Triplex with Rear Storage
For Sale
$249,900
3306 3308 Mishawaka Ave, South Bend, IN 46615
All three units are leased, with a two-bedroom layout alongside two one-bedroom residences.
Property Size2,064 SF
Price / SF$121.08
Days on Market10
Property Features for 3306 3308 Mishawaka Ave
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
hardwood floors
back yard
garage storage
Building Details
Year Built
1912
Buildings
1
Tenancy
Multi
Listing Agency:
Tiffany Group Real Estate Advisors LLC
(574) 267-7501
Listed By:
Tyler Glenn
Source:
Callcriswell
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 8:23PM
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 Tiffany Group Real Estate Advisors LLC
Investment Insights
Based on property information with market context.
This 1912 triplex contains 2,064 square feet across three residential units: two one-bedroom, one-bath residences and one two-bedroom, one-bath unit. Hardwood flooring adds a durable interior feature, while a rear garage provides storage space. The property also includes a backyard.
Located at 3306 3308 Mishawaka Avenue in South Bend’s River Park neighborhood, the building has all 3 of 3 units leased. Residents pay their own electric service, while the owner covers water and trash expenses, providing a clearly defined utility arrangement for the property.
Located at 3306 3308 Mishawaka Avenue in South Bend’s River Park neighborhood, the building has all 3 of 3 units leased. Residents pay their own electric service, while the owner covers water and trash expenses, providing a clearly defined utility arrangement for the property.
Key Highlights
- Three‑unit configuration with two 1 bed/1 bath units and one 2 bed/1 bath unit
- 2,064 square feet of residential building area
- All 3 of 3 units are leased
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
$18,383
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
7.36%
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%
$367,660
$367.7K
Cap Rate 7%
$262,614
$262.6K
Cap Rate 9%
$204,256
$204.3K
Market Conditions
NOI Build-Up for 2,064 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
$28.5K $13.80/SF
− Vacancy
−$2.2K −$1.08/SF
EGI
$26.3K $12.72/SF
− OpEx
−$7.9K −$3.82/SF
NOI
$18.4K $8.91/SF
Area
South Bend, IN
Vacancy
7.80%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$367,660
Cap Rate 7%
$262,614
Cap Rate 9%
$204,256
Alternative Uses
Best Use
Multifamily LT 5
$262.6K
$229.8K – $306.4K
NOI $18,383 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$243.0K
$212.6K – $283.5K
NOI $17,011 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$522.2K
$456.9K – $609.2K
NOI $36,552 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Explore this area
Business Placement
Demographics for 46615, IN
14,777
Population
7,234
Households
2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
4,478
Density / Sq Mi
$57,983
Median Household Income
$39,744
Median Earnings
$971
Median Rent
$127,800
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?
Triplex - All three units are leased, with a two-bedroom layout alongside two one-bedroom residences.
Where is this triplex located?
The property is located at 3306 3308 Mishawaka Ave South Bend, IN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Three‑unit configuration with two 1 bed/1 bath units and one 2 bed/1 bath unit; 2,064 square feet of residential building area; All 3 of 3 units are leased
