Duplex with Updated
For Sale
$175,000
456 East Walnut Street, Nappanee, IN 46550
Two-unit property with an upper residence suitable for leasing or owner occupancy.
Property Size1,916 SF
Price / SF$91.34
Days on Market113
Property Features for 456 East Walnut Street
General Information
Standard status
Active
Size
1,916 SF
Property subtype
Multi Family / Duplex
Additional Details
Multifamily Units
2
Amenities
2
Yes
Vinyl
Gas
1
3
Michigan Basement
5
No
Basement, Off Street Parking, Storage
Shed
Building Details
Year Built
1910
Units
2
Listing Agency:
Berkshire Hathaway HomeServices Elkhart
(574) 293-1010
Listed By:
Ashley Lambright · License #RB16001927
(574) 293-1010
Source:
Compass
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 8:03PM
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 Berkshire Hathaway HomeServices Elkhart
Investment Insights
Based on property information with market context.
This 1,916-square-foot duplex was built in 1910 and includes two separate residential units. The upper unit is positioned for occupancy by an owner or a renter, while the property also offers a Michigan basement, off-street parking, storage, and a shed. Vinyl siding is present on the exterior, and the roof was replaced in 2024.
Located at 456 East Walnut Street in Nappanee, Indiana, the property is within the Wa-Nee School District. The combination of two residential units, on-site parking, basement storage, and a recently replaced roof provides a straightforward configuration for an owner-occupant or residential income buyer.
Located at 456 East Walnut Street in Nappanee, Indiana, the property is within the Wa-Nee School District. The combination of two residential units, on-site parking, basement storage, and a recently replaced roof provides a straightforward configuration for an owner-occupant or residential income buyer.
Key Highlights
- 1,916‑square‑foot duplex in Nappanee, Indiana
- Roof replaced in 2024
- Upper unit can serve as a rental or owner‑occupied residence
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
$15,929
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
9.10%
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%
$318,580
$318.6K
Cap Rate 7%
$227,557
$227.6K
Cap Rate 9%
$176,989
$177.0K
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
$24.6K $12.84/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$22.8K $11.88/SF
− OpEx
−$6.8K −$3.56/SF
NOI
$15.9K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /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%
$318,580
Cap Rate 7%
$227,557
Cap Rate 9%
$176,989
Alternative Uses
Best Use
Multifamily LT 5
$227.6K
$199.1K – $265.5K
NOI $15,929 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 8.12%
Theoretical Best
Specialty Retail
$354.7K
$310.4K – $413.9K
NOI $24,831 @ 7.0% cap · market cap 14.19%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with an upper residence suitable for leasing or owner occupancy.
Where is this duplex located?
The property is located at 456 East Walnut Street Nappanee, IN.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,916‑square‑foot duplex in Nappanee, Indiana; Roof replaced in 2024; Upper unit can serve as a rental or owner‑occupied residence
