Detached Two-Unit
For Sale
$139,000
418 South Merrifield Avenue Unit 2, Mishawaka, IN 46544
Single-level residential income property with two separate dwellings and covered porch space.
Property Size1,272 SF
Price / SF$109.28
Days on Market163
Property Features for 418 South Merrifield Avenue Unit 2
General Information
Standard status
Active
Size
1,272 SF
Property subtype
Multi Family / Other
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,397
Amenities
1
Yes
Carpet, Laminate
2
Gas, Forced Air
Block
Michigan Basement
3
No
Wood
Off Street Parking, Countertops-Laminate, Eat-In Kitchen, Porch Covered, Water Heater Gas
Shingle
Building Details
Year Built
1953
Buildings
2
Units
2
Listing Agency:
Cressy & Everett - South Bend
(574) 233-6141
Listed By:
Kelly Barberena · License #RB24001381
(574) 233-6141
Source:
Compass
Added: Mar 22
Changed: Aug 30
Last Checked: Aug 30 at 7:06PM
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 Cressy & Everett - South Bend
Investment Insights
Based on property information with market context.
This duplex includes two detached, single-level residential units within one property. The combined building area is 1,272 square feet, and the improvements date to 1953. Exterior features include covered porch space, off-street parking, laminate countertops, eat-in kitchens, gas water heaters, and shingle roofing.
The property is located at 418 South Merrifield Avenue, Unit 2, in Mishawaka, Indiana. Both units are tenant occupied, and property access requires 72 hours’ notice for showings.
The property is located at 418 South Merrifield Avenue, Unit 2, in Mishawaka, Indiana. Both units are tenant occupied, and property access requires 72 hours’ notice for showings.
Key Highlights
- Two detached, single‑level units
- 1,272 square feet of combined property size
- Built in 1953
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
$11,205
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
8.06%
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%
$224,100
$224.1K
Cap Rate 7%
$160,071
$160.1K
Cap Rate 9%
$124,500
$124.5K
Market Conditions
NOI Build-Up for 1,272 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
$17.1K $13.44/SF
− Vacancy
−$1.1K −$0.86/SF
EGI
$16.0K $12.58/SF
− OpEx
−$4.8K −$3.78/SF
NOI
$11.2K $8.81/SF
Area
St. Joseph County, IN
Vacancy
6.37%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
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%
$224,100
Cap Rate 7%
$160,071
Cap Rate 9%
$124,500
Alternative Uses
Best Use
Multifamily LT 5
$160.1K
$140.1K – $186.8K
NOI $11,205 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$138.8K
$121.4K – $161.9K
NOI $9,713 @ 7.0% cap · market cap 6.99%
Theoretical Best
Retail
$252.2K
$220.7K – $294.3K
NOI $17,657 @ 7.0% cap · market cap 12.70%
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
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
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 - Single-level residential income property with two separate dwellings and covered porch space.
Where is this duplex located?
The property is located at 418 South Merrifield Avenue Unit 2 Mishawaka, IN.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: Two detached, single‑level units; 1,272 square feet of combined property size; Built in 1953
