Updated Duplex Investment
For Sale
$324,900
Pending
23724-23726 Springriver Drive, Elkhart, IN 46516
Well maintained duplex with a new roof, updated water heaters, and newer HVAC, offered for sale with walkthroughs after acceptance.
Property Size1,311 SF
Days on Market98
Property Features for 23724-23726 Springriver Drive
General Information
Standard status
Pending
Size
1,311 SF
Property subtype
Multi Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,585
Amenities
Central Air
2
Yes
Mixed
4
Gas, Forced Air
Poured Concrete
Unfinished
No
Concrete
Vinyl
Basement, Off Street Parking, Countertops-Laminate, Washer Hook-Up
Asphalt
Asphalt, Shingle
Building Details
Year Built
2003
Buildings
1
Units
2
Listing Agency:
Myers Trust Real Estate
Listed By:
Andrew Myers · License #RB14031728
(574) 875-5149
Source:
Compass
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 4 at 10:53AM
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.
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
$10,900
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
3.35%
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%
$218,000
$218.0K
Cap Rate 7%
$155,714
$155.7K
Cap Rate 9%
$121,111
$121.1K
Market Conditions
NOI Build-Up for 1,311 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
$16.8K $12.84/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$15.6K $11.88/SF
− OpEx
−$4.7K −$3.56/SF
NOI
$10.9K $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%
$218,000
Cap Rate 7%
$155,714
Cap Rate 9%
$121,111
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 authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
244
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 - 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.
