Two-Unit
New
For Sale
$189,000
510 E 10th St, Michigan City, IN 46360
Separate entrances and utility meters provide each residence with independent access and metering.
Property Size1,768 SF
Price / SF$106.90
Days on Market5
Property Features for 510 E 10th St
General Information
Standard status
Active
Size
1,768 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,344
Listing Agency:
Coldwell Banker Realty
(269) 469-3950
Listed By:
Daren Huber · License #RB15000509
(760) 685-6839
Source:
Exprealty
Added: Oct 15
Changed: Oct 19
Last Checked: Oct 19 at 2:48PM
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 Realty
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Investment Insights
Based on property information with market context.
At 510 E 10th St in Michigan City, this duplex contains two residences, each with two bedrooms, one bathroom, and a separate entrance. Interior updates include new kitchen cabinets, granite counters, appliances, and refreshed bathrooms. The property also has newer vinyl windows, a newer roof, and one new furnace.
Gas and electric service are separately metered for the two units.
Gas and electric service are separately metered for the two units.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- Separate entrances for both units
- New kitchen cabinets, granite counters, and appliances in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,310
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$326,200
$326.2K
Cap Rate 7%
$233,000
$233.0K
Cap Rate 9%
$181,222
$181.2K
Market Conditions
NOI Build-Up for 1,768 SF
Gross rent
$23.9K $13.50/SF
− Vacancy
−$568 −$0.32/SF
EGI
$23.3K $13.18/SF
− OpEx
−$7.0K −$3.95/SF
NOI
$16.3K $9.23/SF
Area
LaPorte County, IN
Vacancy
2.38%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$326,200
Cap Rate 7%
$233,000
Cap Rate 9%
$181,222
Alternative Uses
Best Use
Multifamily LT 5
$233.0K
$203.9K – $271.8K
NOI $16,310 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$203.2K
$177.8K – $237.0K
NOI $14,221 @ 7.0% cap · market cap 7.52%
Theoretical Best
Specialty Retail
$491.5K
$430.1K – $573.4K
NOI $34,406 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Explore this area
Business Placement
Demographics for 46360, IN
44,209
Population
21,652
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
76.6 sq mi
ZIP Area
577
Density / Sq Mi
$59,641
Median Household Income
$36,738
Median Earnings
$924
Median Rent
$155,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate entrances and utility meters provide each residence with independent access and metering.
Where is this duplex located?
The property is located at 510 E 10th St Michigan City, IN.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 bathroom; Separate entrances for both units; New kitchen cabinets, granite counters, and appliances in each unit
