Five-Unit Apartment
308 East Madison Street Goshen, IN 46526
For Sale
$274,900
Five-unit apartment building with four recently remodeled units and separate NIPSCO metering for each unit.
Property Size2,050 SF
Price / SF$134.10
Days on Market153
Property Features for 308 East Madison Street
General Information
- Standard status
- Active
- Size
- 2,050 SF
- Property subtype
- Multi Family / Fiveplex
Building Details
- Year Built
- 1940
Listing Agency:
RE/MAX Results
(574) 533-9581
Listed By:
Nicolas Wyse · License #RB14045263
(574) 533-9581
Source:
Compass
Added: Feb 20
Changed: Jul 22
Last Checked: Jul 23 at 9:35AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This five-unit apartment building offers a mix of three one-bedroom units and two studio apartments. Four units have been recently remodeled, while the remaining unit is leased to a tenant with a ten-year term. NIPSCO reports separate meters for all units, along with metering for the common space and basement.
The roof was replaced in 2025. Additional parking may be possible at the property to the south via a lease agreement after closing.
All units are separately metered, supporting straightforward utility administration across the property’s unit mix.
The roof was replaced in 2025. Additional parking may be possible at the property to the south via a lease agreement after closing.
All units are separately metered, supporting straightforward utility administration across the property’s unit mix.
Key Highlights
- Five‑unit apartment building (3 one‑bedroom units and 2 studio apartments) in Goshen
- 4 units recently remodeled; 1 unit currently has a ten‑year tenant
- Separate NIPSCO metering for each unit plus the common space/basement
Financial Insights For Apartment 5plus
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 | $30.0k | $14.64 |
| − Vacancy | −$2.4k | −$1.16 |
| EGI | $27.6k | $13.48 |
| − OpEx | −$12.4k | −$6.07 |
| NOI | $15.2k | $7.42 |
2,050 SF · lease $14.64/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$217.2K
$190.0K – $253.4K
NOI $15,203 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$379.5K
$332.1K – $442.8K
NOI $26,568 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five-unit apartment building with four recently remodeled units and separate NIPSCO metering for each unit.
Where is this apartment building located?
The property is located at 308 East Madison Street Goshen, IN.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Five‑unit apartment building (3 one‑bedroom units and 2 studio apartments) in Goshen; 4 units recently remodeled; 1 unit currently has a ten‑year tenant; Separate NIPSCO metering for each unit plus the common space/basement
