Updated Duplex Income
23724/23726 Springriver Drive Elkhart, IN 46516
23724/23726 Springriver Drive, Elkhart, IN, 46516
$324,900
For Sale
$324,900
MULTI_FAMILY - Elkhart, IN
Property Size1,311 SF
Lot Size0.46 Acres
Price / SF$247.83
Days on Market49
Property Features for 23724/23726 Springriver Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bathroom 3, Basement, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 3
- Parking
- 2
- Parking features
- Off Street, Garage
- Basement
- Concrete
- Standard status
- Active
- 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
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 Checked: Jul 20 at 5:06 am
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 property is a well maintained and updated duplex consisting of two units at 23724/23726 Springriver Drive in Elkhart, Indiana. The exterior and key mechanical components have been updated, including a new roof, updated water heaters, and newer HVAC systems. The property is listed as a residential income duplex, with walkthroughs available only once an offer is accepted. Tenants should not be disturbed, and expenses are not zero; the buyer is responsible for verifying operating costs.
The duplex is located within the Concord Schools area. The lot size is reported as 0.46 acres, and the total property size is reported as 1,311 square feet.
For buyers seeking a duplex for rental ownership, the recent improvements to the roof, water heaters, and HVAC can help reduce near-term building system maintenance. As part of due diligence, buyers should confirm current expenses and validate all operating figures, since the listing notes they are unknown and require buyer verification.
The duplex is located within the Concord Schools area. The lot size is reported as 0.46 acres, and the total property size is reported as 1,311 square feet.
For buyers seeking a duplex for rental ownership, the recent improvements to the roof, water heaters, and HVAC can help reduce near-term building system maintenance. As part of due diligence, buyers should confirm current expenses and validate all operating figures, since the listing notes they are unknown and require buyer verification.
Key Highlights
- Well maintained duplex with Concord Schools
- Year built 2003
- New roof (shingle/asphalt roofing)
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
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Well maintained duplex with recent roof, water heater, and HVAC updates for long-term rental ownership.
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 with Concord Schools; Year built 2003; New roof (shingle/asphalt roofing)
