Duplex in Wa-Nee School
For Sale
$155,000
456 E Walnut Street, Nappanee, IN 46550
MULTI_FAMILY - Nappanee, IN
Property Size1,916 SF
Lot Size0.20 Acres
Price / SF$80.90
Days on Market94
Property Features for 456 E Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 3
Parking
4
Lot features
Level
Elementary school
Nappanee
Middle school
NorthWood
High school
NorthWood
Elementary school district
Wa-Nee Community Schools
Middle school district
Wa-Nee Community Schools
High school district
Wa-Nee Community Schools
Directions
East Walnut St.
Subdivision
Elkhart County
Standard status
Active
APN
20-14-31-178-013.000-029
Size
1,916 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
STAUFFERS 2ND LOT 15
Legal Description
STAUFFERS 2ND LOT 15
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Elkhart
(574) 293-1010
Listed By:
Ashley Lambright · License #RB16001927
(574) 238-0208
Added: May 11
Changed: Aug 11
Last Checked: Aug 12 at 1:06PM
MLS# 202617654
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 duplex is located in the Wa-Nee School District and is ready for a new owner. The upstairs unit is ready for a renter or for owner occupancy. The roof was replaced in 2024, supporting dependable building integrity for the next ownership cycle.
The property is situated on a 0.2-acre lot and includes a total of 1,916 square feet. Built in 1910, the interior features vinyl flooring, with a layout that includes five bedrooms and two bathrooms across the units, plus a basement.
With one unit positioned for immediate rental or owner use, this duplex format can support a flexible living arrangement while keeping rental options in view.
The property is situated on a 0.2-acre lot and includes a total of 1,916 square feet. Built in 1910, the interior features vinyl flooring, with a layout that includes five bedrooms and two bathrooms across the units, plus a basement.
With one unit positioned for immediate rental or owner use, this duplex format can support a flexible living arrangement while keeping rental options in view.
Key Highlights
- Wa‑Nee School District duplex with an upstairs unit ready for renter occupancy or owner‑occupancy
- Roof replaced in 2024
- Five bedrooms and two bathrooms plus a basement
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
$14,209
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
9.17%
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%
$284,180
$284.2K
Cap Rate 7%
$202,986
$203.0K
Cap Rate 9%
$157,878
$157.9K
Market Conditions
NOI Build-Up for 1,916 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
$28.1K $14.64/SF
− Vacancy
−$2.2K −$1.16/SF
EGI
$25.8K $13.48/SF
− OpEx
−$11.6K −$6.07/SF
NOI
$14.2K $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 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%
$284,180
Cap Rate 7%
$202,986
Cap Rate 9%
$157,878
Alternative Uses
Best Use
Multifamily LT 5
$227.6K
$199.1K – $265.5K
NOI $15,929 @ 7.0% cap · market cap 10.28%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 9.17%
Theoretical Best
Specialty Retail
$354.7K
$310.4K – $413.9K
NOI $24,831 @ 7.0% cap · market cap 16.02%
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
434
Businesses Nearby
Explore this area
Business Placement
Demographics for 46550, IN
12,679
Population
4,656
Households
2.7
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
71.6 sq mi
ZIP Area
177
Density / Sq Mi
$80,403
Median Household Income
$42,843
Median Earnings
$867
Median Rent
$232,300
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 - Duplex with vinyl flooring and five bedrooms, offering an upstairs unit ready for renter occupancy or owner-occupancy.
Where is this duplex located?
The property is located at 456 E Walnut Street Nappanee, IN.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Wa‑Nee School District duplex with an upstairs unit ready for renter occupancy or owner‑occupancy; Roof replaced in 2024; Five bedrooms and two bathrooms plus a basement
