Duplex with Detached
For Sale
$169,900
412 W Beardsley Avenue, Elkhart, IN 46514
INVESTMENT, One Story, Elkhart, IN
Property Size1,912 SF
Lot Size0.34 Acres
Price / SF$88.86
Days on Market54
Property Features for 412 W Beardsley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Basement, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4
Parking
8
Basement
Block
Lot features
Corner, Level, 0-2.9999
Elementary school
Beardsley
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
Corner of Beardsley and Edwardsburg
Subdivision
Elkhart County
Standard status
Active
APN
20-06-05-107-011.000-012
Size
1,912 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
NORTH ELKHART EX NW COR LOT 138 1RX110FT SE COR LOT 139 & LOT 137
Tax Annual Amount
1
Legal Description
NORTH ELKHART EX NW COR LOT 138 1RX110FT SE COR LOT 139 & LOT 137
Building Details
Year built
1951
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 10
Changed: Aug 31
Last Checked: Sep 1 at 4:06AM
MLS# 202627620
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 1,912-square-foot duplex, built in 1951, is arranged with a three-bedroom, 1.5-bath residence featuring a finished basement and a separate one-bedroom, one-bath apartment or in-law suite. The property also includes a two-car detached garage and a one-car attached garage, providing multiple enclosed parking and storage areas.
Set on 0.34 acres in Elkhart, the property is offered in as-is, where-is condition. The HVAC systems are not operational, and the electrical service is minimal. The sale is limited to cash buyers able to provide proof of funds.
Set on 0.34 acres in Elkhart, the property is offered in as-is, where-is condition. The HVAC systems are not operational, and the electrical service is minimal. The sale is limited to cash buyers able to provide proof of funds.
Key Highlights
- Duplex configuration with a 3‑bedroom, 1.5‑bath main residence and separate 1‑bedroom, 1‑bath apartment
- 1,912 square feet on 0.34 acres
- Finished basement included with the larger residential unit
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with a finished basement, attached garage, and detached garage on landscaped grounds.
Where is this duplex located?
The property is located at 412 W Beardsley Avenue 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: Duplex configuration with a 3‑bedroom, 1.5‑bath main residence and separate 1‑bedroom, 1‑bath apartment; 1,912 square feet on 0.34 acres; Finished basement included with the larger residential unit
