Duplex With Side
For Sale
$89,900
323 E Simonton St, Elkhart, IN 46514
Two residences feature separate electric metering and distinct bedroom configurations in a two-unit property.
Property Size1,088 SF
Price / SF$82.63
Days on Market13
Property Features for 323 E Simonton St
General Information
Standard status
Active
Size
1,088 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Buildings
1
Listing Agency:
Realty Group Resources
(574) 596-3598
Listed By:
Cory White · License #RB14028504
(574) 596-3598
Source:
Exprealty
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 10 at 10:10AM
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 Realty Group Resources
Investment Insights
Based on property information with market context.
This duplex at 323 E Simonton St in Elkhart, Indiana, contains 1,088 square feet across two residences. The front unit has 2 bedrooms and 1 bathroom, while the rear unit provides 1 bedroom and 1 bathroom. Separate electric meters serve the units, supporting distinct utility tracking.
The sale includes a second parcel that functions as a side lot. The property is offered in its existing condition and location. Purchase requirements specify cash buyers with proof of funds.
The sale includes a second parcel that functions as a side lot. The property is offered in its existing condition and location. Purchase requirements specify cash buyers with proof of funds.
Key Highlights
- 1,088‑square‑foot duplex at 323 E Simonton St, Elkhart, IN
- Front unit includes 2 bedrooms and 1 bathroom
- Rear unit includes 1 bedroom and 1 bathroom
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
$8,068
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
8.97%
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%
$161,360
$161.4K
Cap Rate 7%
$115,257
$115.3K
Cap Rate 9%
$89,644
$89.6K
Market Conditions
NOI Build-Up for 1,088 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
$15.9K $14.64/SF
− Vacancy
−$1.3K −$1.16/SF
EGI
$14.7K $13.48/SF
− OpEx
−$6.6K −$6.07/SF
NOI
$8.1K $7.42/SF
Area
Elkhart County, IN
Vacancy
7.90%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
45.00%
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%
$161,360
Cap Rate 7%
$115,257
Cap Rate 9%
$89,644
Alternative Uses
Best Use
Multifamily LT 5
$129.2K
$113.1K – $150.8K
NOI $9,046 @ 7.0% cap · market cap 10.06%
Second Best
Apartment 5plus
$115.3K
$100.9K – $134.5K
NOI $8,068 @ 7.0% cap · market cap 8.97%
Theoretical Best
Specialty Retail
$201.4K
$176.3K – $235.0K
NOI $14,100 @ 7.0% cap · market cap 15.68%
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
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
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 residences feature separate electric metering and distinct bedroom configurations in a two-unit property.
Where is this duplex located?
The property is located at 323 E Simonton St Elkhart, IN.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: 1,088‑square‑foot duplex at 323 E Simonton St, Elkhart, IN; Front unit includes 2 bedrooms and 1 bathroom; Rear unit includes 1 bedroom and 1 bathroom
