Updated Duplex with
For Sale
Under Contract
$324,900
23724/23726 Springriver Drive, Elkhart, IN 46516
INVESTMENT, Two Story, Elkhart, IN
Property Size1,311 SF
Lot Size0.46 Acres
Price / SF$247.83
Days on Market94
Property Features for 23724/23726 Springriver Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Bathroom 1, Basement, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 3
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
Active Under Contract
APN
20-06-23-377-023.000-009
Size
1,311 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Miller's River Manor South Thirteenth Lot 375
Legal Description
Miller's River Manor South Thirteenth Lot 375
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: Sep 2
Last Checked: Sep 3 at 7:06PM
MLS# 202621601
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 duplex offers 1,311 square feet on a 0.46-acre parcel in Elkhart. Built in 2003, the two-story property includes four bedrooms, four bathrooms, basement space, mixed flooring, and central air. Garage and off-street parking are also provided.
Recent property updates include a new roof, updated water heaters, and newer HVAC equipment. The home is located within the Concord Schools district and uses a shingle and asphalt roof system. Tenant access is managed through scheduled walkthroughs after an offer is accepted.
Recent property updates include a new roof, updated water heaters, and newer HVAC equipment. The home is located within the Concord Schools district and uses a shingle and asphalt roof system. Tenant access is managed through scheduled walkthroughs after an offer is accepted.
Key Highlights
- Duplex with 1,311 square feet on a 0.46‑acre parcel
- Built in 2003 with four bedrooms and four bathrooms
- New roof, updated water heaters, and newer HVAC
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
Property Profile
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 - Two-story duplex with central air, mixed flooring, and both garage and off-street parking.
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: Duplex with 1,311 square feet on a 0.46‑acre parcel; Built in 2003 with four bedrooms and four bathrooms; New roof, updated water heaters, and newer HVAC
