Four-Unit Residential Income
415 North 2nd Street Elkhart, IN 46516
415 North 2nd Street, Elkhart, IN, 46516
$199,900
For Sale
$199,900
Four-unit property with two one-bedroom units and two efficiency apartments, plus recent roof, window, and interior upgrades.
Property Size2,182 SF
Price / SF$91.61
Days on Market136
Property Features for 415 North 2nd Street
General Information
- Standard status
- Active
- Size
- 2,182 SF
- Property subtype
- Multi Family / Fourplex
Building Details
- Year Built
- 1908
Listing agency
McKinnies Realty, LLC Elkhart
(574) 271-3440
Listed by
Jennea Schirr · License #RB14043735
(574) 271-3440
Source
Compass
Added: Mar 7 Updated: Jul 21 at 12:43PM Checked: Jul 21 at 12:43PM
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 McKinnies Realty, LLC Elkhart
Investment Insights
Based on property information with market context.
This four-unit residential income property includes two one-bedroom apartments and two efficiency apartments. Updates noted by the seller include a new roof in 2024, windows installed in 2023, flooring and kitchen upgrades throughout, and an electric upgrade with individually metered service.
The property is listed for sale with a minimum 48-hour notice required for showings. The listing is broker-owned, and the listing agent is related to the seller.
Overall, the building’s unit mix and completed improvements support an income-focused configuration for an investor or owner-operator seeking a four-unit asset with recent capital items addressed.
The property is listed for sale with a minimum 48-hour notice required for showings. The listing is broker-owned, and the listing agent is related to the seller.
Overall, the building’s unit mix and completed improvements support an income-focused configuration for an investor or owner-operator seeking a four-unit asset with recent capital items addressed.
Key Highlights
- 4‑unit building built in 1908 with 2 one‑bedroom units and 2 efficiency apartments
- Recent exterior and interior updates including new roof in 2024 and windows in 2023
- Interior improvements include flooring and kitchen upgrades throughout the building
Local Financial Insights For Multifamily LT 5
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 | $28.0k | $12.84 |
| − Vacancy | −$2.1k | −$0.96 |
| EGI | $25.9k | $11.88 |
| − OpEx | −$7.8k | −$3.56 |
| NOI | $18.1k | $8.31 |
2,182 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$259.2K
$226.8K – $302.4K
NOI $18,141 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$231.2K
$202.3K – $269.7K
NOI $16,181 @ 7.0% cap · market cap 8.09%
Theoretical Best
Specialty Retail
$404.0K
$353.5K – $471.3K
NOI $28,279 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-unit property with two one-bedroom units and two efficiency apartments, plus recent roof, window, and interior upgrades.
Where is this quadplex located?
The property is located at 415 North 2nd Street Elkhart, IN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 4‑unit building built in 1908 with 2 one‑bedroom units and 2 efficiency apartments; Recent exterior and interior updates including new roof in 2024 and windows in 2023; Interior improvements include flooring and kitchen upgrades throughout the building
