Multi-Unit Rental with Workshop
415 North Washington Street Warsaw, IN 46580
415 North Washington Street, Warsaw, IN, 46580
$410,000
For Sale
$410,000
Three rented apartments and a 40’x30’ workshop/garage with office space provide mixed-use income potential.
Property Size5,558 SF
Price / SF$73.77
Days on Market94
Property Features for 415 North Washington Street
General Information
- Standard status
- Active
- Size
- 5,558 SF
- Property subtype
- Multi Family / Fourplex
Building Details
- Year Built
- 1890
Listing agency
RE/MAX Results- Warsaw
(574) 267-2252
Listed by
James Bausch · License #RB15000093
(574) 267-2252
Source
Compass
Added: Apr 21 Updated: Jul 22 at 6:44PM Checked: Jul 22 at 6:44PM
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 RE/MAX Results- Warsaw
Investment Insights
Based on property information with market context.
This for-sale multi-unit property includes three residential apartment units and one large workshop/garage unit with office space. Apartment A is a 4-bedroom, 2-bath unit that was completely remodeled down to the studs in 2020, with updated plumbing and electrical and a new back deck added in 2023. Apartments B and C offer 1-bedroom and 2-bedroom layouts, respectively, with new flooring installed in 2021 for Apartment C. Each apartment includes its own in-unit washer and dryer. The fourth unit is a 40’x30’ garage with 15’ ceilings, a 12’ door, and two offices.
The property is described as within walking distance to downtown Warsaw and near shopping, dining, and community events, with Central Park and Center Lake noted nearby.
Improvements include a partial roof replacement in 2021 and a new sewer line installed in 2022. Utilities are billed back to tenants, and all three apartments are currently rented.
The property is described as within walking distance to downtown Warsaw and near shopping, dining, and community events, with Central Park and Center Lake noted nearby.
Improvements include a partial roof replacement in 2021 and a new sewer line installed in 2022. Utilities are billed back to tenants, and all three apartments are currently rented.
Key Highlights
- Three residential apartments and one 40’x30’ workshop/garage unit with two offices
- All three apartments are currently rented; utilities are billed back to tenants
- Apartment A: 4BD/2BA, completely remodeled down to the studs in 2020; updated plumbing/electrical; new back deck added in 2023
Local Financial Insights For Flex RnD
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 | $52.7k | $9.48 |
| − Vacancy | −$3.6k | −$0.64 |
| EGI | $49.1k | $8.84 |
| − OpEx | −$17.2k | −$3.09 |
| NOI | $31.9k | $5.74 |
5,558 SF · lease $9.48/SF/yr · vacancy 6.80% · expense 35.00%
Alternative Uses
Best Use
Multifamily LT 5
$672.4K
$588.3K – $784.4K
NOI $47,066 @ 7.0% cap · market cap 11.48%
Second Best
Apartment 5plus
$602.4K
$527.1K – $702.9K
NOI $42,171 @ 7.0% cap · market cap 10.29%
Theoretical Best
Office A
$968.3K
$847.3K – $1.13M
NOI $67,780 @ 7.0% cap · market cap 16.53%
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 - Three rented apartments and a 40’x30’ workshop/garage with office space provide mixed-use income potential.
Where is this quadplex located?
The property is located at 415 North Washington Street Warsaw, IN.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Three residential apartments and one 40’x30’ workshop/garage unit with two offices; All three apartments are currently rented; utilities are billed back to tenants; Apartment A: 4BD/2BA, completely remodeled down to the studs in 2020; updated plumbing/electrical; new back deck added in 2023
