Three-Unit Triplex with Available
For Sale
$365,000
502 N Arthur St, South Bend, IN 46617
Tenants pay their own electric, supporting a straightforward utility arrangement across the property.
Property Size2,209 SF
Price / SF$165.23
Days on Market12
Property Features for 502 N Arthur St
General Information
Standard status
Active
Size
2,209 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Asking Price
$365,000
Building Details
Year Built
1915
Listing Agency:
Tiffany Group Real Estate Advisors LLC
(574) 286-7333
Listed By:
Tyler Glenn
Source:
Callcriswell
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 12:44PM
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 Tiffany Group Real Estate Advisors LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property includes one 3-bedroom, 2-bath residence and two 1-bedroom, 1-bath residences. Two units are occupied, while the remaining 1-bedroom, 1-bath unit became available on March 31. The previously leased unit provides an immediate opportunity to secure a new occupant or accommodate an owner-user. Residents are responsible for their own electric service, creating a defined utility arrangement across the building.
The property is located at 502 N Arthur Street in South Bend, within close reach of the University of Notre Dame campus. The surrounding Eddy Street Commons district includes retail, dining, office, and residential development, providing a walkable mixed-use setting near the property.
The property is located at 502 N Arthur Street in South Bend, within close reach of the University of Notre Dame campus. The surrounding Eddy Street Commons district includes retail, dining, office, and residential development, providing a walkable mixed-use setting near the property.
Key Highlights
- Three‑unit configuration with one 3‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units
- Two units occupied; one 1‑bedroom, 1‑bath unit available after March 31
- Tenants pay their own electric
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
$19,675
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
5.39%
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%
$393,500
$393.5K
Cap Rate 7%
$281,071
$281.1K
Cap Rate 9%
$218,611
$218.6K
Market Conditions
NOI Build-Up for 2,209 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
$30.5K $13.80/SF
− Vacancy
−$2.4K −$1.08/SF
EGI
$28.1K $12.72/SF
− OpEx
−$8.4K −$3.82/SF
NOI
$19.7K $8.91/SF
Area
South Bend, IN
Vacancy
7.80%
Lease Rate
$13.80 /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%
$393,500
Cap Rate 7%
$281,071
Cap Rate 9%
$218,611
Alternative Uses
Best Use
Multifamily LT 5
$281.1K
$245.9K – $327.9K
NOI $19,675 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$260.1K
$227.6K – $303.4K
NOI $18,206 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$558.8K
$489.0K – $652.0K
NOI $39,119 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
942
Businesses Nearby
Explore this area
Business Placement
Demographics for 46617, IN
9,813
Population
5,502
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.6 sq mi
ZIP Area
3,774
Density / Sq Mi
$73,700
Median Household Income
$37,331
Median Earnings
$1,422
Median Rent
$231,400
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?
Triplex - Tenants pay their own electric, supporting a straightforward utility arrangement across the property.
Where is this triplex located?
The property is located at 502 N Arthur St South Bend, IN.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Three‑unit configuration with one 3‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units; Two units occupied; one 1‑bedroom, 1‑bath unit available after March 31; Tenants pay their own electric
