Updated Duplex Investment
23724-23726 Springriver Drive Elkhart, IN 46516
23724-23726 Springriver Drive, Elkhart, IN, 46516
$324,900
For Sale
$324,900
Well maintained duplex with a new roof, updated water heaters, and newer HVAC, offered for sale with walkthroughs after acceptance.
Property Size1,311 SF
Price / SF$247.83
Days on Market66
Property Features for 23724-23726 Springriver Drive
General Information
- Standard status
- Active
- Size
- 1,311 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 2003
Listing agency
Myers Trust Real Estate
(574) 875-5149
Listed by
Andrew Myers · License #RB14031728
(574) 875-5149
Source
Compass
Added: May 18 Updated: Jul 22 at 5:51AM Checked: Jul 22 at 5:51AM
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 Myers Trust Real Estate
Investment Insights
Based on property information with market context.
This updated duplex is well maintained and presented as a long-term residential income opportunity. The property has recent improvements including a new roof, updated water heaters, and newer HVAC. Walkthroughs are available once an offer is accepted, with instructions not to disturb tenants.
Located at 23724-23726 Springriver Drive in Elkhart, IN 46516, the duplex is described as being within Concord Schools.
The listing notes that expenses are not zero, though specific expense figures are not provided; buyers are responsible for verifying all information during their due diligence.
Located at 23724-23726 Springriver Drive in Elkhart, IN 46516, the duplex is described as being within Concord Schools.
The listing notes that expenses are not zero, though specific expense figures are not provided; buyers are responsible for verifying all information during their due diligence.
Key Highlights
- Well‑maintained duplex built in 2003 with 2 above‑grade bedrooms and 4 total bedrooms, plus 4 total baths (2 full, 2 half).
- New roof; updated water heaters and newer HVAC reported in recent updates.
- Unfinished poured‑concrete basement with basement access plus central air and gas forced‑air heating.
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 | $16.8k | $12.84 |
| − Vacancy | −$1.3k | −$0.96 |
| EGI | $15.6k | $11.88 |
| − OpEx | −$4.7k | −$3.56 |
| NOI | $10.9k | $8.31 |
1,311 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$155.7K
$136.3K – $181.7K
NOI $10,900 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$138.9K
$121.5K – $162.0K
NOI $9,722 @ 7.0% cap · market cap 2.99%
Theoretical Best
Specialty Retail
$242.7K
$212.4K – $283.2K
NOI $16,991 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Well maintained duplex with a new roof, updated water heaters, and newer HVAC, offered for sale with walkthroughs after acceptance.
Where is this duplex located?
The property is located at 23724-23726 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 duplex built in 2003 with 2 above‑grade bedrooms and 4 total bedrooms, plus 4 total baths (2 full, 2 half).; New roof; updated water heaters and newer HVAC reported in recent updates.; Unfinished poured‑concrete basement with basement access plus central air and gas forced‑air heating.
