Four-Unit Residential Income
415 N 2nd Street Elkhart, IN 46516
415 N 2nd Street, Elkhart, IN, 46516
$179,900
Pending
For Sale
$179,900
Pending
MULTI_FAMILY - Elkhart, IN
Property Size2,182 SF
Lot Size0.16 Acres
Days on Market129
Property Features for 415 N 2nd Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bedroom 3, Bathroom 4, Basement, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 1
- Parking
- 4
- Fireplace
- 1
- Standard status
- Pending
- APN
- 20-06-05-179-018.000-012
- Size
- 2,182 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- BEARDS 1ST N 1/2 LOT 107
- Tax Annual Amount
- 2300
Building Details
- Year built
- 1908
- Floors in Building
- 2
- Number of units
- 4
- Flooring type
- Vinyl
- Architectural style
- Other
Listing Agency
McKinnies Realty, LLC Elkhart
(574) 271-3440
54560 CR 17, Mishawaka, IN
Listed by
Jennea Schirr · License #RB14043735
(574) 215-9291
Added: Mar 11 Checked: Jul 17 at 1:06 pm
MLS# 202608130
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 four-unit residential income property is offered for sale. The exterior and major systems have been updated, including a new roof in 2024 and replacement windows completed in 2023. Interior updates described in the remarks include updated flooring and kitchen improvements. Electrical has been upgraded with separate meters, and the property also includes a furnace estimated to be about 7 years old and a water heater estimated at about 1 year old.
The property is located at 415 N 2nd Street in Elkhart, Indiana, in Elkhart County. The current rental income is listed in the remarks as $635, $650, $585, and $685 per month across the four units.
With four residential units and documented improvements to key building components, the property presents an income-focused configuration for buyers seeking a maintained multifamily asset.
The property is located at 415 N 2nd Street in Elkhart, Indiana, in Elkhart County. The current rental income is listed in the remarks as $635, $650, $585, and $685 per month across the four units.
With four residential units and documented improvements to key building components, the property presents an income-focused configuration for buyers seeking a maintained multifamily asset.
Key Highlights
- 4‑unit property with current monthly rents of $635, $650, $585, and $685
- Major improvements include a new roof (2024) and replacement windows (2023)
- Upgraded electrical service with separate meters
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.9k | $14.64 |
| − Vacancy | −$2.5k | −$1.16 |
| EGI | $29.4k | $13.48 |
| − OpEx | −$13.2k | −$6.07 |
| NOI | $16.2k | $7.42 |
2,182 SF · lease $14.64/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$259.2K
$226.8K – $302.4K
NOI $18,141 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$231.2K
$202.3K – $269.7K
NOI $16,181 @ 7.0% cap · market cap 8.99%
Theoretical Best
Specialty Retail
$404.0K
$353.5K – $471.3K
NOI $28,279 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-unit residential income property with multiple recent updates including a 2024 roof and 2023 window replacements.
Where is this quadplex located?
The property is located at 415 N 2nd Street Elkhart, IN.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 4‑unit property with current monthly rents of $635, $650, $585, and $685; Major improvements include a new roof (2024) and replacement windows (2023); Upgraded electrical service with separate meters
