Four-Bedroom Short-Term Rental
For Sale
$425,000
435 S Main St, Middlebury, IN 46540
Home with a bonus apartment and access to the Pumpkinvine Nature Trail in Middlebury.
Property Size4,112 SF
Price / SF$103.36
Days on Market62
Property Features for 435 S Main St
General Information
Standard status
Active
Size
4,112 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Jami Stamm
Source:
Callcriswell
Added: Aug 18
Changed: Oct 13
Last Checked: Oct 7 at 2:20PM
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 Coldwell Banker Real Estate Group
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Investment Insights
Based on property information with market context.
Located at 435 S Main St in Middlebury, this 4,112-square-foot home was built in 1900 and includes 4 bedrooms, gathering areas, outdoor spaces, and a bonus apartment. The configuration supports short-term rental use, subject to applicable requirements.
The property sits along the Pumpkinvine Nature Trail and is near Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation. Notre Dame football weekends are also identified as a visitor draw in the property information.
This offering combines a residential layout with additional apartment space in a town associated with year-round tourism and regional attractions.
The property sits along the Pumpkinvine Nature Trail and is near Shipshewana’s flea market and auctions, the Essenhaus Inn & Restaurant, Amish countryside tours, shopping, dining, and outdoor recreation. Notre Dame football weekends are also identified as a visitor draw in the property information.
This offering combines a residential layout with additional apartment space in a town associated with year-round tourism and regional attractions.
Key Highlights
- 4,112‑square‑foot home built in 1900
- 4‑bedroom layout with gathering areas and outdoor spaces
- Bonus apartment included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,494
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$609,880
$609.9K
Cap Rate 7%
$435,629
$435.6K
Cap Rate 9%
$338,822
$338.8K
Market Conditions
NOI Build-Up for 4,112 SF
Gross rent
$60.2K $14.64/SF
− Vacancy
−$4.8K −$1.16/SF
EGI
$55.4K $13.48/SF
− OpEx
−$24.9K −$6.07/SF
NOI
$30.5K $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 Rate 5%
$609,880
Cap Rate 7%
$435,629
Cap Rate 9%
$338,822
Alternative Uses
Best Use
Apartment 5plus
$435.6K
$381.2K – $508.2K
NOI $30,494 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$761.3K
$666.2K – $888.2K
NOI $53,292 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 46540, IN
12,552
Population
4,245
Households
3
Avg Household Size
33
Median Age
19%
College-Educated
71%
High-School Grad
59.4 sq mi
ZIP Area
211
Density / Sq Mi
$99,664
Median Household Income
$45,850
Median Earnings
$1,074
Median Rent
$297,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - Home with a bonus apartment and access to the Pumpkinvine Nature Trail in Middlebury.
Where is this short term rental property located?
The property is located at 435 S Main St Middlebury, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,112‑square‑foot home built in 1900; 4‑bedroom layout with gathering areas and outdoor spaces; Bonus apartment included
