Duplex with Split Electric
For Sale
$89,900
323 E Simonton Street, Elkhart, IN 46514
MULTI_FAMILY - Elkhart, IN
Property Size1,088 SF
Lot Size0.18 Acres
Price / SF$82.63
Days on Market15
Property Features for 323 E Simonton Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1
Parking
2
Lot features
0-2.9999
Elementary school
Woodland
Middle school
North Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
Somewhere in the middle of Simonton St.
Subdivision
Elkhart County
Standard status
Active
APN
20-02-32-456-003.000-027
Size
1,088 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
31FT 3IN X8RDS-227 1/2FT W OF CAS SO SIDE SIMONTON ST SEC 32 .15, 31 1/4FT X8RDS SW SW ONSIMONTON ST SEC 32 .15
Tax Annual Amount
1
Legal Description
31FT 3IN X8RDS-227 1/2FT W OF CAS SO SIDE SIMONTON ST SEC 32 .15, 31 1/4FT X8RDS SW SW ONSIMONTON ST SEC 32 .15
Building Details
Year built
1900
Floors in Building
1
Number of units
2
Architectural style
Other
Listing Agency:
Realty Group Resources
(574) 264-2000
Listed By:
Cory White · License #RB14028504
(574) 596-3598
Added: Jul 30
Changed: Aug 7
Last Checked: Aug 13 at 2:06AM
MLS# 202630747
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 duplex includes two separate units with a front/back configuration. The front unit has two bedrooms and one bathroom, while the back unit has one bedroom and one bathroom. The property also has split electric meters, providing separate electrical service for the units.
The duplex was built in 1900 and sits on a 0.18-acre lot. A bonus second parcel/side lot is included. The property is being sold as-is, where-is, and cash buyers must provide proof of funds.
Total building size is 1,088 square feet. The property is located at 323 E Simonton Street in Elkhart, Indiana 46514-3220 (Elkhart County).
The duplex was built in 1900 and sits on a 0.18-acre lot. A bonus second parcel/side lot is included. The property is being sold as-is, where-is, and cash buyers must provide proof of funds.
Total building size is 1,088 square feet. The property is located at 323 E Simonton Street in Elkhart, Indiana 46514-3220 (Elkhart County).
Key Highlights
- Front unit: two bedrooms and one bathroom
- Back unit: one bedroom and one bathroom
- Split electric meters for the two units
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 - Duplex layout features a two-bedroom front and one-bedroom back unit, with split electric meters.
Where is this duplex located?
The property is located at 323 E Simonton Street 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: Front unit: two bedrooms and one bathroom; Back unit: one bedroom and one bathroom; Split electric meters for the two units
