4:10 pm Checked: Jul 21 at 12:06 am
MLS# 202621569
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 offers a long-term residential income setup with two units at 23692 and 23694 Springriver Drive. The property has had improvements including a new roof and updated water heaters, supporting continued day-to-day operation. The listing also notes that expenses are not zero and should be treated as unknown, with the buyer responsible for verifying actual costs during due diligence.
The home is located in Elkhart, Indiana, within the Concord Schools area. Lot size is listed at 0.46 acres, and the property size is listed as 1,435 square feet. Walkthroughs are scheduled only after an offer is accepted. Tenants should not be disturbed.
For buyers seeking a duplex they can evaluate through confirmed expenses and unit condition, the recent roof and water heater updates are key details to review alongside any remaining repairs or operating costs. Because the listing specifies that walkthroughs occur after acceptance and expenses are unknown, prospective buyers should plan accordingly for site access, inspections, and verification of income and operating statements.
The home is located in Elkhart, Indiana, within the Concord Schools area. Lot size is listed at 0.46 acres, and the property size is listed as 1,435 square feet. Walkthroughs are scheduled only after an offer is accepted. Tenants should not be disturbed.
For buyers seeking a duplex they can evaluate through confirmed expenses and unit condition, the recent roof and water heater updates are key details to review alongside any remaining repairs or operating costs. Because the listing specifies that walkthroughs occur after acceptance and expenses are unknown, prospective buyers should plan accordingly for site access, inspections, and verification of income and operating statements.
Key Highlights
- Duplex built in 2003, located within Concord Schools
- New roof installed (shingle/asphalt roof)
- Updated water heaters
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 | $18.4k | $12.84 |
| − Vacancy | −$1.4k | −$0.96 |
| EGI | $17.0k | $11.88 |
| − OpEx | −$5.1k | −$3.56 |
| NOI | $11.9k | $8.31 |
1,435 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$170.4K
$149.1K – $198.8K
NOI $11,930 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$152.0K
$133.0K – $177.4K
NOI $10,642 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$265.7K
$232.5K – $310.0K
NOI $18,598 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Well maintained updated duplex near Concord Schools, with a new roof and updated water heaters.
Where is this duplex located?
The property is located at 23692/23694 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: Duplex built in 2003, located within Concord Schools; New roof installed (shingle/asphalt roof); Updated water heaters
