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    All-Brick Duplex With Two Units Title is generated by Realmo AI

    319 S Park Street, Wakarusa, IN 46573

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    For Sale
    $269,900

    Duplex - Wakarusa, IN

    Type:Duplex
    Property size:
    1,780 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $151/SF
    Added:
    May 27, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 6 at 12:06 pm

    Property Features for 319 S Park Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Parking features
    Off Street
    EntryLevel
    Main
    Exterior features
    Ceiling Fan, Off Street Parking, Countertops-laminate, Detector-smoke, Foyer Entry, Landscaped, Water Heater Electric, Washer Hook-up, Other-see Remarks, None, Shed
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Range, Washer
    Standard status
    Active
    APN
    20-09-36-151-033.000-025
    Size
    1,780 SF
    Lot size
    0.30 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    2
    Flooring type
    Carpet, Vinyl
    Building materials
    Brick
    Roof type
    Asphalt, Shingle
    Architectural style
    Other
    Additional Structures
    Packing Shed, See Remarks, Shed(s)

    We can help!

    Listing Contact
    Mary Dale
    Mary Dale

    Listing agent Mary Dale License #RB14038696

    Listing office Coldwell Banker Real Estate Group 57190 Alpha Dr, IN

    Listing date May 27, 2026

    MLS# 202620295 Listing URL

    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.

    HighLights

    • Well‑maintained all‑brick duplex with both units fully rented and currently under lease
    • Each unit offers 2 bedrooms and 1 full bath with functional layouts
    • Major updates include a newer roof, furnaces replaced in 2016, and central air units updated in 2022 and 2024
    • Central air, forced‑air heat with natural gas, and electric water heater
    • Appliances included: dishwasher, range, garbage disposer, washer, and dryer
    • Off‑street parking, landscaped exterior, shed on site

    Overview

    This well-maintained all-brick duplex offers two separate, functional living units. Each side includes 2 bedrooms and 1 full bath, with a layout designed for straightforward everyday use. The property has undergone several major mechanical updates, including a newer roof, furnaces replaced in 2016, and central air units updated in 2022 and 2024.

    The duplex is located at 319 S Park Street in Wakarusa, Indiana, in Elkhart County. The current units are fully rented and under lease, with documentation available in the associated materials for additional lease and property information.

    For buyers seeking a low-maintenance residential income property, this duplex provides two self-contained rental spaces with recent HVAC and roof improvements that can support long-term ownership planning. Proof of funds or pre-approved buyers only please, and interested parties should review the associated documents for additional details on leases and the property.

    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 $22.9k $12.84
    − Vacancy −$1.7k −$0.96
    EGI $21.1k $11.88
    − OpEx −$6.3k −$3.56
    NOI $14.8k $8.31
    1,780 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $211.4K
    $185.0K – $246.7K (±1% cap)
    NOI $14,799 @ 7.0% cap · market cap 5.48%
    Second Best
    Apartment 5plus
    $188.6K
    $165.0K – $220.0K (±1% cap)
    NOI $13,200 @ 7.0% cap · market cap 4.89%
    Theoretical Best
    Specialty Retail
    $329.6K
    $288.4K – $384.5K (±1% cap)
    NOI $23,069 @ 7.0% cap · market cap 8.55%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wakarusa
    County
    Elkhart
    State
    Indiana
    Longitude
    -86.019658
    Latitude
    41.531775

    Nearby Similar for Sale

    • $400,000

      Wakarusa Mixed-Use Investment Opportunity

      Mixed-use building in downtown Wakarusa with existing tenants and income.
      105 S Elkhart Street, Wakarusa, IN 46573
      View Details
    • $269,900
      1,780 SF

      All-Brick Duplex with Updated Systems

      Two fully rented units with functional 2-bedroom layouts and recent roof, furnace, and central air updates.
      319 Park Street, Wakarusa, IN 46573
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained all-brick duplex with two 2-bedroom, 1-bath units and recent major mechanical updates.
    Where is this duplex located?
    The property is located at 319 S Park Street Wakarusa, IN.
    What is the asking price?
    The asking price for this property is $269,900.
    What are key features of this property?
    This property features: Well‑maintained all‑brick duplex with both units fully rented and currently under lease; Each unit offers 2 bedrooms and 1 full bath with functional layouts; Major updates include a newer roof, furnaces replaced in 2016, and central air units updated in 2022 and 2024
    (574) 221-9091
    We can help!
    Listing Contact
    Mary Dale
    Mary Dale
    Real Estate License ID: RB14038696
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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