Updated Duplex with New
For Sale
$324,900
23724 /23726 Springriver Dr, Elkhart, IN 46516
Built in 2003 with updated water heaters and newer HVAC systems.
Property Size1,311 SF
Price / SF$247.83
Days on Market75
Property Features for 23724 /23726 Springriver Dr
General Information
Standard status
Active
Size
1,311 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2003
Listing Agency:
Myers Trust Real Estate
Listed By:
Andrew Myers · License #RB14031728
(574) 320-1214
Source:
Callcriswell
Added: Aug 4
Changed: Oct 2
Last Checked: Oct 7 at 2:19PM
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
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Investment Insights
Based on property information with market context.
This duplex at 23724 /23726 Springriver Dr includes two residential units and was constructed in 2003. Recent property improvements include a new roof, updated water heaters, and newer HVAC systems. The improvements support the property's updated condition while maintaining its existing duplex configuration.
The property is located in Elkhart, Indiana, within the Concord Schools district. Tenant privacy is required, and property walkthroughs are scheduled after an offer has been accepted.
The property is located in Elkhart, Indiana, within the Concord Schools district. Tenant privacy is required, and property walkthroughs are scheduled after an offer has been accepted.
Key Highlights
- Duplex constructed in 2003
- New roof installed
- Updated water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,900
Cap Rate
3.35%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Built in 2003 with updated water heaters and newer HVAC systems.
Where is this duplex located?
The property is located at 23724 /23726 Springriver Dr 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 constructed in 2003; New roof installed; Updated water heaters
