Duplex with Detached
For Sale
$169,900
Pending
412 W Beardsley Ave, Elkhart, IN 46514
Two-unit property with a finished basement, multiple garage spaces, and significant renovation needs.
Property Size1,912 SF
Days on Market43
Property Features for 412 W Beardsley Ave
General Information
Standard status
Pending
Size
1,912 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
No working HVAC and minimal electric
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1951
Listing Agency:
Realty Group Resources
(574) 596-3598
Listed By:
Cory White · License #RB14028504
Source:
Callcriswell
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 6:58PM
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.
Built in 1951, this 1,912-square-foot duplex contains two distinct living areas. One side offers three bedrooms, one-and-a-half baths, and a finished basement, while the other provides a one-bedroom, one-bath apartment or in-law suite. Garage capacity includes a detached two-car garage and an attached one-car garage.
The property requires substantial work, including replacement of the nonoperational HVAC system and improvements to the limited electrical service. It is being offered in as-is, where-is condition for cash buyers able to provide proof of funds. Located at 412 W Beardsley Ave in Elkhart, Indiana, the asset presents a residential income configuration with an existing two-unit layout.
The property requires substantial work, including replacement of the nonoperational HVAC system and improvements to the limited electrical service. It is being offered in as-is, where-is condition for cash buyers able to provide proof of funds. Located at 412 W Beardsley Ave in Elkhart, Indiana, the asset presents a residential income configuration with an existing two-unit layout.
Key Highlights
- Two‑unit duplex configuration with separate living areas
- 3‑bedroom, 1.5‑bath side includes a finished basement
- Additional 1‑bedroom, 1‑bath apartment or in‑law suite
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
$14,179
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
8.35%
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%
$283,580
$283.6K
Cap Rate 7%
$202,557
$202.6K
Cap Rate 9%
$157,544
$157.5K
Market Conditions
NOI Build-Up for 1,912 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
$28.0K $14.64/SF
− Vacancy
−$2.2K −$1.16/SF
EGI
$25.8K $13.48/SF
− OpEx
−$11.6K −$6.07/SF
NOI
$14.2K $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%
$283,580
Cap Rate 7%
$202,557
Cap Rate 9%
$157,544
Alternative Uses
Best Use
Multifamily LT 5
$227.1K
$198.7K – $264.9K
NOI $15,896 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$202.6K
$177.2K – $236.3K
NOI $14,179 @ 7.0% cap · market cap 8.35%
Theoretical Best
Specialty Retail
$354.0K
$309.8K – $413.0K
NOI $24,780 @ 7.0% cap · market cap 14.59%
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
554
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-unit property with a finished basement, multiple garage spaces, and significant renovation needs.
Where is this duplex located?
The property is located at 412 W Beardsley Ave Elkhart, IN.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two‑unit duplex configuration with separate living areas; 3‑bedroom, 1.5‑bath side includes a finished basement; Additional 1‑bedroom, 1‑bath apartment or in‑law suite
